Evening star., 1925-09-29
SCORE Of STOCKS
REACH NEW TOPS
Advance in Call Money Fails
to Halt Upturn in Ex-
citing Market.
RY STUART p. WEST.


SPECIAL Dspstch 10 The Star.
NEW YORK. September 2a.-On the
Stock Exchange today trading was
considera bly, more active. and the in
CrAese in volume OF transactions was
accompa MED by rising prices. Automo-
bile shares once more led the way.
and the rema rka BILE gains in this class
IT stocks had the effect OF intimida tin &
recent short sellers and eventually, az
the day went on, bringing about an
'upturn in stocks like the steels and
railway equipments, which had been
more or less depressed on previous
dsvs.
Score Of New High Marks.
Some 80 or more stocks penetrated
into new high ground. This list in
cluded Chrvster Hudson. General Mo-
tors common and preferred. among
the motors: Fisk Rubber. international
Cement. Detroit Edison. Nivaudou.
Remington Typewriter, Union Bag and
Paper. the American Linseed issues.
Atlantic Gulf and West Indies. Ameri-
can Agricultural preferred, New York
Shipbuildng, United States TOba eco
and the baking stocks-General Rak-
ing and Ward A.
The special selling in United States
Steel suddenly eased and the stock
rallied nearly 3 points from Mondays s
low. This led to recovery in Cruciole
Steel and in the railway equipments.
Railway Steel Springs sold at new
high after a jump Of nearly 10 points.
Pullman was up over points. and
American Car and Foundry was some
points higher than Mondays low.
The advance was quite rapid for
time in Baldwin Locomotive. although
this stock was freely offered as 1t got
around 121.
Hudson Continues Rise.
international Telephone and Tele-
graph had quite a run-up. This was
the last day for dealings in the sub
scription rights. The extraordinary
upward movement in Hudson con-
tinued BUYERS Of the stock We're sim
ply contending that earnings a the
rate. some put II high as SIS a
share. almost anything could happen
in the way OF increased dividends. Ii
ts practically taken for granted that
the extra on General Motors will be
raised. Dupont accompa MED the Gen
eral Motors stocks as they swept
into new high territory. Fisher Body
went through series Of fluctuations,
nrst dropping nearly 3 points. then up
to new top above par
American Can f1uctuated violently.
Some selling came into the stock on
the announcement that the directors
had only declared the regular divi-
dend. Wall Streets confidence that
a recapitalizat ton plan will not be de-
ferred beyond the next quarterly
meeting was expressed by the prompt
rally in the Can shares later
Even at today's best prices stocks
in which the public is largely inter
ested were up very little from where
they stood in the week of September
s. This was true OF the steels, the
coppers. most of the rails. the oils and
the ma iority of the equipment shares.
In the meantime advances have oc-
CURED in the motor issues, such as IA
points in Studebaker, "A points in Gen
eral Motors. 81 in Hudson and over so
in Chrysler
Today's Conclusion.
What is the conclusion proper to
draw from the parison between
prices now and those at the outset of
the month"; First. it is evident that
Wall Street was slow to awake to the
wonderful business which the auto
mobile makers were doing and what
this might easily mean in the way of
higher dividends. Second. however,
it has been equally clear that 40 far
the big speculation in the motors has
not brought about any broad buying
movement IN Ine general llSt.
1t has been a market based upon
the prosperity of a single industry. 1t
has been far from a bull market" in
the d-fashioned sense, which was
getting ready by generally ad
vancing price movement for an all
around business boom.
The commonly accepted explanation
for the recent rise in the automobile
shares has been short covering" But
people who have been maintaining "A
bullish position in the motor group
insist that the basis for the buying
has been something else. They point
to the large earnings of such com
panies s Chrysler and Hudson. The
former company's current rate of net
income is said TO be s. share per
month. while Hudson is expected To
show S25 A share for 1925.
United States Rubber.
Sentiment was generally favora BILE
toward United States Rubber. which
went forward again today. Attention
was directed to the highly sa tisfa ctory
position of the rubber industry and to
the big trading in rubber securities
which has occurred on the London
Stock Exchange. The earnings Of the
United States Rubber shares have in
creased during the year and the de
nand for rubber products has shown
rapid improvement.
MARKET CI nSES STDn>r<.