Evening star., 1928-03-19
LIST IRREGULAR
ON STOCK MARKET
Utility Shares Given WhirI
Sudden Upturn Occurs
in Rubber Group.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 19.-The week
In The stock market started In TO the
accompaniment OF continued activity
but irregular price changes. The old
leaders, the ones that had been the
speculative favorites last week, were the
objects of heavy realizing and were
able to maintain their positions, but
nothing more.
Utility stocks were brought out today
under the leadership of international
Telephone & Telegraph and American
Power &, Light. Both of them went
to new highs, the former UP 5 points
at 165, and the latter up over 3 above
as were some Of the lower priced stocks.
such as Electric Power g. Light. Mon
tana Power was a laggard. having had
its share of the limelight earlier in the
year. This turning TO the utilities Is
a normal development after speculation
In the general run OF industrials and
in the rails has come TO a halt for the
time being.
Rubber Stocks Rise.
Another picturesque feature was the
sudden upturn in r.zuber stocks. The
ostensible reason was the announcement:
Oh tlle e1LEIlSIOll VI UdIlhS Va OH d0~
ditional credit TO the so-called rubber
pool. This announcement, which the
market interpreted favorably, brought To
light an Unexpectedly large short In
terest. which made haste to cover its
commitments. That the buying was
mostly for short account was plain from
the way the stocks jumped around
sometimes point between sales. The
largest gains were made by Goodyear
and U. S. Rubber. the former up at
one time over points, but the low
priced issues. Fisk, Ajax and Lee, ral-
lied briskly as we'll. These gains were
not maintained except in part.
New industrial specialties that were
actively bid up included Case Thresh-
ing Machine, U. S. Industrial Alcohol,
Stewart Warner and Eastman Kodak.
all at news highs for the year. Pullman
covering came into electric refrigeration.
Big Three in Supply.
General Motors, United States Steel
and New York Central, the big three.
opened higher. but all were In supply at
the advance and the initial gains were
Cancelled for the most part, None O..
them was weak. A larger setback
would NOT have been surprising in view
OF the extent OF the recent advance.
Sharp breaks were recorded against
American Linseed and Radio. Linseed
at 81 was of nearly points. and Radio
was down points at 1875, where a
block Of 5000 shares changed hands.
Other stocks that sold Of at one time
or another were Allied Chemical.
American Can. Central Railway Signal
and Hudson Motors. The market for
all these was very nervous and SEEM
lngly unhealthy.
The market was not so active In the
afternoon. but fluctuations were rapid
and wide United States Cast Iron
Pipe had a sensational advance. I,
had closed at 2069s, and by early after
noon was UP II points, around 2l3.
Then it slowly ran up to 900, next
jumping on single string Of transac-
tions 10 225 for a gain on the day OF
l8is points.
The utilities added to their forenoon
gains. Consolidated Gas pushed ahead,
touching i4l. the highest at which the
present no par shares ever sold. EIec-
tric Power & Light made a new top
above 80 and there was runup in Peo-
pies Gas OF Chicago. Meanwhile, Steel
and General Motors were marking time.
both OF them shade below Saturdays
close.