Evening star., 1928-06-14
STOCKS HESITATE
AF TER EARLY RISE
Opening Advance Followed by
Profit Taking-Favorites
About Steady.
BY GEORGE T. HUGHES.

Special Dispatch to The star
NEW YORK, June 14.--The stock
market started in higher again today.
The same influences that advanced
prices yesterday were again at work.
Some Of the gains were large. After
the recovery had been in progress for
an hour or so. however, the list hesi-
tated and the buoyancy disappeared.
The rally had been so sharp that
traders of experience were inclined to
take profits. After every severe break,
such as that of Monday and TUESDAY,
there Is q normal upward reaction IL
is due to covering operations by short
sellers, to the purchases Of bargain
hunters and sometimes TO banking sup
port When buying from these three
sources is satisfied temporarily the
market meets its real test. Then Is
The time when the trend becomes
visible The market was at this stage
today.
Striking Features in Rise.
The early advance had a number of
striking features one Of them was
Atlantic Refining. up over Z points at
1872. In this case there was evidently
some special reason for the strength.
The oil situation is better, as the mar
ket for the other oils testifies, but not
enough TO warrant 50 large a gain.
Standard Oil Of New York and Texas
Corporation were actively bought and
there was good rally IN General Asphalt
CHlrtiss Aero was the leader Of the
volatile industriaIs. II ran mp over 7
points, crossing 1l0, and then came
down again. Radio similarly sold up
more than points. with partial reac-
ton aftCrward. United States Cast
Iron Pipe jumped points 10 PAT. and
Case Thrcshing Machine at 308 was
up between Is and Ii points.
None Of these movements inspired
the confidence Of the general market
that was essential If the main advance
was to be resumed On this point the
action OF General Motors, United States
Steel and General Electric was watched.
OF the three General Motors made the
best showing. After two hours of
trading, however, II was up only a
point. while at the same time General
Electric was down fractionally and
Steel unchanged.
In the railroad list New York Gem
trail was still the favorite, but Southern
Pacific ran up couple Of points also.
Chesapeake 61 Ohio did better for a
time. Atchison dropped back, but It
had been outstandingly strong while
tAiC lE5b VI ttAC Al2A " do D&EdhAng. Iii
general the rails were not as active
as the industrials
Money renewed at per cent. The
big question in traders minds was the
extent Of the expected deduction IN
brokers loans TO be revealed In the
Rederal Reserve report after the close.
Estimates of the cut ran from $4,000
600 to 100000, 900
Market Turns Dull.
The market turned dull IN the after
noon. The ticker caught right up with
the business on the floor and had
time TO print dealings in off lots. For
a time the list wavered General Mo-
tors. Steel and General Electric sold
off and number ot important stocks
went below the preceding close.
About l:30, however. money went to
5I2 and this brought some short cover
ing. FUNDS had been obtainabie in
the outside market al concessions from
the official rate since early in the day
so that the reduction was not unex-
pectcd IL did, nevertheless. stem the
selling for time ct least.