Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-08
STOCK CONFUSED
IN TRADING TODAY
Brokers' Borrowing Factor,
Houston Oil Feature on
Advance Side.
BY GEORGE T. HUGHES.
cial Disnatch tn The Star

Special Dispatch to The Star.
NEW YORK, July S.-Today's stock
| market was a confused affair. with
| speculative sentiment divided as to
the immediate future course of prices.
How much of part the increase of
more than Sill 100000 in the latest
monthly figures of the Stock EN-
change on brokers' loans and the sub
sequent weekly increase of SS,407, 900
in the Federal Reserve total as of
| Wednesday played in the calculations
was question.
| Heretofore the element favoring
higher prices has ignored brokers' Dor.
| owings, and although the latest sta
| tiSticS brought the total to the highest
| on record, many were inclined to at
| tribute the llquidations which came
| into the market from time to time to
nothing more than a technical reac-
| ton which would have come about
anyway.
Rejecting More Competition.
The market for the motor stocks
was rejecting the increasing compe-
tition prevalent throughout the in
dustry. Such stocks as General Mo-
tors, Hudson, Mack Trucks and Stu
debaker held up for time, but APP
peared to be in supply at the higher
| level. General Motors at one time
dropped below 200, as compared with
Thursdays final of 201. Pressure
against Dodge Bros. issues increased
both preferred and class "a" shares
dropping o new low prices since they
were listed in 1925. Related issues,
like the rubber and tire shares, did
little one way or the other. Declare
ton Of the regular quarterly dividend
ri Uni ptthh f,.ct
red was in line with expectations, and
short covering in U. S. Rubber ap-
peared to be completed, at least for
| the time being.
The always spectacular Houston Oil
furnished one of the outstanding in
cidents on the side of advance, cross
ing 1863 to it's highest since 1919, when
it changed hands at 172. There was
nothing new in the situation of this
company to account for the persist
ent demand. Those back of the move
evidently had the market we'll in hand
and were in no hurry to take down
their profits. Other oils, however,
failed to be influenced by the strength
in Houston. Atlantic Refining lost
more than a point, and lower prices
were reached by Pan-American B."
Phillips and Barnsdall Corporation
pendents. With production in the
Seminole field at new high peak,
those who had been inclined to come
in on the buying side of oil shares
early in the week were disposed to
await further developments.
Merger Rails Prominent.
The Southwestern merger rails
maintained their place of prominence.
Kansas City Southern, above sc, sold
at its highest since organization of the
company in 1900, but failed to hold all
the gain.
Missouri-Kansas-Te on the other
hand. dropped below 81, compared
with yesterdays final of 52k. while
st. Louis Southwestern crossed 90 for
gain Of more than a point. The only
new development in the proposed uni
fication of these three roads was the
unofficial report circulated yesterday
that the commission had reached a
tentative agreement as to the value
of the stock.
Recent strength Of the old line divi.
dend payers of the first grade had
been commonly attributed to reinvest-
ment buying, but this failed to make
its appearance today. Atchison, At
lantic Coast Line and New York Cen
trail were fractionally lower most of
the time, while Union Pacific was
practically unchanged.
Steel stock f1uctuated nervously
Colorado Fuel & Iron. which is said
to have the backing of powerful pool
support, made further upward prog
ress, but United States Steel was in
supply above 121. Express company
stocks were higher under the head of
Adams Express. which was influenced
by the prospects of liquidation dis
tributiOn to common shareholders