Evening star., 1928-03-09
VIOLENT ADVANCE
ON STOCK MARKET
General Motors Again Is
Leader-Trade Is on
Enormous Scale.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 9.-Wall street
today greeted the announcement OF an
unexpected decrease In brokers loans.
made after the close yesterday. with
violent advance on the Exchange. For
the first two hours the market falriy
boiled as shorts and new buyers COM
peted in the bidding UP OF prices.
General Motors was again the all
influential leader. Closing at l5012 yes
terday, the opening sale today was 1000
shares at l52, a new high for all time.
from which the price quotation rose
spasmodically 10 atove 1856. A week ago
today the high price for General MO-
tors was 1897. In other words, IN SIX
business days there had been a gain Of
almost II points, an achievement which
It would be nard to match for STOCK
OF that cailber IN recent times.
transactions Enormous.
Transactions we're on an enormous
scale. not only in General Motors. but
in ali the other industrial favorites. y.
s. Steel started in on block OF 2.40O
shares at an advance OF over "a
points and held this gain remarkably
well. There vas a long list OF new
1928 highs, including several OF the m
dependent motors and such typlcal m
dustrials as American Can. Corn TOO
ucts and Paramount Famous. Ol
course, there we're realizing sales, un-
der the weight Of which. part OF tne
gain was substantially lost, but II was
a market in which the buyers had all
the best of 1t.
A new explanation came to life TO.
day for the sudden strength in General
Motors. It was the semi-Official an
nouncement that the Managers Securi-
ties Co., owned by executives and Of
ficials of General Motors, had pur-
chased some zoe. 900 shares Of the COM
mon stock at total cost OF
about S3OO0O,000. all of which.
had been paid in cash and the stock
taken out Of the market. This amount
is in addition to the shares already nelo
by the securities company.
Not only did this news throw some
light on the market for General MOTORS
stock. but 1t emphasized the confidence
those closest to the property have In
its future. It may have had some beat-
ing ,lpon the decrease In brokers loans
when an increase had been anticipated
Hudson and Hup Up.
The independent motor stocks most
stimulated by the strength in the leader
were Hudson and Hup. Each set new
top for the year. Packard and Tlmken
Roller Bearing were in demand. the laS-
ter up nearly 4 points at 1l9.
The dificulty In which the snorts
found themselves was well illustrated
by the case of American Linseed. Not
only Is there small common stock cap
italization. but the floating supply Is
extremely limited The stock had been
In urgent requests yesterday and offer
inys grew fewer as the price advanced.
The result was an upturn OF 4 points
today, added to the rise OF half as
much Yesterday. Midland Steel Prod
ucts preferred at 235 was UP 10 points
from the preceding close. Radio. above
l02. was up 4 points. Freeport. Texas
and numerous other eases could be in
stanced.
The feature Of the rails was st. Louis
San Francisco. In tardy response to
the Rock Island dividend incresse
Frisco was taken up today and changed
hands within fraction OF the previous
1928 high.