Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-29
RAIL AND UTILITY
SHARES HOLD FIRM
|ndustriaIS FIuCtuate Nerv.
ousIy-Pressure in SteeIs
and Motors at Times.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 29.--The
stock market was in a discriminating
mood today. There were nervous and
Irregular fluctuations in the indus
trials. with varied results. At one
time the motors and the steels were
snder pressure. Subsequently they
.allied. but all the time the rails and
The utilities held firm.
AS far as the utilities go there was
no mystery about the strength. AS
has been repeatedly poinetd out, cleo
.ric light and power companies con-
, ttantly report increases in net in
ZONE. AS for the railroads, the Au-
sust statements, most of them disap-
pointing, were out of the way, and
he market was looking forward to
better things in the September re-
ports. 1t had, too, the prospect of
some action along the consolidation
inc, although this was not an impor-
.ant factor today.
Call Money Steady.
Money renewed at per cent, the
same as yesterday and 1a per cent up
from the rate at which new loans
we're arranged in the preceding SEES
hon. There was no concern, however,
In view of the fact that the October
interest and dividend disbursements
have to be provided for. There was
tonne worry over what the brokers'
loan account would show, to be made
bubble after the close. 1t was antici-
2 pated that the settlement of trades in
General Motors new stock would
make for a large increase, and, with
Iantiment so easily disturbed, that
might make a difference in the mar
ket.
The leaders in the railroad list were
sill the shares of the companies con-
nected in one way or another with the
Tan Sweringen plans. Chesapeake q
Ohio made another new high, the
highest in the history of the road,
responding to the suggestion that a
BIZ dividend was possible instead of
the $40 now being paid. New York,
chicago & st. Louis and Pere Mar
auette went along with Chesapeake
i Ohio, while Erie was aggressively
bought at approximately it's best for
The year. No attention was paid to
the possibility of an adverse decision
by the Interstate Commerce Commits
sion on the Chesapeake & Ohio appli-
ration to acquire stock control of the
Pere Marquette and the Erie.
Baldwin Has Advanced.
Only in a few instances were stocks
Effected by the news. Baldwin had a
tapid advance, running to almost 10
points. when it was announced that
The Fisher interests were to receive
representation on the board. On the
,ther hand, more optimistic dispatches
from the steel centers went unheeded.
For a time early in the session u. s..
steel was heavily sold, dipping to a
pew low on the movement. Most of
The independent steels were heavy.
There was nothing in the metal mar.
ket situation to account for the weak
ness in American Smelling and Re
lining which also was freely offered.
1t is doubtful whether developments
IN the motor car trade had anything
70 do with the early weakness in
General Motors-a weakness from
which it partly recovered later on.
The main point was that the specula-
live element for the moment at least
was convinced that it's safest course
was to confine buying attention to
rails and utilities.