Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-28
STOCKS IRREGULAR
IN HEAVY SELLING
Market Says in Final DEAL
9fff.f
ings as Profit-Taking In
creases.
BY STANLEY w. PRENOST.
Associated Press Financial Editor.

ASSOclateo kTeSS FINANCIAL Editor.
NEW YORK. August 28.-The stock
market apparently recovered from its
money scare today, when asressive
bullish demonstrations were conducted
in the rails and specialties. Little
progress was made by such groups as
the oils. motors. steels and equipments,
and there were few points of weakness.
Pool operations provided the back
ground for the advance. although sew
eral of the large commission houses re-
ported an increasing odd lot business
from small traders and investors.
The high rate of business and indus
trial activity was stressed by operators
for the advance as the basis for. their
campaign. Considerable emphasis was
laid on the steady increase in freight
car loadings. which is constructed as an
indication that large volume OF goods
is moving into consumption.
The market succumbed to a wave OF
profit taking and short selling in the
last hour. under which many high
priced shares dropped from to 6 pointT
below their best figures. American Can.
International Telephone IL Telegraph
and Montgomery Ward were feavv.
Coppers also were sold literally. The
close was irregular.
Opening Is Strong.
Bullish forces were again in control
of the price movement at the opening.
Corn Products and General American
Tank each opened at new high record.
Stone &, Webster showed an initial gain
of 3 points end American Can. Timken
Roller Bearing, Howe Sound and Atcili-
son advanced a point or more. Penn
sylvsnia Railroad crossed lot to ne"
high record. an overnight gain of more
than 2 points.
Operators for the advance were aided
by a series of constructive overnight
news developments. These included
Hague dispatches indicating that an
agreement had been reached on thu
repsrations problem. publication of an
other excellent car loadings report. and
the calling for redemption of bonds Of
subsidiary companies of the United
States Steel Corporation.
Rails started upward with rush.
The first sale of New York Central waS
a block of 10000 shares at 2t3l2. which
was quickly followed by run-up 10
24934. an overnight gain OF 6's points.
Union Pacific moved up points to 2,
new top at 29l24 and Lackawanna,
Chesapeake Il Ohio and Atchison ex-
tended their gains TO points or more
before the end of the first half hour.
Selective buying continued in the oil
group despite reports of another sharp
increase in the daily average Of crude
oil production last week. TranSconti-
mental opened with block of $4,000
shares at 147s. duplicating the high
record established yesterday.
Merchandising Shares.
Insurance shares moved upward in
reflection of the material gain in the
market value of their security holdings.
Fidelity Phenix, Rossia and National
Surety each recorded early gains Of 2
points.
Merchandising shares also responded
to reports of excellent early Fall goods
trade. r. H Macy jumped 3 points TO
a new top at go and early gains of
to points were recorded by Abraham
g. Straus. Safeway Stores and Mont
gomery Ward
Foreign exchanges opened firm. with
sterling cables unchanged at s4.S4 25-22.