Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-04
LIST IN RECOVERY
IN LATE DEALINGS
Decline in Money Rate Ac.
companied by Rally in
Motor Shares.
by GEORGE T. HUGHES.
Special Dispatch to The Star.


NEW YORK, January 4.-Succes.
sive reductions in the charge for call
money was the interesting develop
ment In today's stock market. Prices
moved irregularly. some groups hold
ing strong throughout the session, but
others nuctuating alternately up and
down.
Money renewed at 51a per cent, I'M
changed from Tuesday. Shortly after
noon the charge for new loans was
marked down to per cent, and then
an hour later Az per cent, indicating
the return to the market or FUNDS
withdrawn for holiday and end-of-the-
year requirements. The easier tone IN
money brought rally in the motor
stocks.
News Of the price cutting by some
producers caused heavy selling In Cen
eral Motors directly at the start and
tho stock dropped back over point
with lower quotations for Nash, llud-
aon and Chrysler. In the afternoon.
however. recovery enSued under lead
erahip OF Studebaker. which approach
Ing ca was higher than at any time
in q year. Mack Trucks was weak.
Dodge Bros. "A" and Willys-Over-
hand. strong at the start. were firm
| most Of the day.
Price movements in the last hour
were rapid and confusing, and the
close was unsettled. General Motors
was very strong for time, being
taken In huge blocks, up TO 1879.
| Greene Cananea. which has scared D
points early In the session. came down
over all the ground gained and more.
WHY'S Overland was aggressively
bought and sold at its best Of the day
| In the late transactions. American
Sugar was weak. and long list of
stocks showed unimportant changes.
The turnover was enormous. cross.
ing the 1000 000-share mark 20 min
utes before the end.
Rubbers Are Strong.
Rubbers began the day strong also
and held their gains fairly well. The
leaders were Goodrich and Goodyear
In the medium-p priced stocks and Ajax
in the low priced class. United States
Rubber continued its advance.
Rumors that n merger was TO be
formed involving United States Rub
Der, Goodyear and Seiberling. were
denied without checking the buying.
The copper stocks were still active
and strong. Greene Cananea sold
higher than any time within a year
as it touched 16i. Park Utah Con.
solidated, approaching 104. was up 2
points. added TO a rise OF as much on
Tuesday.
Montgomery Ward was persistently
bought, also touching n new high. the
best since listing when it sold at ia.
In the specially group Postum Co.
and Paramountk Famous i.asky sur
passed their best 1927 tops. Another
feature on the side of advance was
Marine preferred.
New Haven FORCES Up.
For a time the rails dragged. In
the early afternoon, however. New
Haven was taken up and pushed
across 63. where il was at the highest
| since 1916. New Haven has not been
affected by tho falling Off in earn.
ings of the railroads generally.
November net was the largest for
| moro than Is years. while the gross.
with the one exception of 1926. was
the largest in the company's history
for that month. The market was
evidently discouniing resumption OF
dividends some time this year. pre-
| sumably at a 81 rate.
Brooklyn Edison starred among the
local utilities. Above Els il was up
points on the day. The floating
supply In small and the stock re.
spends quickly TO buying demand.
Steel stocks were more irregular
United States Steel sold off a point
and then recovered. The independent
steels were dull and inclined TO sag.