Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-15
TREND IRREGULAR
I IN STOCK MARKET
Operations for Rise Contrast
With Heavy Profit TAX
IFS ing Today.
Special Dispatch to The star.

Special Dispatch to The Star
NEW YORK, March 15.-Activc OF
erStions for the rise were resumed il
certain directions on the Stock ES
change tod; However the upwar'
movement was by no means uniform
and in numerous issues heavy profit
taking sales md selling for specia
reaso made itself felt
The professional element, endeavor
ing to bring about a general reaction
on the theory that the third success
sive increase in brokers' loans re
ported after the close of business las
night represented distribution on {
large scale, offered stocks freely for {
time. But these efforts made littl'
impression upon the main body Of
stocks.
Rock Island featured the railroad
group, advancing sharply into new
high ground. Buying evidently was
based on the belief that it was moi
The intention of the directorate &c
maintain the dividend at the So rate
and in view of the favorable outlook
for increased earnings share owners
are likel to receive larger distribu
tions should such payments be war
ranted later in the year.
The market Cor other rails failed to
follow the lead of Rock Island Heavy
selling came into Atchison following
publication of a statement attributed
to the president of the road, in which
he denied the possibility of a large
stock dividend being declared. Other
issues like Baltimore & Ohio, New
York Central and Southern Railway
were not as responsive as they had
been previously.
Considerable interest centered in
the motor stocks. General Motors es.
tablished a new high for the year, but
subsequently dropped below the Mon.
day final. Du Pont moved forward
sympathetically. to its best, while
Hudson, selling eX the quarterly divi'
dend. retraced part of the amount de-
Quoted from the selling price. A new
low for the year was reached by Stew
art Warner, the offerings rejecting
belief that the coming report on earn
ings would not be as favorable as had
previously been anticipated.
Steel stocks gave a good account of
themselves, with United States Steel
within a point Of it's highest price in
the history of the corporation. Youngs-
town was in better demand than most
other independents. More of a tend
ency was displayed to come in on the
buying side because of the improve
ment both in operations and price
schedules at the steel centers.
Although it had been expected that
some change would be made in the
Continental Baking class "a" divi-
dend meeting. the action of directors
in cutting the rate from So to 81
brought out further heavy offerings.
Opening down points. the stock was
freely offered throughout the session.
Baldwin Locomotive gave every evil
dence that a large short interest still
existed in the market, and was read
lily responsive whenever a demand
made it's appearance. Pressed Steel
Car was bid up point or more, while
American Brake Shoe continued
strong.
Oil shares were feeling the effects
of the recent cutting of crude and
gasoline quotations. Barnsdall "a"
was pressed for sale, and Atlantic Re-
filming, Phillips and Union OIL of Cali
fornia lost substantially. Sicily still
was feeling the effect of the announce
ment of the proposed new financing.
Houston was an exception, crossing
12l, as against the previous closing OF
119.