Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-21
PRICES REBOUND
ON STOCK MARKET
Short Covering Held Factor.
Standard and Specially
Shares in Advance.
Ely GEORGE T. HUGHES.
Special Dispatch to The Star.


NEW YORK, February. 21.-The stock
market staged striking recovery today.
Prices rebounded not only for the sDe-
cialties. but Tor the standard stocks to
an extent entirely unexpected by the
great majority of observers.
The Improvement was commonly set
down to short covering and probably
that was the more important influence.
The deliberate character of the adj
yance-the volume was not as large as
on the preceding day-was enough to
WORRY all but the most determined OF
hear operators, and so there was a con-
tinuous retiring of short contracts.
There must also have been certain
amount of new buying. although from
what sources was uncertain. In any
case, the market exhibited surprising
vitality.
Steel and Motors Leaders.
The leaders, Steel and General
Motors, each gained about a point and
were we'll supported most OF the session.
Hioh.erade rails came to the front
under the leadership of Union Pacific.
Reading. New York Central and Chesa-
neaxe e. Ohio. Gains in this part of
the list ranged from 2 TO points.
Chesapeake 81 Ohio with 1927 earnings
of over SEA share was one of the
favorites. Canadian Pacific crossed the
200 mark on a comparatively small
turnover. Southern Railway was In de-
mand notwithstanding the current pes
simism about the earnings of railroads
in the South. In the lower priced
group New Haven and Erie we're con-
spicuous.
The largest gains of the day, how
ever. were found among the specialties.
Some of these advanced almost as fast
as they had come down last week.
Montana Power, for example. above 155
was up 8 points on the day and only
little over 3 points below its hStl be-
fore the big break. Gold Dust at "a
was up over points Greene Cananea,
which was a record of rapid movement.
wass up over points just below 1913.
Calumet e. Arizona gained 4. A. NJ.
Byers SIS at 10lis. Montgomery Ward
nearly 4 as 1t crossed 1856. Radio over 2
points and Goodyear Tire e. Rubber
between 3 and 4 around g. Buying of
Goodrich was encouraged by the intima-
ton in the annual report that the way
was now clear for dividends on the
common stock.
Not All Maintained.
HOt nAk WHO Ndo tlldLi~
tanned. as the buyers OF last week took
profits on their stocks. but there was no
renewal Of the liquidation that marked
Yesterdays sessions. One or. two stocks
we're under moderate pressure. among
them International Nickel. but these
were exceptions. r.. J. Reynolds Tobacco
b" which was so weak yesterday rail-
lied somewhat today.
All the independent motor shares
moved ahead The largest advances were
in Nash and Chrysler. but Hudson,
Hupp. Packard and Studebaker were
all up more or less. There was little
change in the oils. where the news was
too difficult of Interpretation for the
average trader. Money renewed at Az
per cent and was apparently in good
supply.
Money went to per cent in the aft
ernoon and the market continued firm
Slight reactions In some stocks were
more than compensated for by addi-
tional advances IN others In general
the list sold at the highest of the ses-
sion at this time.
Afternoon features included Cluett-
Peabody. up over points at 90; Case
Threshing Machine. up nearly as much:
Standard Milling. General Railway Sig
nal and Warren Bros. The turnover was
still comparatively small. but prices
continued to creep upward.