Evening star., 1928-08-03
OILS ARE LEADERS
ON STOCK MARKET
General Motors, Steel and
Montgomery Ward Sell
Off Today.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, August "a series Of
disconnected movements In individual
stocks accounted for the bulk of the
trading on the Stock Exchange today.
The most spectacular Of these move
ments was on the side of advance, but
there we're many declines, and in i'm
portant stocks
The market was not impressed by the
Developments In the credit situation.
Measures taken to control loans on call
regarded AS an obstacle to speculation,
at least for the present This judg-
ment may be erroneous, as many snap
judgments are, but 1t vas clearly the
opinion of the trading fraternity today.
Nor was much weight attached to the
rise in brokers loans revealed In the
Federal Reserve weekly statement. All
the talk was about this or that par
Ncular stock and its market position.
Strength OF the Oils.
AS far as there was any consistency
in the proceedings 1t was in the strength
in the oil group Here Atlantic Rein
ing was the outstanding feature. soar
tIlk IlEdAly % POuil5 w AOoy tllC AlAkAAtnt
for the present shares, and forecasting
a split-up. Buying in this stock was
in large volume. Another strong oil
was Sinclair, the demand for which
was based on merger reports. MeXi-
can Seaboard, Pan-American Petroleum
p and Texas Corporation were also
bought In somewhat higher prices.
In the mining group International
Nickel was the star. The way in which
this stock went up crossing 100 and
then jumping to 102. gave evidence Of
an overcrowded short interest.
Early In the session, Shattuck, Johns
Manville and the recently listed Trico
Products we're bid up vigorously. Victor
Talking Machine was another favorite.
But much of these gains was lost as
realizing made itself felt.
Heaviness in Steel and Motors.
On the other side of the picture was
the persistent heaviness in United
States Steel, in General Motors and in
Montgomery Ward Steel dropped be-
low l40 again, notwithstanding the ad-
mitted improvement in the trade out
look. General Motors was sold, SEEM
ingly on a revision of opinion as to the
chances of an extra dividend. In Mont
gomery Ward 1t was the normal profit
taking after so large an advance that
brought about the reaction.
Z The railroad shares again were neg
lected If the theory of the averages
Is TO be relied upon the current strength
In the industrials Is noe convincing un-
I'll the rails are brought into line and
OF that there was no sign today.
Money renewed at per cent and
was in good supply at that rate.
Money Goes Down.
In the afternoon money went success
sively to 6i2 and to per cent. The
list hardened and pool operations were
resumed in favored stocks. At the
same time the volume fell of. In the
forenoon 1t had been higher than in
some time, we'll over l000,0t shares
changing hands In the first two hours
whereas from noon to o'clock trans
actions totaied only $4,000, shares.
Warner Bros Pictures class A ran
up points to 65. Johns Manville was
taken in hand once more and numer-
ous other Specialties South Porto
Rico Sugar. which, because of tariff
protection. is able to operate profitably
Notwithstanding the abnormally low
prices for the commodity was in de-
mand. steel stocks, however, Jagged,
although there was some buying of Re-
public Iron a. Steel The oils held their
gains.
The feature In the last hour was
Chrysler Corporation. up points at
81. ard evidently the object of group
support.