Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-24
DRIVE ON MOTORS
FEATURE IN STOCKS
Raskob Resignation Is Felt.
Dealings Broader and More
Interesting.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK. July 24.--With sub
stantial increase in activity over that
of other recent sessions the Stock Mar
ket today went through a series oil
rapid and fairly wide price fluctuations.
Sharp reactions in some of the leaders
conceded with a show OF strength IN
others. 1t was a more interesting mar
ket than the Street had seen in weeks.
The incident that attracted the most
attention was the drive on General
Motors which preceded the announce
ment that Mr.. Raskob had retired as
chairman of the finance committee,
presumably because he found political
activities inconsistent with his place oil
prominence in the General Motors or
organizations.
Motors Is Weak.
At any rate Motors was one of the
weak stocks Dipping below 185 1t was
off over points from the preceding
close, Shares of independent motor
companies declined sympathetically but
the losses were not nearly so large,
The market in the first two hours,
however, was predominantly strong. 1t
was more convincing in that the lead
crShip was of q better quality. Atchlson,
for instance. up two points at 100, and
steel up almost two points at lao, were
reassurng Steel was taken III large
blocks at the high of the movement.
The rise in AtchiSon was associated
with the crop movement. New York
Central was another rail in favor after
a long period of quiet In fact the
rails were more prominent today all
along the line. Southern Pacific, among
tho dividend payers, and New Haven
in the lower priced group, were both
in demand at one time or another.
IndustrialS which found favor incllld-
cd the can stocks, American Can and
Continental Can. Allied Chemical sold
off at the start and then came back.
There was a long list of spccialticS
actively bought, including among them
Lehn &; Fink. American Republics, Kro-
ger Grocery, Cudahy Packing. National
Dairy Products and the now popular
Warner Bros. Pictures.
Reaction in Montgomery.
Against these advances we're a reac-
ton in Montgomery Ward and in Col
umbia Gas. both due evidently to real
izing after the extensive rise these
two stocks had enjoyed in the preced-
ing session. Kelvinator Corporation was
u@0l1iy wan, oiilhAliS " q iIt~ INV AOA
the year.
Money renewed at So per cent. The
banks called Sl0.0o0,000 in loans early
in the day and a higher rate was
considered possible before the close.
This expectation had the effect of
slowing down operations for the rise
Activity fell of in the afternoon, the
whole list turning dull Prices were
firm and General Motors retraced the
ground lost during the forenoon. Trad
ing in this stock on the recovery was
in small volume The late leader was
National Cash Register which rose 8
points to new years high under per-
Sistent demand.
Some of the rails sold of from their
carly tops. but Southern Pacific and
Canadian Pacific held around their
highs
Irregularity prevailed in the last hour
Steel and Montgomery Ward sagged
and General Motors turned reactionary
Most Of the lndustrials came down from
their best. Studebaker was an excep-
ton, The more speculative railroad
stocks proyiaed the strong spots. ST
Paul, the Missouri Pacifics. Western
Maryland and Wabash among them
American Telephone g. Telegraph moved
up toward the end Manhattan Elec-
trical Supply responded to the an
nouncement that the company had
made large profit through tbs sale
of real estate