Evening star., 1927-05-16
Trend UNCERTAIN
;. -.
IN STOCK MARKET
Selling Especially Directed at
Auto Shares-C. & O.
Feature in Railroads.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, May 16.-Trading or
the Stock Exchange was resumed to
day with an irregular and uncertain
price movement. The fact that call
money renewed at Az per cent was
somewhat of a surprise to the specu'
lative element and they turned to the
selling side, concentrating their atten-
ton on the automobile shares. Some
progress was made toward lower lev
els. but the changes were not OF any
great significance.
Elsewhere in the industrial list GER
tain specialties were higher and 9TH
ers were lower. Much the same was
true of the railroad shares, the fact
that Chesapeake & Ohio and the ROADS
associated with it were in favor not
ebscuring a sagging tendency in other
directions. Probably the utilities gave
the best account of themselves.
S.lling of the automobile stocks CO.
fncided with the news of price cut
for one of the independents. F'rac-
t;onaI recessions were the rule in the.
rctive shares but the sellers were eVi-
GENTLY none too sure of their ground.
for short covering came into the mar
l-et before the decline had gone very
far.
c. & O. Strong Feature.
Chesapeake & Ohio was the strong
feature of the railroad group, cross
:1g 1S4 to a new high for all time.
Nickel Plate, selling ex-dividend, was
somewhat higher ou the day, ana
+,4ere was a consis. ~ntly good demand
-,r the Erie issues. The strength in
tthesa peake e. Ohio was simply a
tqrdy reflection of it's demonstrated
earning power and of the conviction
that it was behind the market for
csher seasoned dividend payers. West
en- Maryland was strong for a time,
ut later sold off, as did Norfolk d
Western, Texas & Pacific, Kansas
city Southern and others. Even the
socks in the Chesapeake & ONO
group did not hold all their gain.
There was no uniformity of the
r,ovement in the general run of in
q ,',strials. United States Rubber dipped
T, a new low for the year early In
to day at the same time that the
~rnour stocks were being aggressive
y, bought. Armour of Illinois pre-
.red, at IS, was up points on the
~ and Is points above its extreme
:, ". Armour "a" gained point
!. led to the advance of 3 points last
y ok.
The rapid rise in Goodyear Tire &
->ihher preferred was. of course, con-
,nted with the litigation settlement:
ldwin opened higher, but lost all
-, gain before the day was hair over.
7ited States Steel was dull and down
loSt of the time.
Consolidated Gas Leader.
The leader of the utilities was Con-
&C dated Gas, with Montana Power
O. Sc behind. There was nothing new
(: out either company, but spectators
the advance seemed to feel there
!, $ less risk in stocks OF this grace
IN anywhere else.
special moves, without significance
;? far as the general market was con-
5. med. included a sharp advance in
',ius Kaysey. another in unlted
8. stes Hoffman Machinery, and stiii
other in Postum Cereal. California
cking continued it's comeback, but
= t stock had had loss last week
q" some four points so that some re-
3r@very was to have been expected.
. nkin Roller Bearing showed by its
a..icn that it was considered more OF
q equipment than a motor issue.
speculation in the oils was at It's |
ss,,, mark. Producers & Refiners and |
y .lStan, which in recent sessions have |
J IN practically only the strong stocks
50 the oil group, were under pressure /
: ,ay. but the rest of the class hardly |
4. oved at all.