Evening star., 1928-04-16
OILS AND UTILITIES
SHARES HAVE GAINS
General List Turns Upward
After Early SIumps on
Heavy Selling.
BY GEORGE T. HUGHES.

Special Dispatch TO The star.
NEW YORK. April 16.-Today's stock
market was a much mixed affair. Ine
general list started in lower and for nan
the session was weak. but In tne aIesI-
noon prices rallied and a good part OF
the loss was regained.
Meanwhile bullish operations went
ahead in the oils and the utihE'es'
Money dropped to Az per cent III 'ii|
fourth hour.
Buvinp in the oils was more aggres-
sive than at any time In weeks. IL
centered about stocks of the higher
grade such as Standard Oil OF New
Jersey. but the older speculative faVor-
ties, such as Houston and General AS
phalt. were up also. There was neaVy
buying of Maryland. and Texas Cor
poration made a new high for the year
at 81.
Columbia Gas Leader.
Columbia Gas led the utilities, touch
ing new 1928 top above l05, ana there
was active buying Of the lower priced
stocks. National Power a. Light, Elec-
tric Power a. Light and others. Chrysler
stood out among the independent motors
at q new high. General Electric was
the favorite among the industrials. The
flrmness in the afternoon followed
morning of liquidation.
General Motors was heavily sold right
from the start The opening was down
nearly two points and before noon the
stock selling at 1872 was of points net
on the day and more than z points from
the high of last week. Another con-
snicuouslv weak issue was Bethlehem
steel. Here the decline amounted to
over 3 points at IS. u. S. Steel beloT
i4S was down over points.
Radio Makes New Low.
Radio made a new low on the present
reaction showing loss of nearly 5
noints al 1921. General Railway Signal
was acutely weak, making a new low
for the year around 90. Mack Trucks
likewise made a new 1923 low as II
dipped below 81.
The independent motors lost ground
almost uniformly. Hudson. Hupp and
willys-Overland we're in supply and
Nash Motors sold at a new low on the
movement In ell of these, however.
there was some rally in the later trad
ing. General Electric too was well sup
! ported. II opened higher and while IL
did not hold the entire gain the demand
was in strong contrast TO the liquidation
in progress IN ether stocks.
The rails were not immune from the
selling. but activity was not pronounced.
Baltimore a. Ohio. New York Central
A. Erie were down while Texas (. Pacific
lost two points. 1t was the utilities IN
which thu buying seemed to be Ca@
most confident.
f. Columbia Gas Strong.
Colombia Gas was bid up across l0i
to a new high for the year and North
American set the same kind of record
as il sold at eS. Some buying Of the
oils made itself felt in Standard of New
Jersey, Standard Of New York. Texas
Corporation. and Pan American Petro-
leurn b" The last named was up
point at one time.
Money renewed at 5 per cent un-
changed from Friday when. however.
the rate for new loans dropped to 4'2
Der cent.
There was more tax about th@ rais-
irg of the rare lest '~eek on BANKERS
a~ceptances. but quotations were an
changed today As far as there was
anv excuse in outside DEVELOPMENTS
for ths nervousness apparent IN the
market il was all In connnectioa with
money. The feeling seemed to BE- that
the Federal reserve authorities would
like 10 check.