Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-27
oils AND COPPERS
/ SELL DOWN TODAY
Rails Also Have SIumpS.
. Volume of Exchange Bust
I, ness Is Small.
BY GEORGE T. HUGHES.

1Epecial Dispatch TO The star.
x.NEW YORK, June 2T.--SpeculatiVe
SRterest in the stock market proceed
angs at the beginning of the week cen
Asred in the oils, copper and railway
kroups. The volume of business was
Romewhat larger than that of sat
Surday, but was again small compar'
Ell with recent standards
Selling of the oils became persistent
and despite the belief in several quar-
ters that at the current level, the
prominent members of the group had
been thoroughly liquidated, there was
plenty of stock for sale whenever bids
came into the market. Marland. Phil
lips Petroleum and General Asphalt
established new low records for the
year. Union Oil of California was prac-
ticaliy at its low, while Atlantic he
filming. Houston and Pan-American
Petroleum B" were down a half point
/ 10 more than points.
! Becoming Alarmed,
i Holders of the oil stocks were be-
4 coming increa singly alarmed over the
continued high rate of domestic out
nut and the inability Of the leaders of
The industry 10 devise effective means
Of remedying this unfavorahle condi-
! tton.
The situation in The metal industry
was little different from that which
4. has prevailed in the oil trade. The
speculative element. Judging from the
action Of the stock market today, was
haSing its operations upon conditions
in the respective industries and ap-
reared TO be less concerned with the
technical position of the market itself.
Because of the failure of the market
for the red metal to recover
from the long existing level OF prices,
tIneasiness was felt over the future
dividend policies Of a number OF the
copper companies. Directors Of Ana
conda Copper are scheduled TO meet
for action on the common dividend
Tuesday. Anaconda today was selling
within a half point Of its low for the
wear. Cerro de Pasco established a
new low for 1927 and so did lnspira-
ton. CRANKY Consolidated was freely
sold below IS and the same was true
Of Kennecott under 61l2.
Rails Have Slumps.
Traders in railway stocks had the
publication of the important May OPP
Grating reports upon which to base
calculations and the action numerous
of the group indicated that Wall street
was not favorably impressed. Mis-
souri, Pacific preferred and common
suffered further reactions. but in the
ease of this road there were flood con-
tiitions prevalent during the period
covered the account for the further
sharp falling off in both gross and
Het operating income. The pressure
against the Southwestern merger rails
became more pronounced. but not be-
fore Kansas City Southern had sold
b point above the previous closing.
Missouri-Kansas-T Texas was off ?
points when it changed hands at so,
and ST. Louis Southwestern felt the
effect of heavy liquidation. New
Haven broke badly following the re.
port that the road was planning to
issue new convertible preferred stock
end per cent bonds to take care of
the $S7 ,O00, 900 obligation to the Gov
iArnment. ST. Louis-San Francisco,
Rcck Island, Wabash common, Union
Pacific, Atchison and New York Cen
.sfal bore their share in the decline.
s.%fThe motor stocks resisted the pres
sure for a time. but subsequently
joined with the others. General Mo-
tors below 1861 lost almost 3 points.
Hudson came off more than a point
and Mack Trucks almost points.
But the selling centered for the most
part in the oils, rails and coppers.