Evening star., 1927-04-19
TREND CONFUSED
IN STOCK MARKET
Shares of Some Groups Move
at Variance With Each
Other Today.
BY GEORGE t. HUGHES.

Special Dispatch TO The Star.
NEW YORK. April 19.-Seldom has
the stock market presented so con
fused an appearance as it did today
In this respect it probably fairly re
ffe ted the average speculative mind
Not only was the price movement ir
regular, as among the different
groups, but the stocks Of companies
engaged in the same trade fluctuatec
at variance with one another. and ad
vances and declines in the same
stocks followed each other with be
wildering effect.
The element working for lower quo
tations had the increase in brokers
loans to the highest of the year as an
argument on their side. but when call
money renewed at 4 per cent, showing
that the supply of credit for specu'
! lative operations was still undimin'
ished. the money situation los. its i'm
portance as a market factor.
Oils Are Conspicuous.
; The oils were conspicuous again all
day. At the start further liquidation
carried Marland and Phillips down TO
new lows. but later on short cover
ing brought about q sharp recovery.
The first quarter report of Phillips
afternoon, made an unexpectedly
favorable comparison with the same
period year ago, although the presi-
dent states that second quarter re-
suits were not likely to be so good.
Signs of support for Phillips and
MarIand, which had been the two
weakest members of the entire group,
brought about a fairly general ad'
vance in the other oils. .Pan-American
/ Petroleum. Atlantic Refining, General
Asphalt, Houston Oil, and Lago all
shared in the improvement.
Producers and Refiners were espe-
cially strong.
Steel stocks were generally lower.
United States Steel was down right at
/ the start, and although it rallied sub
sequently, it was plain that the action
on the stock dividend and the assur-
ance that per cent would be paid on
/ the increased number of shares had
been discounted. Then, too, Wall
Street was probably acting on the
theory so widely held that stocks
should be sold after the good news
was out. The independent steels were
reactionary also. including Republic,
Crucible and Youngstown. Buyers
were not inclined to take chances
until the first quarters earnings were
available for study.
Some Industrials Strong.
There were q number of strong
spots among the industrials, but they
| had no discoverable relation to the
general market. Air Reduction was a
feature, running up to a new high for
/ the year Collins & Aikman was
strong for a time, and so was Fox
Film.
International Mercantile Marine pre-
ferred ran up a couple of points, and
American International was higher.
Talk was heard of the sale to British
interests of more shipping properties
by the International Mercantile Ma
rine, but nothing official was obtain
able. American Radiator and General
Electric We're other stocks buying Of
which brought about higheR prices,
while what appeared to be pool opera
tions did the same for International
Combustion. Most of the motors held
their position wellA
Copper shares, which had been so
strong on the day before, were still
in favor. Kennecott pushed ahead to
the highest since it's organization,
while Greene Cananea made new
high for the year after having ad-
vanced over 4 points in the preced-
ing session.