Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-28
STOCKS IRREGULAR
IN TRADING TODAY
Strong Tendency at Opening,
Followed by Reaction--Then
by Mixed Moves.
BY GEORGE T. HUGHES

NEW YORK, June 2S.-The stock
market started in active and strong
today, continued higher for the first
hour suffered further reaction for
brief period and finally turned high
ly irregular.
Speculative sentiment had been in
f1uenced by the decrease of $44 ,000.-
600 brokers' loans reported after the
close Monday. This brought the total
back practically to where it stood
two weeks ago. 1t was reasonable to
conclude that much of the early de-
mand represented an accumulation of
overnight covering orders and when
these had been supplied the market
again was found to lack the necessary
sponsorship to bring about a general
recovery.
Call Money Higher.
Call money renewed at per cent,
the highest since January 5. This
followed the increased calling Of loans
yesterday. While funds for stock
market purposes might be expected
to be less plentiful as the first half
year draws to a close, the condition
of the call money market was taken
as nothing more than temporary and
reflected the Withdra wal of funds to
meet the midyear dividend and inter-
est payments The short interest was
more disposed to even up accounts
because of the expectation that funds
obtained through this payment would
find their way back into the stock
market for reinveStment
General Motors opened . points
higher and then lost part of the inn
provement. L. s. Steel held firm most
of the session at the 120 level, where
- 1,.a1f nSN1f NnIA 40
& Iron started forward again but when
it was realized that it was difficult to
attract a genuine outside following,
operations for the rise were suspend
ed. American Smelling and Refining,
which suffered reaction of 3 y points
yesterday in sympathy with the weak
ness in metal shares generally, re-
covered a good part of the ground
lost. Anaconda Copper reacted further
previous to the declaration of the
usual quarterly dividend. Much of the
recent selling, while it might have
been considered professional in char
acter, apparently had been based on
the possibility of a cut in the regular
annual So distribution. Despite the
prevailing low price for the metal,
Anaconda was said to have covered
dividend requirements and was able
to conserve surplus.
Oil Offerings Not So Heavy.
Offering of the oil shares was not
so persistent although there was little
recovery. Phillips Petroleum, Marland
and Shell Union were unchanged or
fractionally lower. Houston and an
other of its characteristic run-ups
but the improvement was not as pro-
nounced as it had been on previous
occasions.
The latest weekly statistics on
domestic crude production showed
little change, but the fact remained
that little progress was being made by
leading interests to curtail output In
the major fields.
The demand which carried General
Railway Signal to it's highest price
for the present shares was accom-
panied by reports that additional inn
portant orders had been placed for
its automatic train control devices.
Baldwin Locomotive held most of the
session within a point Of the Monday
final.
Selling of the railway shares sub
sided and the market for these issues
turned comparatively dull. The South
western merger roads, which had been
subjected to pressure during the past
few days, were disposed to recover,
but it was a question whether the de-
mand represented new buying. Atchi-
son, Baltimore & Ohio, Chesapeake
Ohio and Rock Island were only
fractionally improved.