Evening star., 1928-03-06
|STOCK LIST RISES
ION SHORT COVERING
Steel and Motors Not in Van.
Larger Number of Shares
Lag Behind.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 6.-Today was
another day of active short covering
In the stock market. Issues In which
the selling had been heaviest during
the past week or so we're those in which
the recovery was the largest. This list.
however, did not include either Cen
eral Motors or United States Steel, the
urgent demand for which seemed to
have been satisfied for the present.
Both these stocks sold around their
previous close or at times somewhat
below that price.
Tobacco stocks were prominent to-
ward the close. Both issues of Amer;-
can Tobacco ran up 5 points and Loril-
lard turned strong at a new high for
the year around AZ. International Mer-
camille Marine preferred was another
late feature, starting up suddenly. Cen
eral Motors sold at its high OF the day
in the last Is minutes.
Opinion as to the extent OF the short
account still outstanding varied widely
today, but there was no dispute about
It's having been reduced very sub5tan-
TALLY The open question is whether
or not the demonstration III General
Motors and United States Steel has
brought sufficient new outside buying
into the market to maintain the pres
ent level.
Traders of the List.
The stocks which assumed the burden
of leadership today we're such issues
as Greene Cananea, international!
Nickel. Freeport Texas. Packard Motor
and Radio. The rise in the last named
carried the quotation above Sl00 a
share. an advance of over 3 points.
plainly the result of an accel-
Grated bear retreat Then there was
Coca Cola, Case Threshing Machine.
International Harvester and Para
mount t-Famous-Lasky. all OF which at
one time or another scored important
gains Paramount tFamous-Lasky made
new 1928 top above 100, and SO did
Coca Cola, just below l40
The proportion of stocks which Jagged
behind was larger today than yester-
day It includes U. S. Rubber. down
over a point. as it dropped below III,
and General Railway Signal. which was
decidedly heavier. General Motors
opened today at 147. a gain of half
point over Mondays final. but the real
iz!ng sales carried it down a point,
Steel acted similarly. starting in frac-
tionally higher. but then easing off.
The turnover III neither was as large
as yesterday
Rails Rise Later.
Railroad shares rose after being mac
tive In the morning Great interest was
taken in Rock Island dividend meeting
Wednesday, at which 1t is expected the
question OF raising the dividend viii
come up. The general belief was that
something along this line would be
done. but whether in the shape OF an
extra or the putting OF the disbursa-
ment on a regular S6 basis was uncer-
tain. Any increase would work 10 the
benefit Of st Louis-San Francisco be-
cause of its large holdings OF Rock Is
land stock. The shares of both roads
were steady. but that was about all.
Money renewed at Ala per cent un-
changed. In some quarters 1t was sug-
gested that the weekly statement Of
brokers loans on Thursday would show
an increase because OF the active
speculation for the rise since Saturday.
This. ii Was added. would be diSpleasing
to the Federal Reserve authorities. who
are supposed to be anxious TO see loans
reduced. Argument along this line led
to some selling of stocks today.