Evening star., 1928-04-03
WRIGHT ISLEADER
ON STOCK MARKET
AeropIane Stock Scars 80
Points and Pulls Many
Shares With It.

Special Dispatch to The Star.
NEW YORK, April 3.-Speculation
for the rise was resumed In today's stock
market. After hesitant opening. doubts
about the money situation were thrown
aside and the list began to creep for
ward. Then in the afternoon Wright
Aeronautical assumed the leaderthip
Wright closed yesterday at 100,
net gain Of z points. It opened frac-
tionally lower today. but soon mace
that up and then, advancing rapidly,
showed a gain Of IL points by noon.
From this point 1t progressed by leaps
and bounds, until at 1880 1t was up
30 points on the day. Curtiss Aero 1oi-
lowed along sensationally, but not quite
so swiftly. At e2 1t was up over 70
points. From the peaks the two STOCKS
ductuated wildly.
whole Market Works Higher.
Meanwhile the whole market worked
higher. There vas a legitimate sttnu-
ius In the railroad group IN the an
nouncement that the Atchison directors
had put the stock on regular Slo.oo
annual basis instead OF 81 regular ana
50 extra, as at present.
Moderate gains we're recorded by
Union Pacific. Rock Islnad and st.
Louis-San Francisco, Atchison itself ran
up three points. Among the lover
priced shares Western Maryland, New
Haven and Kansas City Southern were
strong.
Industrials with the exception OF rub
ber stocks were In active demand New
highs we're recorded by q long list In
Guiding Eastman Kodak up over 10
points. International Paper, Brown
Shoe and Electric Storage Battery
General Motors and General Electric
we're the fayorites OF the standard
issues.
Shorts on Plane Stocks.
The most fantastic stories we're afoat
with regard to the gyrations In. the air
plane stocks, The most plausible ex-
planation was the struggles OF badly
trapped short interest It may not be
accurate 10 say that corner existed.
but the market suggested something OF
the kind. Other runlors ran al the way
from reports Of greatly enlarged earn
ings, present and prospective, TO the
intimation that Col. Lindbersh vas to
be made the head Of the Wright Co.
Call money renewed at per cent.
against the 5Ia per cent for new loans
on the day before. The opening quota.
ton for money was eagerly awaited
by the trading element which would
not have been surprised By q higher
charge. The, feeling was almost universal
that a continued upward trend In money
would inevitably mean lower prices for
stocks. This Is certainly the conven-
tional view. but 1t is by no means sure
that the expected result would follow.
The record shows that excited specula.
ton for the rise has gone on simultaue.
ously with rising money rates. Eventual
IL. Of course. the collapse comes. but
usually not Immediately.
The feature today was found In the
railroad list. Texas q Pacific above
i3s was up over points and ut the
highest &C which. the stock has ever
sold. Texas g. Pacific, In which Mis-
souri Pacific has the controliine inter-
est has never paid q dividend ON its
common stock. but the benefts thr
property has experienced through the
rehabilitation during the. receiversiip
have been such as to put the road in
y position to pay something to its
shareholders wheuever the directors so
decide. The rise In the stock today
was without interruption.
Raaio Scores GAIN
Radio lived up to its reputation only
partially. II opened up points at
lss. advanced above lo4 10 within
some 2 points Of It's record high. all
In the first two hours, but the range
was small compared with recent per-