Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-16
REVERSAL MARKS
TRADING IN STOCKS.
Heavy Selling in Morning Fol-
lowed by Rallies in
Late Dealings.
snecial nisnatch to The Star.

Special Dispatch to The Star.
NEW YORK. March l6.-After two
hours of heavy selling today. in which
oil stocks were the chief sufferers. the
stock market turned about In the
afternoon. The reversal Of the price
movement came almost directly after
he rate for call money dropped TO
3h per cent, the lowest since June
1926.
General Motors was one of the out
standing features. selling at new high
prices. Hudson. which had been
driven down point, retracted more
than the ground lost, while du Pont
established a new top. points above
Tuesdays final. Short coverings ne
came urgent in Thinker and Mack
Trucks bore it's share in the improve
iient.
Along with General Motors went
United States Steel to within a small
fraction of the highest price on record.
Republic Iron and Steel, Crucible,
bethlehem and Youngstown were
higher. American Telephone and Tele-
graph stood out strongly in the pub
Tic utility section. At 100 it was almost
8 points higher.
Rail Stocks Gain.
Railway stocks were not as promi
nent but a number of the better grade
issues again were brought to the
front in the afternoon. Included
amang these were Lackawanna, Della
ware and Hudson. Atchison and New
York Central. all of which were
point or more higher. Rock Island
continued in demand above So1a and
there was special strength in Gulf.
Mobile and Northern
Liquidation of the oil stocks was
prompted largely by the less favor
able outlook for the industry. The
latest statistics on domestic crude oil
output were conflicting, but the fact
remained that production was holding
we'll up to the maximum. Those in
close touch with the affairs of the
leading companies were expressing APP
prehension over what first quarter
operations would disclose in view
of general downward revision of
crude oil and gasoline price schedules.
The incentive for the selling of
Marland Oil at new low prices for the
year was the report that the contract
with the Standard Oil of New Jersey
Co. expiring in April was not to be
renewed. Phillips Petroleum after
changing hands at its low for 1927
encountered support Union Oil OF
California was almost a point lower
at intervals, while Barnsdall Corpora
ton class "A" California Petroleum
and Midcontinent were pressed for
sale.
New Shelly Financing.
Announcement of the terms of the
new Skelly Oil financing, involving
$4,000, 900, appeared to, have been dis
counted, and the price held firm at
previously prevailing levels.
The midweek steel trade reviews
continued to stress the point of the
high level of operations, and this
probably accounted for the tendency
of steel stocks to harden. United
States Steel was most prominent, ad.
vancing more than a point. when it
crossed 1917 Others. however, were
practically unchanged, but it was sig
nificant that there was no disposition
to offer prices down.
Industrials Of the speciality type, in
which pools have been operating
were well supported. This was true
of Pressed Steel Car. which went for
ward to new high ground. Itumors
were current that interests formerly
active In United States Cast Iron Pipe
were giving their attention to this
issue. Texas, Gulf Sulphur worked
somewhat higher, and the strength Of
Chile Copper was impressive. Ameri-
can Smelling and Refining, on the
other hand, had to absorb heavy profit
taking