Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-15
VARIANCE SHOWN
IN STOCK PRICES
Alternate Declines and Ad-
vances Noted Today-Much
Selling on Short Account.
BY GEORGE T. HUGHES.

Special Dispatch TO The Star
WALL STREET. New York. February
15.-Alternate declines and advances
made up today's proceedings IN tne
stock market. Most OF the time the
trend was downward, but there were
Interruptions to the movement ano
numerous exceptions among individual
stocks. >,
Probably the greater part OF the SELL
ing was for short account. AT any
rate there was no extensive liquidation
and the net result threw no light on
the future of prices.
The turnover was moderate judged
by present standards. For time DUR
ing the forenoon the selling was quite
aggressive. Then came rally In which
good part of the early losses were
repained General Motors was forced
down below 1876 and then came back
for a fractional gain on the day.
Among the afternoon features were
the pressure on Phillips Petroleum. re-
fiecting fears for the safety OF the dlvl-
dend. and the further advance IN Gold
Dust, which made a new high for the
year around los.
Money Renewals at Az.
Money renewed at ~ per cent. which
was the rate for new loans on Tues
day. Tuesdays market had shown itself
sensitive to this Slight hardening of the
rate and that encouraged liquidation
today. There was no important change
in the trade situation. but spectators
were nervous and diSinClined 10 increase
commitments for the rise.
Rubber stocks we're among the weak
issues today. United States Rubber.
Goodrich. Kelly-Springfeld and others
sold off easily. This was direct re-
Election of the slump in crude rubber
futures quotations for which on Tues
day established low records since the
local rubber exchange was opened for
business. New Haven was the rail I'M
der heaviest pressure. Around 81 1t
was off 4 points from the high OF
Tuesday. made just before the dividend
action was announced. Traders were
still disappointed that the stock had
not been put on a regular 81 basis and
were further influenced by the fact
that nothing more could be expected
in the way of good news" for an
other three months.
Steels and Utilities Mixed.
Movements in the steels and the
| utilities were mixed. At first yieloing
with the rest of the list. they recov-
States Steel and Of Consolidated Gas.
leaders of their respective groups
Montana Power rallied somewhat after
| its 7-point break OF Tuesday. Bethle-
| hem Steel was the best supported OF
| the independents.
General Motors was heavily sold al
| intervals. but did not give way very
much. Nash Motors al 85i. duplicated
its previous 1928 low. The other active
automobile stocks were fractionaly
| lower. So were such recent industrial
| favorites as Radio and Freeport Texas.
Throughout all the irregularity IN the
standard issues special stocks were able
| to move ahead Among these, American
| Railway Express stood out. Closing at
! 1875. block OF 10000 shares came out
| today at 1913. with later sales s'ill
| higher There evidently was some
reason for this strength. and suSges-
tons were heard of buying for control
| National Surety. which had a rise OF
over 5 points on the day before. had
| added more than 10 70 this advance
when 1t changed hands at 329 today.