Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-07
FURTHER ADVANCES.
SCORED IN STOCKS
Market Rises in Fresh Out
burst of BuIlish Activity.
Sales Large.
BY GEORGE T. HUGHES.
al Disuatch to The Star.

NEW YORK, September 7.-Appar- I!
emily out of all control the Stock Mar
ket registered again today series OF
sweeping advances. There were plenty
of individual stocks which did not par
ticipate but all the activity centered
about those that were rising. The
turnover was once more on 4,OOO,OOO-
share basis and the tape was unable to
keep up with business on the floor, fall
ing half hour and more behind.
For this new outburst of bullish en-
thuSiaSm there was only one develop
ment that could be brought forward
In explanation. That was the increase
in brokers' loans reported by the Fed
eral Reserve Thursday, which was not
as large as had been anticipated. Now
as matter of fact the Stock Exchange
monthly compilation showed that specu-
lative credit Is being obtained from
sources that do not have to report to
the Federal Reserve, so that this sup
posedly small increase is not as signifl-
cant as it appears.
Demand Exceeds Supply.
On the other hand, the fact that the
Government was compelled to pay AZ
per cent on its quarterly financing Is
evidence that there Is no expectation
of easier money in that quarter while
time money, which is the important
barometer, is firm at 62 per cent, with
65s per cent sometimes paid and per
cent talked of.
The Street, however, paid no atten-
ton to these considerations The de-
mand for stocks was greater than the
supply and the only way for prices to
move was upward. Perhaps the most
remarkable incident was the jump in \
Montgomery Ward. The stock had
closed at 22212. 1t opened up more
than 2 points and then without inter-
mediate reaction scared to 242, high
for all time, and up nearly 20 points
on the day. The stock jumped / and
points between sales. Presumably an
overextended short interest had been
caught but that did not alter the fact
Buying Of U. S. Steel was resumed
on large scale and the stock was
forced up above 157, new high for the
year and less than 4 points below its
high for all time. Doubtless the steel
trade outlook is bright, but 1t has been
for some weeks and to attribute to-
days strength in steel stocks to any,
thing in the business situation is fan
tastic. The independent Steels went
along with the leader, with new highs
for the year in Central Alloy, In In
land and in Republic. Sears Roebuck
followed the lead of Montgomery Ward
into new high ground, in this case for
the present shares.
Motor Stocks Irregular.
The motor stocks were more irregu-
lar, but the trend was distinctly up
ward. General Motors, after f1uctuat-
ing uncertainty in the trading, regained
the ground lost Thursday. Chrysler,
Packard and Studebaker were higher.
Speculation for the rise kept up In
Briggs Manufacturing despite the denial
of the president of the Chrysler Cor
poration of a story that his company
was seeking control.
The run-up of or 5 points In Amer
lean Sugar was seemingly forecast
of dividend resumption. Raw sugar
futures as well as actual sugar are at
the lows of the year, with downward
trend, but the sugar refiners are able
to operate at profits when the producers
are not.
Money renewed at 71a per cent. The
banks called $20,000,000 in loans, but
funds were in supply at the renewal rate
and predictions were made that lower
money would be seen next week.
Afternoon Trading.
Prices continued to advance in the
afternoon, United States Steel crossed
l58 and maintained leadership among
standard stocks. International Nickel
had a short run up against the short
interest, touching 1929, where it was
up 6 points. Radio, selling at 224. was
up between and points. Thinker
Roller Bearing at 1877 recorded an adj
vance of points. Curtis Aero ran
up some points, but later reacted, and
Wright Aeronautical was up points at
1873.
The rails Jagged behind but were not
weak. 1t was primarily an industrial
market. 1t may have been significant
that the volume ran slightly under that
of the preceding session. The tape was
farther behind today than 1t was Thurs
day, suggesting that the market today
was broader, but that transactions were
in smaller lots, often sign of distribu-
ton.