Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-21
FLUCTUAT|ON Wild
IN COPPER STOCKS
SpeciaIties Also Bid Up, but
Rest of List Has Real
Reactionary Tone.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, December 21.-Vio-
lent upbidding of the copper shares,
accompanied by the usual extrava-
gances in a few other specialties, did
not serve to obscure the fact that the
general list in today's Stock Market
had a reactionary tone.
The fluctuations in the copper
stocks were fully as wild as at any
time during the movement to date.
1t was difficult at times to follow the
prices under the new abbreviated
form Of reporting-that is, by any
one who was not in continuous touch
with the tape. For example, Greene
Cananea dropped from around 145,
the level at which it closed yesterday,
some IL points at the same time that
Anaconda, Calumet & Arizona, Cerro
de Pasco. Kennecott and American
Smelling and Refining were all setting
new highs for the year and some of
them new highs for all time. OF
course, holders of Greene Cananea
were simply attempting to take profits
that had accrued during the swift
upturn, and there were few buyers
on the way down. These realizing
sales out Of the way, the stock re-
covered part of it's loss.
Other Striking Advances.
Other striking advances were scored
by such stocks as American Repub-
lies. now in the mystery class; A. M.
Byers, which is well above 500 a
share, was at a new high; California
Packing, International Nickel, Timken
Roller Bearing and Paramount-Fam-
Gus. Once any of these had started
there were plenty of spectators eager
and willing to TO along. Meanwhile
however, standard investment shares
were sagaing. Steel was lower. So
| was General Motors, which all the
forenoon sold consistently below the
price at which the huge block of
$4,000 shares was taken the day be.
FORE Apparently that buying did not
serve the purpose intended.
Then there was long list of stocks
in which liquidation was evidently go,
ing on under cover of the strength in
the specialties. These included Inter
national Paper, Montgomery Ward
and Radio. OF the last named 1000
shares came out at 81. off 21z points.
General Electric sagged and American
Can, which has been so conspicuous
recent, paused to consolidate its new
position.
The movement of the railroad shares
was puzzling. AT the start they were
almost uniformly higher, with especial
strength in Erie. This was in the face
Of the car loading report, which show
ed the total of 1860 cars for the
week ending December 10, loss of
114,S55 from the same week year
ago, and a loss of 131 ,096 for the cor
responding week of 1925.
Rails Turn Downward.
1t looked as if an attempt was being
made to bring the rails into line for
the sake of the effect on the rest of
the market Strength in the carrier
stocks,e however, was not maintained
and later in the day they turned down
ward.
The Erie November report, which
came out today, showed a drop in
gross from S10,95O,629 in 1926 to
S9,787, 353 in 1927 and in net operating
income from $1691,35 in 1926 to
S652.312 in 1927. Rail stocks were not
weak and there We're exceptions where
the buying was predominant, but in
general they were in supply.