Evening star., 1928-03-26
MOTORS LEADERS
IN HEAVY TRADING
Enormous Accumulation of
Overnight Buying Orders
Sweeps Prices Up.
BY GEORGE T. HUGHES.
to The Star.

Special Dispatch to The star
NEW YORK, March 26-Under an
accumulation OF enormous week end
buying orders. prices swept forward on
the Stock Exchange again today. III the
pace OF the first hour had continued to
the close the tota. volume for the day
would have approximated the 5,OOO,-
O00-Share mark.
The motor stocks monopolized specu-
lative attention at the outset. under
leadership OF General Motors, and Hupp
Motors. Then the other independents
were drawn into line with advances ex-
tending from / to 3 points before the
initial demand subsidized.
Speculative Wall Street had ample
time over the week end to analyze the
optimistic utterances Of Chairman Ras-
kob OF the General Motors Corporation
finance committee 1t based its opera
tions accordingly today.
Buying in Motors Heavy.
SO great were buying orders in Cen
eral Motors that it was 10 minutes
after the gong sounded before the first
sales appeared on the tape. Then
block OF 1000 shares was reported at
1874, Jump oyer points from the
last previous sa1e 1t surgcd forward
to above 1877. The first price represent
@AN
ever sold.
The demand for Hupp was even
greater. Opening at 80 on a block Of
20. 600 shares. 1t recorded gain OF 5
points from the last previous sale and
subsequently reached 81 the peak since
trading started on the exchange. Pack
ard established a new top, crossing 81
and du Pont, moving sympathetically
with General Motors, crossed 800 for
gain OF almost 7 points TO its best
in history.
When the signs Of profit-taking de-
veloped in the motor leaders, operations
for the rise we're concentrated upon u.
S. Steel in an endeavor to sustain spec
ulative interest in the main body of
stocks Steel had opened at l49. a
gain OF more than a point and was
carried forward to Isl , when the buy
ing reached its height around midday
Independents Are Higher.
The independents were not so much
affected. but higher prices were the
rule. In the case Of Colorado Fuel d
Iron its two-point rise was accom-
panied by rllmorS of change Of control
There was nothing in outside de-
velopments to account for the taking
up Of the copper and smelling issues
What strength developed in this quar-
ter was merely part of the general up
ward movement and reflection OF the
common belief that this class OF stocks
vas behind the rest of the induStrials.
American Smelling was the feature.
Crossing 1870. IL was up q points and
within a fraction Of its highest for all
time Calumet e. Arizona Magma and
Greene Cananea shared in the i'm
provement
Outstanding among the railway
favorites was Pennsylvania. which sold
at its highest under the present form
of capitalization Union Pacific and
the Northwestern carriers including
the new St. Paul issues, were in good
demand
Come Down From High.
Both Steel and General Motors came
down from their high prices in the
| afternoon. but new leaders were taken
up. They included shares OF merchan-
dising companies notably Sears Roe
buck. up sharply 10 a new high for the
present shares. and Montgomery Ward.
Shares of related companies moved
forward sympathetically with stocks OF
automobile manufacturers. including
Murray Body. at q new high for the
year; Eaton Axle. Spicer and Electric
Storage Battery.
The market left of at the top, with
speculative enthusiasm unrestrained
and apparently understandable. The
volume OF sales came close 10 1000. 900
shares At the close General Motors
| touched 200. up 10 points on the day.