Evening star., 1928-06-21
STOCKS IN RALLY
IN LATE DEALINGS
Turnover AbnormaIIy Small.
General Motors Leads
the Recovery.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, June 81. With the
railroad shares assuming leadership,
today's stock market rallied in the last
hour. Up to that time it had been a
dragging affair, prices sagging in the
forenoon and recovering in the after
noon, but not significantly either way.
AS the end drew near, however,
anticipation of large decrease in
brokers' loans to be announced after
the close brought buying orders in VOL
ume. Delaware & Hudson rushed up
some 9 points and the other rails fell
into line. New York Central. AtchiSon,
Texas &1 Pacific. Rock Island, Reading
and Pennsylvania were all in urgent
demand in the dividend-paying group.
The forenoon was one Of liquidation by
tired holders.
AS usual there was a seeking out Of
weak spots by the bear element. The
railway equipment shares had shown
themselves sensitive yesterday. and so
they were subject to fresh attack.
The result was new low prices for the
year for American Locomotive, for
American Car and Foundry and for
Lima Locomotive American Locomo-
tive was the weakest of the three
Dropping to 81, it was off nearly
somewhat from their extreme lows as
the short sellers took profits.
Standard Stocks Yield.
Standard stocks yielded on small
volume. General Motors. Steel and
General Electric sold off, although not
to any great extent. The specialties
we're weak also Radio. which mad
been the outstanding feature on the
side of advance yesterday and in which
it was widely reported before the OPEN
ing that the bears were to receive more
punishment started in lower and added
to the loss later on. American Linseed
reacted on the report that one supposed
seeker after control had dropped out
of the competition.
Rubber stocks were under pressure.
United States Rubber common and pre-
ferred went to new lows for 1928. On
the other hand, International Paper
was in demand and for a time so was
Allied Chemical. The merchandising
shares were comparatively steady and
the oils most of the time were firm.
Rail Shares Irregular.
Railroad stocks were more irregular
Western Maryland had sharp run up
IN the early trading, supposedly on re-
vival of the merger gossip, Pittsburgh &
West Virginia jumped points. Against
these were declines in New York, Cen
trail and Atchison. Delaware & Hud-
son, which gained over 6 points yester-
day, moved ahead again. The Delaware
& Hudson dividend meeting comes
next week and 1t has never been made
clear what is to be done with the
profits on the sale of its holdings of
Wabash and Lehigh Valley to the
Pennsylvania.
Money renewed at So, which was the
rate prevailing for new loans Wednes-
day. The asking rate for time funds
was raised a notch to 57s per cent to-
day. Bankers still were predicting high
er money before July l. The doubtful
factor in the problem was the extent of
the loan reduction to be revealed in the
Federal Reserve statement after the
close today.
The market hardened in the after
noon. American Car & Foundry and
American Locomotive recovered their
early losses on the statement of the
president that dividends would con-
tinue to be paid at the regular rate.
There was spirited demonstration in
Montgomery Ward and Sears Roebuck.
while Radio and General Motors moved
up from their forenoon lows.