Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-26
EASIER MONEY RATE
SENDS STOCKS UP
Volume Of Business Drops
From Observation-Disclosures
Touches Peak.
BY GEORGE r. HUGHES.


NEW YORK. September 26.-Stimu-
lated by the drop today in the call
money rate from Tuesdays renewal of
/, To per cent TO per cent and the
later recession in the charge for new
loans first to 6la per cent and finally
in the last hour per cent, operations
for the rise were carried on aggresSively
on the stock exchange today.
Banks called loans to the extent of
$40 900 900. but there still remained
plenty of funds available for stock mar
ket purposes.
All of the improvement was not
maintained to the close, but the lead
ers we're well up on the day. The VOL
ume of business was smaller than on
yesterday and the ticker facilities were
not so heavily taxed.
General Motors pushed forward
steadily and in the late afternoon was
up some 5 points. Chrysler sold at its
highest in history. Radio Corporation
advanced more than 10 points when it
crossed 210. Pittsburgh & West
Virginia was a feature of the rails.
responding to the favorable report of
August operation, and Delaware &
HUDSON gained some points.
Steel Crosses 169.
U. S. Steel rallied we'll across the 100
level, the buying influenced by the latest
disclosures in the Iron Age summary
which reported operations of the Cor
poration now at IS per cent of capacity,
compared with IS per cent month ago,
along with the prospect of the heavy
customary Fall buying by the railroads.
Pressure against General Motors was
lifted and the price rallied across els.
where 1t was up over points. Graham
ia lire 70 Lfnt&1 60 -I.I
earnings, estimates, went to new top
above go for like gain. Willys-Over-
land was turned over in large volume.
block of 10000 shares changing hands
at the previous high of 309s.
Further progress was reported in the
rounding out of Nationwide Warner
Bros. theatrical chain by purchase BY
the company of an additional block of
$4,000 shares of the common stock Of
First National Pictures AS a result
Stanley Co. Of America YVES bid up
sharply and Keith-Albee was across the
81 level again.
Utilities Favored.
In the utility section low-priced is
sues, notably Louisville Gas g. Elec-
trio, Electric Power & Light and Ma
| tional Power & Light. were the IA
vorites. Consolidated Gas and Public
Service of New Jerse' continued in
demand. the latter in response to the
highly favorable earnings reported To-.
August. which indicated an increase in
surplus Of S689,14 over August. 1927
Buying of the oils was more Sc
lcctive, with Pan-American B.. Skeily
Oil. Standard of New York, Atlantic
Refining and Texas Corporation coming
in for most attention.
Operations for the rise kept on in
pool specialties. Montgomery Ward
which was rushed to the rescue of the
market Tuesday. when prices were
| breaking sharply, was bid up to its
highest in history today under a con-
| tinued demand
Ocenin. Irregular.
The opening trend of Stock Exchange
| prices was highly irregular, with re-
Elections confined to narrow limits. OPP
erations for the rise went on in GER
tain directions. while elsewhere profit
taking was rather urgent.
Among Specialties Electric Auto Lite
and Lehn & Fink, at new high prices.
stood out strongly. The excited Specu-
lation attending operations throughout
the five-hour Tuesday period was alb
sent in early trading today.
AS the session progressed various
specialties were taken up and carried
to new highs. Montgomery Ward was
up points at 267, A. M. Byers up over
point at 1913. and Johns Manville up
9 points to 156. Special buying came
into the market for Congoleum- Marin.
! Kelly-Springfield was turned over In
heavy volume on reports that the COM
pany was about to receive an important
contract from leading automobile
manufacturer