Evening star., 1926-05-20
MOTORS FIRMER
|NSTOCK MARKET
Greater New York fractions
Attract Interest in To-
Gays Dealings.
HN STU. ART p. WEST.
,porlal Dispatch 10 The star.

Special Dispatch 80 The star
NEW YORK. May 20.-Motor
shares and the Greater New YORK
fractions We're the main points OF IN
t.rest in the stock market today
Trading continued along the same
lines if has for the last month. by
,omnariSon with the biG totals or jan
uarv and November. the volume or
business was small.
The only reason for the puylnG as
came into the motors early IN the
dav was that they had become
somewhat oVerSold. The story Oh
oyerproduction in the automobile
industry has been known for the
last month. This condition has been
nartlv rectihed by the cutting down
Of Gutput in some instances. by
The lowering of prices in others.
These are indications of increasing
connection. but. on the other hanu,
most of the motor stocks nave haQ d
very extensive decline trom thelf nlSh
noints toward the end of last year.
Buying Keeps On.
1t was a question Whether TINS re
action. going as far as 81 points from
binh to low in the instance of Hudson
live eXcesSes and at the same time
raken uro0l,- account q. the tact thai
the motor trade has not made the
headyav experts were figuring at the
start OF the year.
Ar all events, the stage was finally
reached where short sellers OF tne
motor stocks made up their minds
that it was time to take in contracts
This buYing started Monday, kept up
nn Wednesday and went further TO-DAY.
II carried this class OF stocks up a
half point TO a point in Such repre-
sentative issues as Studebaker. WHY'S
overland General Motors, Mack
Truck. Jordan Motor, Moon Motor
and Hudson Motor.
L. :. Steel Inactive.
There was talk of new interests
buying into Packard Motors. in con
nection with the rise OF over two
nointS in that stock. One OF the
curious incidents of the day was t,'
inactivity in the forenoon of United
States Steel. For long periods the
stock was not dealt in at all.
When it did come out the trans
actions were in small lots, with
very slight change in prices. lncc-
pendent steel stocks were neglected.
No further effort was made to CON
tinue the little campaign which was
started at the close of last week in
the oils on the announcement of the
crude oil advance. The special oper-
ations in Lago subsided. Atlantic Re
fining went lower Texas Company
and Marland were scarcely changed.
When American Telephone and
Telegraph on Wednesday sank to 141.
which was the low for the wear the
comment was made that new stock
offers like the 1854 ,000, 600 just put out
had always in the past only a tenn
porary effect. The truth of this OBJ
servation was borne out today by the
way the stock rallied promptly some
. points.
The stock market continued through
out the afternoon to be dominated by
the motor group When the Hudson
Motor action had been finally straight
ened out there WAS a rush to buy the
motor shares Short sellers in Hud-
son Motor became panicky bidding
wildly for the stock. The other mo-
tors joined in. especially General
Motors and Mack Trucks.
This brought about heavy short GOV
ering in other stocks. where short
sellers had been active. United States
Steel crossed 120 in the final hour
after having been very dull early in
the day.
Tradirc became very animated ali
through the list. Stocks like Baldwin
Atlantic Refining. Mont
gomery Ward, United States Rubber
and United States Smelling, which had
dUre little in the early trading. came
to the front in Nhirl OF buying
orders.