Evening star., 1927-12-14
LIST IS IRREGULAR
ON STOCK MARKET
Realizing Felt by Rails Toward
Last. S. Steel Strong
Feature.
BY GEORGE T. HUGHES.

Special Dispatch to The Star
NEW YORK, December 1.-THE
stock market left off today with
mixed price changes. Realizing sales,
heavy at times, in some stocks were
balanced by further advances in
others. First the buying would pre-
dominate and then the selling and
it was never sure for long at time
which was the stronger.
Steel, touching 14S, was higher than
at any time since October IA. Free
port Texas was another strong fea-
ture. The rails sagged toward the
close and there were rapid and wild
fluctuations in the airplane stocks.
General Motors ruled lower.
There was a brief furry in New
York Central, following the announce.
ment that the Michigan Central, a 99-
percent owned subsidiary, had de-
clared an extra ~ ar cent cash divi-
dend in addition to the regular 20 per
cent semi-annual disbursement. 1t has
long been recognized that the New
York Central could take larger divi-
dends from it's subsidiaries whenever
it saw fit.
Nearly every group had at least one
outsta ndingly strong stock. In the
rails it was New Haven. In the steels
it was Bethlehem. In the coppers it
was Calumet & Arizona. In the
utilities it was Philadelphia Co. There
were, however. weak spots. One of
them was American Linseed Anoth-
err was Porto Rican American To-
bacco. class "B." Then there was
long list of stocks which simply
marked time.
News Developments Scanty.
News developments were scanty.
Money renewed at 4 per cent, un-
changed. and seemed to be in good
supply. Steel operators were declared
to have been stepped up. the Steel
Corporation itself running at about
65 Il per cent of capacity, against SO
per cent in the preceding week, which
was the low record for the year. The
Independent steel producers were at
62 per cent of capacity, against so
per cent a week ago.
Bethlehem Steel was in urgent de-
mand, crossing SO. where it was up
over points on thed ay. The
buying seemed to be too confident to
have come entirely from short in
terest. 1t looked as if something spe-
cial was in the making. While Beth.
lehem was advancing so easily, United
States Steel was selling fractionally
lower. Colorado Fuel and Vanadium
were higher, but the other steels did
little.
The demonstration in New Haven
paralleled that in Bethlehem Steel. 1t
carried the stock above SO to the high
est since 1916. Here the talk was of
dividend action some time next year
Estimates now are that the road will
earn nearly $3.50 on the common stock
in 1927. Canadian Pacific and ST.
Louis Southwestern were other strong
rails. The first named, however, did
not hold all it's gain.
Calumet and Arizona Up.
Calumet and Arizona was bid up
across 107. which was the highest
since 1t was listed on the New York
Stock Exchange. It has established
better price than this on the Boston
Exchange in 1909. Illustrating the ir-
regularity that prevailed, Greene Can
anea was the object of realizing sales
while Calumet and Arizona was going
up. Park Utah was the active low
priced copper stock. Philadelphia Co
scared points, selling just below 150
the highest for all time. The floating
supply is so small that wide moves are
the regular thing in this stock.
While these advances were being
recorded sharp reactions took place
elsewhere. Porto Rican-American To-
bacco, class "B," slumped nearly 8
points. and then recovered a good
share of the loss. American Steel
Foundries, which had been bid up so
rapidly earlier in the week, came down
over points. American Linseed was
in supply. Woolworth was lower.
Gold Dust lost ground. So did tobacco
products, Goodrich. Texas Gulf Sui
phur and many other less active is
sues. AS rule, the losses were not
as large as the gains.