Evening star., 1928-02-27
TREND DOWNWARD
ON STOCK MARKET.
Some Independent Motors
Stand Out Against Trend.
Packard Advances.
BY GEORGE r. HUGHES.

=
NEW YORK, February 27.-With
few exceptions today's stock market
was sagging affair. Industrial spe-
cialtics lost from TO 3 points and in
some instances more at the lows OF the
session. There was partial but in
conclusive recovery at the close. Prob
ably short selling was responsible for
the bulk of the transactions.
Exceptions to the trend we're cer-
tain of the independent motors. Pack
ard responded to a favorable five
month earnings statement and Hudson
Motor was strong nearly all day,
Not much attention was paid to
fundamentals. Mack Trucks was heavily
sold. dipping 3 points rs 1t sold below
%. loss larger than that sustained all
last week. although the stock had been
under pressure then. too The weak
ness might have been ascribcd TO the
disappointing annual report showing the
dividend earned by only Scant margin.
American Smelling Down.
Still. other stocks in a favorable posi-
ton from an earnings standpoint went
down as well. American Smelling {,
Refining sold below 10 regardless OF
the $l964 share shown on the COM
mon in the 1927 statement.
The spccialties were faVOrite objects
Of bear attacks. Colorado Fuel down
three points at G7. Radio OF nearly
three around 90. Montgomery Ward
down about as much below 1870. Nana-
clium off OYER three at 76. Gold Dust
off nearly four and numerous others
gave the list an appearance" Of an un-
dcrmned speculative structure. Sell
ing was not confined to this class OF
stocks, however. General Electric vas
heavy. So was United states Steel and
even Consolidated Gas, which had been
strong all last week, gave way today
somewhat.
Rails i'm Hettcr Demand.
The rails were in better demand. Ad-
verse action by the Interstate Conn
mcrce Commission on the Lorce South
western merger situation cid not seem
to disturb confidence. ST. Louis South
western wos off a point N the early
trading. but Missouri -Kansas-TeXas
was higher. St Louis-San Francisco,
whose January report showed larger
not than a wear ago in the face OF
decrease IN gross. gained fract!onaIT.
For time New York Central did pet
ter. although the gain Was not held.
EIseu here III the market Montana
Power continued strong The oils we're
steadv Short covering was IN eFi-
derCe In Atlantic Refining The motors
were not much affected by the seiling
If the other industrials. General MO-
tors vas depressed slightly, but Hdd-
son was strong There was no improve
ment in the sugars. the upturn or
Saturday in American Sugar being al
most entirely Cancelled today.
Money renewed AZ =, per cent, III.
changed from Friday The banks called
sl0O00.0o0 in preparation for MONTH
end requirements
The selling increased IN volume IN
tho early afternoon and prices went
still lower. Stocks which had held out
earlier in the day weakened syn1pa :
thoticallv. among them Wabash ana
Missouri Pacific wabash lost the huo'-
ancv which had characterized 1t Satur-
day.
At intervals the pressure would -
lifted and then there would be par
tial rally, but tire market always turned
dujl on the recovery. The whole Gue5,
ton as To how far the decline "ould
70 vas evidently depending upon 'ne
success Of the bear party IN bringing
about outside liquidation, Tactics snch
as we're en1n!0ved today had been sue
ccssful In forcing the break Q. 10 Gays
ago.