Evening star., 1928-04-29
OILS ARE LEADERS
ON STOCK MARKET
Heavy Profit Taking at End
Of Short Session Turns
Course of Prices.
By the Associate, Press

! BY the Associate, Press.
| NEW YORK. April 2S.r-Heavy week
| end proft-taking turned the course OF
| prices irregular after a strong opening
in todays brief session of the market
Enormous accumulation of the oil shares
under the leadership OF Standard Oil
OF New York. which advanced 4ss
points to new high record Mt 39i2 on
total turnover OF more than 100000
shares, was the outstanding feature.
Early gains OF to 10 points were ma =
terially reduced or wiped out in the
late wave OF realizing. but final quo
tations disclosed preponderance OF net
gains.
Trading was conducted at a terrific
pace With the ticker again falling hope
leSsly behind the market. Total sales fell
just short Of 2.400,o0 shares.. With the
final quotation printed on the ticker SO
minutes after the market closed.
Industry Takes Turn.
The widespread demand for the oils
was inspired by reports that the INDUS
try had taken a definite turn for the
better after several years OF adeerSity
due TO the over production OF crude oil.
New peak prices for the year. or longer.
were recorded BY Standard Oil Of New
Jersey. Panhandle. Louisiana OIL. MeXi-
can Seaboard, Standard OIL of Califor-
MIA, Midcontinent Petroleum and sew
eral others.
Rails. which led the market earlier
In the week. ran into heavy realizing
sales. Boston az Maine, Canadian Pa
cifie. Chesapeake a. Ohio, Wabash.
Nickel Plate" and several others sold
of to . points. Jersey Central
climbed 5 points to a new high at ass,
closing q point below that level.
Mining shares turned upward on buy
ing influenced by the optimistic state
meIft on trade conditions by President
Kelley Of the Anaconda Copper Mining
Co. on the eve OF his departure for
Europe Patino was the individual fea-
ture. climbing ~ points TO a new high
at al, a. against low OF 237a earlier
in the year. r@
Tobacco shares which were heavy
earlier In the week on the announce
| ment Of cigarette price cuts. showed
signs OF strong buying support. The de-
mand for these issues was influenced by
the prediction OF President Hin of the
American Tobacco Co. that lower +ciga-
rette prices would increase both sales
and profits during the coming year.
Westinghouse Mas Advanced.
Westinghouse Manufacturing ran up
! 1early points 10 i081s on buying in
| fuenced by rumors Of nn early an
| nouncement OF consolidation Of that
company with the Baldwin locomotive
| Co Sharp gains also were recorded In
! Air Reduction. American Radiator,
! American Railway Express. Case
| Threshing, Electric Auto Lite, Otis
| Elevator. Rossia Insurance and United
| States Cast Iron Pipe
Selling pressure was quite efTedtive
| against such issues as Best a. Co, Bush
| Terminal, General Railway Signal In
! ternational Silver. National Tea, r. q.
| Shattuck and Wright Aerouauticals all
| on TO points
| Only minor changes were recorded In
! the principal commodity markets. Al.
! though cotton fell back In early deal
! ings on profit.taking. the price rallied
| toward the close on the influence 0f
/ weather reports. Coffee quotations
| were q TO l3 points higher. while sugar
| futures showed slight variations.
! Foreign exchanges we're slightly
! easier, sterling cables ruling q shade
lower around $40 lie and French
/ francs unchanged Just below 3.a3l "a
/ cents