Evening star., 1927-05-10
TREND UNCERTAIN !.
! IN STOCK MARKET
Some New Highs Made, but
II Elsewhere Market Shows
s7 Sagging Tendency:
BY GEORGE T. HUGHES.
,ial nisnatch 10 The Star.

special Dispatch TO The Star.
NEW YORK, May 10.-Today'!
stock market had an uncertain ap
..pearance. On one hand, the lncreas'
in brokers' loans TO the highest POM
Of the year acted AS restraining
influence. and, on the other hand, con
fidence that ease in money was Z
continue indefinitely opefateu " e4'
courage speculation.
There were the usual number ol
new highs in individual issues, mos
of them industrials, but unless stocks
were the objects Of concentrated de
,nand such as is characteristic of poo
support there was a sagging tend
ency. ,...a., =,
Fresh declines We're registered IN
the oil group. Only one or two issues
stood out against the trend, among
them Houston Oil. up at one time
unite sharply. Marland was weak.
The stock was in steady supply around
the low of the year. Philips was
another oil under pressure, Whlle sell,
ing was active i'll Standard Oh OIL
T,alifornia and other companies oper'
ating in the mldcontlneht ana lhe
Pacific Coast fields. The news was
calculated to discourage shareholders
in oil companies. Domestic produc-
fion of crude for the week ended May
2 made a new high record for the year
and there were further cuts IN SaSo-
line prices. Talk was heard OF dlVl-
tlend cuts or even of dividends beInS
passed entirely.
Reading Rail Feature.
The feature in the railway list was
Reading, crossing III to the highest
in its history. Present estimates are
hnt
and S12 a share this year, but its place
in the consolidation program in the
East is of fully as much importance
market-wise as its earnings.
Another strong rail was Southern
Pacific, the rise III which could be de-
Tended on its investment merit. Atchi-
son was higher for a time, and so were
Pere Marquette and Chesapeake x
Ohio. The rally in the last named was
pronounced, but the gain was not
maintained to the end.
The big influence in the market for
the railway stocks will be the outcome
Of the hearing beginning today in
Washington before the Interstate
Commerce Commission on the Chesa-
peake e. Ohio application to acquire
stock CONTROL of the Erie and Pere
Marquette.
trials was centered about Loose Wiles,
International Harvester. Case Thresh-
ing Machine, international Business
Machine and Eastman KODAK, all of
which sold at the highs of the year.
Equipments Higher.
The equipments we're mostly higher
the buying in Pullman attracting at.
tention. Baldwin ran up easily, as it
always does when the short interest
believes it expedient to retreat. Never
theless, these gains were not fairly
typical of the market as a whole.
Z When these various new high points
were reached, the invitation they pre-
sented to realizing was readily
accepted and considerable reaction
resulted in rails and industrials alike.
United States Rubber stocks were
heavy again, with the preferred drop
ping TO new low for the year.
International Combustion sagged and
even some Of the lately popular utili-
ties yielded grounH.
The United States Steel untitled
tonnage statement came out at noon.
1t showed a decline of over $4,000
tons, which was somewhat larger
than had been expected. It did not
prove, however, an influence in the
market. Steel stocks were dull and
not much changed.
In the motor g1oup Mack Trucks
reacted following publication of first
quarter earnings. but there was no
real weakness. Evidently the show
ing had been fairly well discounted.
Hudson Motors sold off from its high
Of the day before, but not much more
than was to have been expected in
view of its strength earlier in the
vUapk