Evening star., 1928-06-11
TREND DOWNWARD
ON STOCK MARKET
Leaders Reach Their Lowest
Levels of Day in the Last
Half Hour.
BY GEORGE T. HUGHES.

Special Dispatch to The Star
NEW YORK, June ll.-Prices left off
on the Stock Exchange today practi-
cally at the lows for the session.
Coupled with credit and political un-
certainties, the market was called upon
to stand the test of decrease in the
United States Steel untitled tonnage
statement, which was considerably
larger than had been anticipated.
1t was IN the last half hour that such
leaders as General Motors and United
States Steel were at their lowest. Case
Treshing Machine dropped over 10
points to 296n. General Electric lust
before the end was selling at 148X, as
against the previous final of 1907.
Southern Pacific and Southern Railway
were prominent on the side of declin-
ing prices in the railway section.
Hardening of the call money rate to
per cent after renewals had been fixed
at 5ia brought out further liquidation
as the session progressed
1t was market that differed little
from others on the eve of national
Republican convention. Nervousness.
always attending prospective political
developments which influence specu-
lative Wall Street sentiment, was In
evidence FROM beginning to end Of the
first hour of the session.
Leaders Hold Steady.
Because of the fact that the gen.
eral average of the whole list had gone
through seven successive days of de-
cline, many we're of the opinion that
the period Of distribution had been def
nitely reached. and that stocks had
been passing from strong into weak
hands The speculative element had To
contend with the latest decline of 455,-
3l1 tons In the untitled orders state
ment of the Steel Corporation as of
May 81, which brought orders on hand
to the lowest since October last 1t
was significant to note that despite the
huge increase in brokers loans. the
leading industrial and railway shares
were selling about where they were two
months ago.
General Motors, after declining al
most point from the Saturday final,
rallied back over more than the ground
lost. Hudson selling eX the S1.25
quarterly dividend made up part of
the amount deducted from the price.
ChrySler, however, was under further
pressure, and the action of most in
dependent motors indicated that the
stimulus provided week ago in the
form of merger rumors had spent itself.
Steel Shares Firm.
The steel stocks held firm In face of
the Unexpectedly large decrease in the
untitled tonnage statement. United
States Steel fluctuated over range OF
point and Bethlehem Steel followed
1t closely, opening lower. then rallying
fractionally above last weeks tInai.
Mining issues resisted offerings better
than most others, with American
Smelling. Anaconda. Greene Cananea
and International Nickel well bought at
intervals
Industrials of the pool variety were
featured by good sized gains In Allied
Chemical & Radio Corporation, but
their strength failed to influence buying
elsewhere. General Electric was heavily
dealt In at somewhat higher prices.
The rails had TO absorb further
liquidation, which made itself felt pvin-
cipally in Atchison. Southern Railway
and Norfolk 81 Western. although they
received good support at the lower
levels. Oil shares continued to reflect
the unfayorable statistical position OF
the industry.