OCR Text |
Show IRAILS DISPLAY STRENGTH ON VARIABLE STOCK MARKET War Situation Overshadows All Dealings and Tendencies and Contributes to Scattered Liquidation, Encouraging Shorts. N J5W YORK, M a y 28 T he s t rengt h of rails and renewal of pressure against industrials and specialties were the I sharply defined features of today's active but ulistable stock marker. These divergent movements were regarded re-garded as the direct result of such recent re-cent developments as the railroad rate increases in-creases and the government's proposed taxation program, the latter bearing most heavily upon war shares and kindred issues. is-sues. Over all however, hung the foreign situation, sit-uation, bulletins from the western battle-front battle-front contributing to the scattered liquidation liqui-dation and giving further encouragement to the short Interests. Selling was at its height just before noon, when steels, equipments and speculative specu-lative issues as a whole reacted 2 to 5 points, Sumatra Tobacco making a sheer descent of almost 11 points. On the increased activity of the last hour prices rallied sharply, in some Instances In-stances showing actual gains as against the severe reversals of the forenoon. United States Steel closed at a loss of a nominal fraction. Sumatra made up the greater part of its loss and rails were at their best. Sales amounted to 050,000 shares. More stringent conditions prevailed in the money market, presumably in anticipation antici-pation of the heavy shifting of loans due to the 20 per cent payment on third Liberty Lib-erty Issues. Italian exchange experienced a slump with lire at the new minimum of f. 1 6 for demand bills. Bonds of various classes were inclined to ease, Liberty second 4s at $04.26 and the 4J&8 at $97.20, establishing new low-records, low-records, the SUs (tax-exempt) also reacting. re-acting. Total sales (par value) aggregated aggre-gated $8,600,000. United States, old 2s and 4s rose Vz per cent on call. |