Evening star., 1927-12-08
MOVES ARE: VARIED
ON STOCK MARKET
Southern Railway Dividend
Boost Stops Selling and List
Starts Upward.
BY GEORGE 7. HUGHES.
Snecial DISPATCH TO The Sta.

: Special Dispatch TO Ihe star.
: NEW YORK, December S.-Witf
a large turnover and rapid fuctua
: tions, today's stock market Weh'
through a varied series of movements
The first two hours witnessed heavy
: selling for both accounts. stocks Wer"
poured out in huge volume and prices
Welded all along the line. Unlike the
; preceding day. however. there were
mo wid.open breaks. Instead sup,
port was in evidence at concessions an
= through the decline.
Then. lust before noon came the an
rouncement that the directors ol tilt
: Southern Railway had put That STOCK
m an SS annual basis instead or tn"
81 now being paid. southern RAILWAY
: jumped points Immediately ana the
Z rest of the list hardened. titnadlah n
Pacific came back TO apnroNiinate1t
Wednesdays close. Atlantic CoaS'
inc rallied in sympathy with the
demonstration of confidence III lhs
outlook for the territory served given
: nv the Southern Railway board. South
ern Pacific. which had gone up against
the trend Yesterday was again IN De
rnand. This is another stock for Whlch
q higher dividend has been predlcteu
for long time.
T.. s. Steel Dips Lower.
The early selling was most effective
in the steeIs and some of the other IN
dustrials. L. s. Steel dipped below l4o'
where it was down more than Two
noints on the day. added to loss OF
ms much Wednesday Short selling
probably played a large part in the
decline. hut it looked as if there were
real liquidation going on also. More
over. Steel did not come back as easily
a : the rest of the market. In fact, the
most discouraging feature of the day
10 those committed TO the side OF ad-
vance was the persistent selling O.
Steel. Colorado Fuel, Bethlehim Steel
and Crucible went off more or less
with the leader.
In the motor group. General Motors
was still under the heaviest pressure
On the other hand, the Independents
had intervals of strength. Hupp Motor
being the most conspicuous. Genera
Electric moved over an unusually wide
range for that stock. 1t was heavy
early in the day, and then ran up TWO
noints on a single string of transac-
tions. more than canceling the loss.
Some selling of the utilities was in
evidence in anticipation of develop
ments at Washington. North Amer
lean was freely offered for time.
Specialties Are Irregular.
Typical industrial specialtjes, such
as Radio. Greene Cananea, Montgom-
ery Ward and National Biscuit, were
irregular. Montgomery Ward resisted
selling consistently. National Biscuit
reacted sharply after its spectacular
rise. Radio was heavily sold. Greene
Cananea went down first and then |
came back.
In all these movements there was |
little direct relation to outside devel- |
opments The unknown factor in the
outlook was whether or not period
of heavy gold exports was impending.
Founded as the rising market of the
entire year has been upon money con-
ditions, this was regarded as vitally
important. Less talk was heard about |
politics, and although there were ru-
mors that prominent banker was
about to issue a statement warning
against overspeculation in stocks, the |
report was promptly denied at the Of
flee of the banker concerned. 1t was |
day in which most traders were con- |
tent TO guide their operations by the
tape and not to look farther ahead |
than the next move.