Douglas daily dispatch., 1927-04-28
PRICES FALL ON
HEAVY SELLING
ON MARKET
1By the Associated Press)

&7ssFEefA E45.gf
NEW YORK, April 27 Frequent
shifts of speculative sentiment i'm
parted widespread irregularity in to-
days stock market The recovery.
which set in yesterday continued
through the early part of todays ses
sion, but renewal of selling pressure
against the oils unsettled the general
list around mid day. Supporting orders
were quickly Forthcoming for the re-
cent leaders and THE market steadied,
only to sell off again in the last few
minutes of trading. Total sales again
fell slightly below the 100000 mark.
Failure of the quarterly earnings of
the United States Steel corporation to
come. up to expectations, combined
with reports of a further slackening in
demand by the weekly trade reviews,
stimulated bear selling. The Missis-
sippi river floods continued to be a
source Of uneasiness in some quarters,
but except to dampen speculative en-
thusiasm for some of the southwestern
carriers, they are not believed to have
exerted much of a market influence.
The credit situation continued salts
factory, despite the approach of month
end settlements. The call money rate
held steady at 4 per cent all day with
some concessions in rates reported in
the "oltside market
Renewal of selling pressure against
the oils was due in large measure to
the further increase in crude output
last week and the publication of poor
quarterly earnings reports by the
Barnsdall and General Asphalt com
panies, the latter showing a deficit of
nearly $780, ,00O The current issue of
the Lamp official organ of the Stand
ard Oil company of New Jersey, ex-
pressed the belief that the present era
of overproduction in the oil industry
is likely to be of extended duration.
Marland, Phillips, Skelly, Standard
Oil company of California Independent
Oil and Gas and several others sank
to new low levels for the year or
longer Several independent strong
spots were scattered throughout the
list Case Threshing and Commercial
Solvents B rallied on a revival of split
up rumors. Colorado Fuel was pushed
up nearly 5 points to S2% coincident1
with the announcement that directorsl
had approved plans to increase open
hearth furnace capacity at Pueblo from
100000 to 100000 tons annually, but
it sold down to S115 at the close.
American Water Works, Baldwin, Lac
lede Gas, Pennsylvania Coal and South
Porto Rican Sugar all recorded sub
stantial net gains.
Lorillard Tobacco broke 8 points to
new low at 24k on unconfirmed
runlors that the common dividend may
be passed at the next meeting to con-
serve cash resources in connection with
expansion plans. Air Reduction, Ameri-
can radiator, Peerless Motor and Philip
Morris were, conspicuously heavy.
Pierce Arrow issues had another sink
ing spelI,s the preferred breaking II
points to Sc and then rallying to 61,
while the common touched new bot
tom at 1875,
Bangor and Aroostook closed over s.
points higher at 605s after touching a
new peak at S1T on publication of a
quarterly earnings report showing
$S37 share. Reading and Baltimore
and Ohio each closed about point
higher, but Frisco common, Southern
Railway, Delaware and Hudson and
Texas and Pacific showed substantial
losses. -
nTime money and commercial paper
rates Were unchanged.
Wide fluctuations in italian lire, 1
which sold4down nearly 20 points to
~ cents and then rallied to 5as, fea-
tured the mixed foreign exchange mar /
ket Demand sterling ruled firm
around $4.S5ss and French francs con-
tinued to holdesteady above 3.91 cents.
In the commodity markets fcotton and
wheat futures moved slightly higher,
while coffee and sugar quotations
showed littles change