Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-04-01
TREND IS MIXED
IN STOCK MARKET
Steel Is Strong, Rails Sell Off
in Early Trading and
Oils Are Weak.
by GEORGE T. HUGHES.
Special Dispatch TO The Star.


NEW YORK, April IA highly
regular price movement again chara
terized the days operations on IL
Stock Exchange. United States Ste
was very strong. selling at a new hie
for all time. Heavy selling Of til
railroad stocks featured the openin,
but losses were generally recovere
later in the day. The oil shares wit
only one or two exceptions, had al
ether sinking spell, with many me-
low points touched. A few of the IL
vlEtment utilities moved up. but som
a the lower-priced shares were unde
reessure.
United States Steel made a me-
high directly at the start and adde
60 the gain subsequently. The stor
that an extra cash dividend would b
declared before the stakeholder.
meeting to pass upon the stock div
dend was not generally credited. bu
Il probably had some effect. 1t is pos
sible that at this stage of the advanc
some incentive additional to invest
ment merit is needed in the case o
the market leader.
Colorado Fuels Rise.
More spectacular than the new to-
In Steel. and more unexpected to mos
observers was the rise in Colorad
Fuel, also to record prices. Explana
tions of this movement were numer
Gus, but none of them very convinc
ing. The best was the present earn
ings position, but that disregarded tn
earlier history of the property.
The early selling of the railroa,
shares was based upon the decision o
the Interstate Commerce Commission II
the st. Louis and O'Fallon case
Losses Of one to two points were thu
Immediate result, but as it came t.
will now have a concrete valuation
case on which to pass, general recov
cry set in and the opening declines
were more than regained.
Some Of the rails even turned
strong as the session went on. Among
these was Rock Island, which, cross
ing 80. sold at the highest price since
the reorganization. This is one roaG
which has nothing to fear from thu
} most rigorous Interpretation Of thu
law affecting valuations. The stock
also sells to give a higher return thar
most of the others in its group. Nor
folk & Western held its position well
also eventually pushing through it:
previous best price.
Oils Selling Continues.
There was no let-up in the selling
Of the oils. This part Of the list, was
weaker than anything else. New 1927
lows were made by long list, includ
ing California Petroleum, STANDARD
OH Of California, Phillips & Simms
Petroleum. The oil shares seemed tC
have no friends, and certainly the
news was discouraging, including as
It did another sweeping price reduc
ton in California. Oil financing, pres
ent and prospective. did not help the
market either.
Buying in the general list became
more confident during the early after.
noon. Pennsylvania came to the front
among the rails and United States
Steel continued to push ahead. Gen
eraI Motors rallied 2 points. and spe
cial demand appeared in some of the
mail-order house shares. Eastman
Kodak. Burroughs Adding Machine
International Silver and other special
ties were taken up, all of them max
ing striking gains. II was noticeable
also that liquidation in the stocks SC
heavily sold earlier in the week was
subsiding. There were no important
secoveries but the offerings were not
rs heavy as they had been. ~