Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-07
STOCKS IRREGULAR;
TRADING IS HEAVY
Bears and Bulls Clash in
Nervous and Active
Dealings Today.
by GEORGE T. HUGHES.

Special Dispatch TO The star.
NEW YORK, Juno 1.-Two forces
one working for higher prices ana IN
| other confident that another rGaCtlol
was due, Clashed in nervous ana acttV
trading on the Stock Exchange today
! Prices nuCtuatcd rapidly ana VIII
| great irrcgularity rs first one size aht
| then the other gained the upper mana
The record of transactions on the tap
| Jagged behind business on the fiooi
as much as 10 minutes.
| In behalf of the buyers. 1t was con
tended that the announcement tina
| the Treasury surplus for the fisCa
year would exceed 5000. 100000 was {
constructive development" Of prime
| importance. Against this it was urget
| that the increase in brokers loans
announced after the close yesterday
| indicated that the market was ap
! preaching the danger stage.
ID. & II. Comes Down Sharply.
Illustrative of the confusion of spec
! ulative opinion was the diverse move
| mcnt in the railroad list. Delaware
| Hudson, for instance, came doWr
! sharply. Notwithstanding the offering
| Of the Hudson coal bonds issue was
| taken to mean that the segregation
! plan was about completed.
| New York Central was lower, and
| so was Nickel Plate from time &c
| time. On the other hand, Rock Island
| was very strong, and speculation for
| the rise went on in Western Mary.
| land common and second preferred
| and in New Haven and New York, on
! tario and Western. The outstanding
| feature in this part of the list was
| Norfolk Southern, which sold at the
| highest in its history. Although April
earnings of this road were the largest
ever reported, it is probable that the
motive for the buying was expectation
of merger developments.
Specialties which had been bid up
violently in recent sessions met profit
taking in volume today and came off
easily, but others were substituted
and advances and declines were pretty
we'll matched. Pittsburgh Coal ran
up again and then reacted. National
Distillers went through the same
cycle. Freeport Texas had a rapid
advance at the start. not all of which
was maintained. Collins e Altman
set a new high since it was listed on
the exchange. General Electric sold
off at one time as much as points,
while Allied Chemical was going up.
there any discoverable relation to the
news.
Sugar Stocks Are Weak.
Sugar stocks were weak. In this
was reflected the break in sugar
futures. Punta Alns,e was heavily
sold and Cuba Cane preferred came
down. Tobacco stocks, on the other
hand, were nearly all strong. Loril-
lard was the outstanding feature, adj
vancing to a new high for the year
under a combination of short cover
ing and new buying.
Leadership of the motor group was
assumed by Chrysler, which sold at
the highest of the year. Buying was
in large volume. Hudson and General
Motors were favorably Influenced by
the strength of Chrysler. Nash did
better also.
The market hardened shortly after
noon. when money, which had renew
ed at Az per cent, dropped to Az per
cent. General Motors shot ahead i'm
mediately, crossing 203 to the highest
since the stock dividend came off the
price.