Evening star., 1928-02-12
PACKERS LEADERS
IN SHORT SESSION
Dozen or So Specialties Also
Share Gain--0iIS Weak
on 'Change.

| BY the Associated Press.
NEW YORK, February 1l.--A sharp
up turn in the packing shares and
about dozen specialties, steady ac-
cumulation of the rails after a fort
night Of heaviness and the renewed
weakness of the oils provided the high
lights in today's brief and irregular
stock market. Trading. was In fairly
heavy volume for pre.holiday session.
the days sales running over one and
quarter million shares
There was little in the days news to
influence the price movement. Export
of $1,000.000 in gold to the Argentine
offset slightly larger influx yesterday
from Canada. Week end trade reviews
continued optimistic in character.
Some liquidation developed In the mo-
tor group, however as a result OF the
passing Of the Yellow Truck preferred
dividend. the common stock OF that
company sinking to new low ana
then recovering the days loss
| Short Covering Helps.
Short covering operations by traders
who had sold stocks freely earlier III
the week stimulated the buying OF
number of specialties Pools were again
active in a few issues in which speclal
developments are pending despite tfie
uneasiness created by the recent ad-
vance in brokers' loans to a new nlgh
record
Brisk demand for the packing shares
reflected the recent improvement IN
that industry. particularly in the mae
division. All the Armour, Wilson ana
Cudahy issues reached new high
grounds for the year. some of the gains
running as high as five and three.
eigths points. Gold Dust. after several
false starts last week, suddenly ran up
nearly five points to a new high record
at lOlss on unconfirmed rumors OF
merger developments and large current
earnings
Tobacco Products A moved into new
high ground in further reflectlon OF
the recent announcement that the COM
pany would be dissolved and It's assets
distributed. New peak prices for the
vear or longer also were established
by a number of other issues. including
American Zinc and Lead common and
preferred, City Stores B. Eaton Axle,
Paramount, Famous Lasky and War
rem Bros. A.
Rails Are Impressive.
Rails. which have been sluggish for
some time as a result Of poor Decen1-
ber earnings and persistent rumors OF
another unfavorable decision In the
Van Sweringen merger case, moved up
ward In impressive fashion. Canadian
Pacific, Chesapeake e. Ohio. Texas d
Pacific. Western Maryland second pre-
ferred and the Western Pacific issues
climbed two to three and one-half
points. and number OF others, includ-
in New York Central. Union Pacific.
.Lehigh Valley and Delaware e. Hudson.
advanced point or two.
Foreign exchanges were a shade
easier. with sterling cables quoted
around S4.87 7-l6.
The weekly clearing house statement
showed a deficit In reserve OF Sl8,-
100000. as against deficit OF 500
283.840 a week ago. Aggregate reserve
was ss3l $4,000 The detailed state
ment OF actual condition this day
showed mixed changes. Loans, dis
counts and investments dropped $780,
$4,000. reserve In the Federal Reserve
Bank OF member banks. S4337 900. and
net demand deposits, $50. .l56. 900. Cash
| In own vaults showed gain OF $500. 900
and time deposits $l5.468,000.