Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-22
BEAR ACTIVITIES
| MORE SUCCESSFUL
Persistent Pressure Has e.
/ feet After Early Resist
ance-MotOrS Lower.
eperial Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 22.-Profes'
Eional efforts to depress the mair
body of stocks did not meet the
same resistance today which char
acterized yesterdays late trading
The prominent industrial and raj
favorites held up well during the
first half session. but the persistent
pressure against specialties. which
proved to have been vulnerable to
selling operations finally told against
the general list. and in the after
noon losses ranged from a point to
4 points in several instances.
Following price cut announce
ments by one prominent automobile
manufacturer recently, more atten-
ton was given to the possibilities OF
a general price cut war. General
Motors. around 176, was points
lower on the day. Dupont was SELL
ing points lower at Intervals ana
Hudson was called upon to absorb
heavy liquidation. The one excep-
ton in this group was Chandler
Motor. which went forward to new
highs for the year following reports
that a new pool had been formed
In the market for the stocks.
Confined to Specialties.
However, selling opera tons were
confined for the most part to stocks
of the speciality type. Uneasiness
over the future dividend policy on
Burns Brothers class "a" brought
out further offerings, which carried
the price down more than i points.
That Wall Street had little faith In
the maintenance of the Southern
Diaries class "a" dividend at the
present 81 annual rate was evident by
The fact that the stock was selling at
new low prices below %. American
Brown Boveri established a new low
when it changed hands under 20.
There was no doubt that a good
deal of the selling represented work of
q professional short interest, and it
was a question how much could have
haen attributed to real liquidation.
Rumors that several prominent oil
companies might find it necessary to
do new financing caused further I'M
easiness. General Asphalt, Marland
Oil, Atlantic Refining and Phillips
Petroleum were low most of the time,
although selling was not heavy.
Houston Oil experienced another
wide open break, dropping more than
points.
Weakness of the sugar shares was
W tic
factory conditions prevalent in the
Industry and the tendency of raw
Hngar futures to work loweE Punta
Allegro Sugar and Cuba Cane pre-
fsrred went to new low ground for
the year and lower levels were reach
ed by South Porto Rico.
Sulphur Stocks Higher.
Sulphur stocks were exceptions to
the general tendency, both Freeport-
Texas and Texas Gulf establishing
new tops. In view of the recent favor
able dividend action on the former
shares, larger distributions for Texas
Gulf shareowners were regarded as
more than possibility.
Steel stocks resisted the selling
pressure better than most others. De-
ciines in United States Steel, Crucible
and Bethlehem were limited to within
O half point most Of the session. The
market for these stocks was still in
1tsienced by the highly favorable trade
reports and increasing operations at
the steel centers.
In the railway section Atchison,
Norfolk & Western and Chesapeake
& Ohio offered the best resistance, but
fair sized declines were recorded in
Gulf, Mobile, Atlantic Coast Line and
Lackawanna-