Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-01
PRESSURE IS FELT
. ON STOCK MARKET
Bidding Up of Specialties at
Last, However, Offsets
Profit-taking.
ny GEORGE r. HUGHES.

Special Dispatch to Tho Star
NEW YORK. February 1.-During
the early trading on the Stock Exchange
today the main body of stocks showed
its ability to withstand adverse over
night influences. But after the initial
demand had been satisfied pronounced
pressure against several Of the promi-
nent railway stocks made itself felt In
other directions However. the familiar
bidding up OF industrial speciaitles
served to Offset profit-taking elsewhere.
1t was a decidedly mixed market,
with the tendency toward the close UNI
certain. The late leaders on the side
of advance were General Cigar, Peo-
pies Gas Of Chicago and Transue d.
| williams. Diamond Match, on running
sales, advanced from l54 to 100, as
against the previous final of l48.
It Is some time since SO many UNI
favorable corporation reports have been
| published as today. They came from
The iron and steel trade. from the oil
| industry and from equipment COM
panies and were supplemented by the
nnal statements of a few OF the rail-
roads.
Oils Are Depressed.
Except in the oils, stocks unsettled
by the reduction yesterday of the Pure
OIL dividend and the very gloomy pic
ture presented today in the MARYLAND
Oil report tor 1927. none Of last years
results had any effect On the other
hand, the January preliminary fgures
| of the merchandising concerns like
Montgomery Ward and Sears-Roebuck
indicated the excellent purchasing
power OF the agricultural districts and
the promise of higher earnings this
year on the stocks of the two COM
parties. Their shares accordingly re-
sponded.
THE attitude OF Wall Street toward
the December quarter figures of United
States Steel Corporation was typica!
of the period since last September o.
rising market prices and OF falling In
dustrial and railroad profits. Less was
earned In the last quarter than had
been expected. but traders based their
commitments today on the improve
menr IN the industry since the end OF
December and the flrmer price situation.
The increased production In January
by several OF the large manufacturers
Of automobiles Offset the indications OF
year of small unsatisfactory net re-
turns reflected in the report OF Dodge
rothers and recent dividend reductions
by some of the smaller companies,
Speciaities the Fashion.
1t was again q market In which
specialties were the fashion. A list OF
them included National Cash Register
"A" Cudahy Packing. Green Cananea
Texas and Pacific. General Railway Sig
nal. National Biscuit. Union Bag and
Paper. Timken Roller Bearing and
Packard. with the high priced utilities
holding most Of the ground that they
had gained during the week.
There was little evidence that the
reduction In the renewal rate Of money
to AZ per cent from per cent yes
terday was q factor in any Of these
movements. They are in most cases
based on the abundant capital in the
hands Of several small groups Of CAPT.
talists. who are picking oVt what they
believe to be attractive stocks in small
floating supply. and one By one bidding
them up without regard to their price
history or to the return which they
give to the holder Of them.
In the afternoon speculative interest
converged In the railway group. Heavy
selling made itself felt In Western Mary
land carrying the price down below 10
for o loss OF more than 5 points. En-
[ eouraged By the successful endeavor to
depress this issue. the element favoring
lower prices In railway shares generally
| made further progress on the selling
side OF Norfolk d Western. New York
Central. Missouri Pacific, Erie and q
number OF others
The motors resisted the selling better
than most other groups.