Evening star., 1927-09-14
ilNANY NEW HIGHS
/ ON STOCK MARKET
Trade Approaches Fever
Stage-Heavy Profit aking
= Absorbed After Wild Rise.
BY GEORGE T. HUGHES.


NEW YORK, September 14.-Specu-
lation for the rise closely approached
the fever stage today. Stocks were
turned over in huge volume with
nearly all the leaders recording new
highs.
A flood of overnight buying orders
hit the market right at the start, ana
opening prices were nearly all at SUD-
stantial advances. The feature was
General Motors. The old stock on n
.splt opening" sold from 21o to 2o'l2
for a block of 5000 shares compared
with the preceding close OF Zo4:
Similarly one lot of "o,UoO shares OF
General Motors new changed hands AT
1870. up 81. points. United states steer
WAS not far behind. The opening sale
was not at new hlSh record pu'
one was made shortly after. and mere,
too. the transactions were on an
enormous scale Du Pont. which is
large holder of both General Motors
and of Steel. Jumped near six points
also TO the best for the present shares.
PENNSYLVANIA led the railroads IN
thp early buying at the best since
1910. American Telephone u leie'
.,anh again forged ahead selling only
fraCtionallv below 1So. SURPRISING
even the new record of yesterday,
which was the highest since 1902, when
the record for all time OF lso was
made. International Telephone
Telegraph sold at the highest IN It's
history. There were numerous otner
records of one kind or another on the
upgrade.
even bv the most confident of specu-
lators for the strength of the market.
Car loadings for the week ending Sep
tember were at the highest or the
wear, but they were under the CORE
spending week of a year ago, the
seventeenth consecutive week in
which this has been true. Money re-
newed at 4l4 per cent, which was the
same as had prevailed the entire pre-
ceding session and it did go to per
cent in the afternoon. Relaxation was
predicted after the midmonth Gov
ernment financing. No attention was
paid to the opinion of the president
of the Atchison to the effect that the
"peak of railroad earnings was
reached in 1926" The threat of siren
uous competition in the motor car
trade was lost sight of. 1t was day
when stocks were going up because
they were going up.
Heavy Profit Taking.
The burst of strength at the open
ing naturally enough brought heavy
profit taking, under which quotations
for the leading stocks were shaded.
Nevertheless sales We're readily alb
sorbed and around noontime the buy
ing again was dominant, with Gen.
eral Motors above 259, lettering its
forenoon top. Illustrating the ac-
tivity. transactions in the first hour
were more than double those of the
same period Tuesday, if they had
gone on at the same rate the total
for the day would be around 100000.
This, of course, is not fair COM
parison, inasmuch as dealings are
nearly always heavier in the first than
the average.
The shares Of the speculative sea
were cluttered with the wrecks of
bear craft. Stories could be heard
in almost every brokerage Office of
disastrous losses sustained by traders
who had been fighting the rise and
who had been finally driven in.
1t would be incorrect to say that
the list was uniformly strong. 1t was
predominantly so but there were
few exceptions. The independent
steels and the Independent motors
while not weak. as a rule. did not
share the favor extended to the largest
units in their respective industries.