Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-17
RECOVERY STAGED
IN STOCK MARKET
Trade Volume SmaII-Mining
Shares Strong-Some
Oils Are Lower.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 1.-THE stock
market recovered today good share Of
the decline Of yesterday The volume
of trading was small and not much in
terest was shown in the proceedings,
but the attempt to bring about whole
sale liquidation which was the feature
of the previous session was abandoned,
for the time being at least.
The rebound in prices could be
aScribed in large measure to 're-pur-
chases by bear operators. There may
have been some new buying but 1t
could hardly have been extensive. The
trading was too desultory for that
There was no change in credit condl-
tons. Money renewed at Az per cent,
which was the charge for new loans
yesterday. The explanation of the
weakness on the day before. that higher
money was feared, does not hold in view
of the fact that the market came back
today with money in exactly the same
position 1t was when stocks were 60
ing down.
Individual Issues Move.
Outside of the recognized leaders,
General Motors, Steel and General
Electric, the market did not move by
groups. Instead individual issues were
singled out for attention in the rail-
road list. 1t was New York Central and
New Haven which were in the great
est demand. In the motors. Hudson was
the leader of the independents. The to-
baccos and sugars each had one repre-
American Sumatra tobacco was unusu-
ally active and higher and Manati
Sugar preferred made a new peak on
the present recovery when 1t sold at
SO. forcasting the resumption OF olvl-
dend payments.
Mining stocks were mostly strong.
Greene Cananea ran up points IN It's
now familiar fashion, taking with 1t
but more sedately Calumet and Arizona,
Anaconda, Cerro de Pasco and kenne-
colt. Oils stocks did not follow through
the rise initiated in the closing hall
hour of trading Monday.
Houston Oil had sinking spell early
in the day. dropping points and then
regaining most OF the loss. Inc stai!u-
ard issues like Marland and Phillips
were fractionally lower. Pan-American
Petroleum "B" sold of. The weekly
report on domestic production OF crude
showed an increase of 1924 barrels
daily over the preceding week.
Reversal Of Trend.
This Is a reversal Of the trend re-
vealed in the previous week. AS a
matter Of fact there Is nothing In the
trade situation to justify optimism
about the immediate future of the oils.
Two specialties conspicuous for their
strength were Cluett Peabody and In
ternational Mercantile Marine preferred.
With regard to Cluett Peabody 1t was
reported that retirement of the pre-
ferred stock was being considered. To-
days price of 81 was not only the best
this month, but higher than any
recorded in 1927. Buying of Marine
preferred was persistent and seemed to
be founded on some expected special
development.
Trading dragged along In the after
noon at the slowest pace since Novem-
Der. At times the ticker came to a
standstill. Sales up TO O'Clock were
only 944 200 shares. or at the rate of
only little more than 1900. 900 shares
for full day. Prices held firm. although
the standard stocks did not gain much
A few pool managers cautiously bid Up
their respective favorites, but failed to
attract much of following. Among
the incidents was the buying Of Man
haitian Shirt. Interboro Rapid Transit
and Hupp Motor.