Evening star., 1928-05-10
STOCKS AGAIN RISE
AS MONEY EASES
U. S. Steel Leads Upturn.
Bethlehem Also Climbs.
Rails Are Strong.
ny GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, May i0.--Today's stock
market, hesitant and uncertain In the
morning. hardened In the second half
of the session, when call money. which
had renewed at 8 per cent dr0ped back
to 5h per cent. Trading was still slow.
but the earlier nervousness seemed TO
have worn of.
The afternoon upturn was led by
United States Steel. which disregarded
the unfavorable tonnage statement and
pushed ahead nearly points. Hethle-
nsm Steel was taken up next also gain
ing some two points.
Then a better demand appeared for
General Motors. and there was consist
ent support for the railroad stocks
Chesapeake a. Ohio. Atlantic Coast
Line and Union Pacific we're the fee
lures among the dividend payers, and
Missouri Pacific and Erie among the
lower-priced stocks.
Before this had happened the two
airplane stocks, Wright and Curtiss.
had scared to record heights.
Interest was still intense I'M the ac-
tion on the rediscount rate by the New
York Federal Reserve Bank after the
close.
Opinion as to the bank rate was as
| varied as 1t has been right along. The
popular speculative view was that an
increase from 4 to Az per cent would
have no effect on the market but this
optimism was not reflected in confident
buying On the other hand. the i:1cli-
nation was either TO tighten accounts
or to stand aside for the time being
Important individual Moves.
There were number Of important
I ts<It Itxrx1 4km Ia G,rs
place. the unified tonnage statement OF
the United States Steel Corporation
! coming out at noon. revealed con-
| siderably larger falling of than mad
been anticipated The actual decrease
was 463,073 tons. making untitled or
ders as OF April 30, 3.8T2.l33. against
1885, POS on March 81. Steel stocks
| were not Importantly affected AS a
matter OF fact, speculation has becn
| passing the steel shares by for some
time now.
The General Motors dividend meet
ing did not come until after the close.
Judging from the tape. traders were
not so sure about the size of the eX-
| practically unchanged, but dipped tos
new low on the reaction below 202
| There was an indifferent demand for
the stocks OF the independents
! In the railroad field the Southern
| Pacific directors followed the conserva-
| tive course and declared only the reg
| ulat dividend instead Of raising tbs
rate to 7 per cent as had been hopoo
| In some quarters. Southern Pacific solo
of before the announcement. but stead
| led after the news was out Probably
| the increase has been only deferred
/ Rails Really Strong.
| The real points of strength were
/ found among the railroad stocks. New
| York Central pushed through to am
other all-tine high early In the day,
Later on both Northern Pacific and
Great Northern preferred exceeded THEN
best OF recent years. Reading was ac-
lively bought for time. and the Mis-
| souri, Pacit1cs were strong again, SEEM
Ing to forecast action on the accumu-
lated dividends ON the preferred. Erie
did better. responding to estimates OF
favorable April earnings statement.
! An upward movement In the oils,
principally the Standard Oils, did not
carry through. Public Service OF New
Jersey was the leader OF the utilities.
There were the usual wide movements
In industrial specialtics, but most OF
| the early gains were Cancelled
| Money renewed at 8 per cent. the
same as the day before The supply
| was ample, however. and In the out
side market loans were arranged at Si2
| per cent.
| The market reached Its best In the
| last hour. Steel at $50 was up nearly
| points. General Motors sold at the
high OF the day toward the close and
| Rock Island above i22 was al the high
est In the history of the road. There
was enormous trading In the Armour
stocks at rising prices.