Evening star., 1928-02-08
STEELS AND RAILS
SOLD ON EXCHANGE
Pools Support Favorites and
Some Motors Gain-Sul-
phurs Pressed.
BY GEORGE T. HUGHES.


Special Dispatch to The Star.
NEW YORK. February 8.--The stock
market today went through a series OF
conflicting price movements. The rather
urqen. liquidation which took place at
intervals during the previous session
left many speculative accounts In
weakened position and 1t was reason
able to assume that much OF today's'
offerings represented distress selling.
There we're, however. two distinct
torces at work In the market. which
was more professional in character
than at any time during the pasi
month One represented po"er1ui
banking interests which were support
ing tkeir favorites and TINS was par.
ticularly noticeable In such issues as
Consnlidated Gas, which sold at its
highest since 1923: General Motors.
which held most Of the day around
I37. and Montgomery Ward, wnlcn
maintained the greater part OF lts
recent sharp advance. The otner was
The element which contended that IN
View of everything that had gone be.
foro recent declines in the lndustrlal
snecialties had not been sufnclent 70
rectify an unhealthy technical market
condition.
Discount Rates Not Factors.
The raising of the Boston and Daiias
| Federal Reserve re-discount rates "
| ner cent after the close yesterday, was
| not factor In the market. Ine re-
naming regional institutions had been
exnccted to follow the action OF the
New York Federal Reserve taken 'ast
| Thursday. ro.,
Reassuring remarks OF Freeport, Tex
officials failed to check the heavy sell
| ing in that issue. which carrieo tne
price down over points further; Iexas
Gulf Sulnh,1r was sympathetically az
fected. Evidently the market ior sui
phur issues had gone ahead too fast IN
discounting prospective improvement IN
business and a reaction was IN order
United States Steel was freely sup
oiled between IA and 143E. Vanadium
| Corporation around IS was chosen some
10 points from It's recent high and other
steels felt the effect OF heavy profit TAX
ing Efforts to discredit the improve
ment in the steel trade were having
their effect upon sentiment toward THIS
group.
the current move following the state,
ment Of President Erskine that retali
deliveries In january were So per cent
greater than In the month last year and
the largest in the history OF the COM
pany Chrysler was we'll sought at an
| advance OF more than a point. but
others Of the group did little. Electric
| Auto-lite stood out among the motor
| accessories and Transue e. Williams
continued In demand
Rail Shares Are Weak.
| Pronounced weakness In the railway
quarter showed considerable uneasiness
among actual holders OF railway shares.
Those roads which have figured promi-
nently in merger plans bore the brunt
OF the selling But even the grade
| issues of the type OF Union Pacific. New
York Central and Baltimore & Ohio
| were down half point TO more than a
point. Western Maryland was the out
standing weak spot. although the sec
ond preferred held comparatively Arm
American Sugar was a special object
OF attack. breaking some 3 points fur
ther before announcement of the diyi-
dend action taken by directors at noon
today.
American Sugar Refining Down.
When 1t was announced in the after
noon that American Sugar directors
had passed the common dividend the
stock broke wide open. dropping from
50 to 50 between sales and subsequently
reaching Sc. a loss of more than 10
points. Chairman Babst pointed out
that since October there have been
practically no earnings for the COM
mon stock
Montgomery Ward was carried for
ward sharply. The coppers after early
reaction. retraced In most instances
more than the losses Wick Chemical
responded with a new high record TO
rumors OF merger OF this company
with other drug interests. Curtixs Aero
responded only moderately TO the plac-
ing OF the common stock on q regular
annual 81 dividend basis and the dec.
laration Of a special dividend Of so cents
on the preferred In addition to the reg
ular disbursement The list declined
all around after midday, Call money
renewed and remained at A., per cent.