Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-21
STOCK PRICES SOAR
I. IN BROAD ADVANCE
Market Experiences Sweep.
ing Upward Movement.
Steel Issues Show Gains.
BY GEORGE r. HUGHES.

Special Dispatch to The Star,
NEW YORK, August 2l.-Ignoring
entirely the credit stringency. stocks
initiated series of sweeping advances
in today's market. The gains were not
confined to a few favorite issues, but
were sprinkled literally over the entire
list The industrials were more con-
spicuous than the rails, but the latter
we're we'll represented.
The volume exceeded anything seen
in recent sessions It was no longer
professional affair. With imagination
stimulated by the display the market
had given on the day before in the face
of higher rates for call money, there
was rush TO buy from the outside
public.
Shorts Driven to Cover.
OF course, the technical condition
was seriously impaired by the day $
proceedings. Shorts were driven TO
cover without mercy, and debit balances
of the buyers were heavily increased.
A few more sessions Of the kind and
the total of brokers' loans will be back
where they were when the Federal Re-
serve authorities inaugurated their
campaign TO reduce them.
There were many features. One OF
them was II. S. Steel. the demand for
which carried the price we'll above 100.
with huge blocks changing hands on
the way up. At $50 the stock was only
points under the 1928 top. Steel has
a wonderful trade background at pres
ent, but a good deal must have been
discounted by the rise so far. Bethle-
hem Steel, Otis Steel, Republic and
other independents went along more
or less
NORTHUMBERLAND set new high for
all time. crossing the 200 mark, which
had been set as a goal in speculative
circles. Sears RoebuCk jumped points
to 1879, the highest for the present
shares. American Can, at l08. bettered
by fraction the previous best. Postum
Co. was pushed up above II early in
the day. also a record.
The leader among the rails was Texas
a. Pacific which, above 1873. was up
more than points on the day. and at
a price never before equaled. Rock
Island, at 1874, duplicated its previous
high. II was predicted that Rock Island
would earn SIS a share this year and
that an increase of the dividend to Z
per cent was only matter of time. st
Louis Southwestern set another new
high, and so did st. Paul preferred
From time to time other carrier stocks
we're in demand
Utilities Advance.
The utilities fell in line. American
Telephone g. Telegraph, which, because
of the wide distribution of shares, al
WAYS attracts attention, was bid up )
points. Public Service of New Jersey
was in urgent demand, adding TO It's
large gain of the day before. Consoli-
dated Gas was higher, and so were the
local fractions,
Money renewed at per cent. and
during the morning was reported In
good supply at that figure In the early
afternoon the banks called Sis 100000
in loans. Time money was just as tight
as ever. without any change in quota
tions borrowers were having increasing
difficulty in finding accommodation.
Speculation shifted to the rails in the
afternoon. Southern Pacific was taken
In large blocks at an advance OF
points. Rock Island bettered Its fore
noon high, putting II to new top for
all time Atlantic Coast Line recovered
3 points. New York Central. Baltimore
e. Ohio and Atchison all worked up
ward.
Kresge was the feature in the indus
trial list. gaining between 4 and )
points. On the other hand Manhattan
Electrical Supply took another nose dive
sinking over 6 points as it touched 81
The banks called 5000 900 more in
loans In the afternoon and call money
went to a per csnt.