Evening star., 1928-03-07
HEAVY REALIZING
! ON STOCK MARKET
Turn Downward in Last Hour
Follows Period of
Strength.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.


NEW YORK. March 7.-Although
there were intervals Of strength dur
ing which new highs we're recorded In
Guiding one for General Motors above
$50. today's stock market turned reac-
tionary at the close.
Realizing sales in the last quarter OF
an hour we're too heavy to be ABSORBED
without concessions and the market
left off with prices for the leaders gen.
orally lower. although the losses were
not large compared with the extent OF
the recent rise.
After the spectacular display in Cen
eral Motors at the close yesterday, at
tention was concentrated on that stock
at the opening today. The initial quo
tation was 1904. contrasted with the
preceding close of $50. This made
another new record for the S25 par
shares. The first burst of strength was
followed by selling, which carried the
price down for fractional loss OH the
day. The stock was well supported
| however. and probably offerings repre-
sented more profit-taking than new
! commitments for the decline. Short
selling in General Motors is not espe-
| cially popular just now.
United States Steel Sells OF.
United States Steel sold off in the
early trading with General Motors, but
steel had not been the object of such
organized buying on the day before.
The principal weakness. however. was
in the rubber shares. United States
Rubber first preferred slumped over 6
points right at the opening to a new
low for the wear, which was also the
lowest since 1924. This loss was on top
OF Appoint drop Tuesday and led TO
4 RI of L1 FAt,. 1F i.,,.xa
The common stock was heavily sold
likewise dropping to a. new 1923 low.
Goodyear and Goodrich went down
sympathetically.
Explanation Of the liquidation in the
rubber stocks was. of course. the de-
moraliZed condition in the market for
the commodity. where an avalanche of
selling orders had forced losses amount
| ing at one time TO 230 to 26O points.
Utilities Are Strong.
The one consistently strong group
was the utilities. especially the lower
priced stocks. A long list of these were
bid up, some of them to new highs for
the year. notably Engineers Public
Service, American. Power g. Light and
Utilities Power & Light A. Buying
OF the last named really started the
| movement, which spread rapidly. Among
other issues In demand were North
| American, Public Service of New Jer-
sey. Standard Gas 6c Electric. Electric
Power &; Light and American Water
I Works.
Announcement of the increase In the
| Rock Island dividend rate from SIS to
| s6 annually had little effect on the
| stock, which seemed to have discounted
| 1t. AT III and paying SIS. Rock Island
| Yields only 5.4 per cent ST. LouiS-San
Francisco, which has large holdings of
Rock Island, was slightly higher.
| The market for the speciaii,ies was
| much mixed Greene Cananea was
! very strong. up over points as it
| crossed 1870. Corn Products made a
new high for the year above 81. West
! inehoCse Electric was in demand al an
advance from to 3 points On the
other hand. Radio was lower, Inter-
| national Nickel reacted and Wo>lworth
| gave way though not significantly.
The market hardened i'll the after
noon. with stocks that had been under
pressure earlier in the day staging a
pronounced comeback. Even the rub
Der shares rallied. U. s. Rubber pre-
perred recovering somewhat more than
half of its opening loss. Radio started
upward again and so did Freeport
Texas. ChrySler and Nash did better.
| Among the rails Canadian Pacific
was the favorite OF the dividend payers
and the new St. Paul issues OF the spec
ulative stocks. ST. Paul preferred above
80 was at new high Electric Power
| & Light was the most conspicuous of
| the public utilities.