Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-12
STOCKS CONTINUE
|. ON UPWARD TREND
Overnight Buying Orders
Give Market BuIliSh Tone.
Advance Is Broad.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK. September 12.-With
confidence that increased as prices
went higher, the stock market contln-
ned its upward movement today. All
the industrial favoriteS were bought IN
large volume and at advancing quo
tations. Sentiment in the Street was
almost unanimously optimistic.
Long before the opening, buying Or
ders. a good proportion OF them from
out of town had accumulated. Initial
transactions were in large blocks and
many of them at new high prices.
Studebaker opened with 10000 shares at
827s. which was the previous 1928 high.
National Cash Register opened with
10000 shares at 90. up two points and
at the highest at which the stock ever
sold. The first sale of National Dairy
Products was 1900 shares at 100.
record high for all time.
New Highs Scored.
Republic Iron and Steel was taken on
6000-share block at Is, new
years high There we're scores OF other
stocks that performed similarly. In
the later trading some of them lost a
part of the initial gain, but others in
creased it, In the stocks that were
selected for leadership there was prac-
tically no subsequent weakness. In other
words, the inevitable realizing was alb
sorbed with little or no influence on
prices
All three of the so-called pivotal in
dustrials were very strong. General
Motors at 207 which was the opening
price, was up Sig points, but 1t did not
hold all this advance. U. S. Steel in
the first two hours sold within a small
fraction of it's record high of the year.
and only about two points under the
record high for all time. General
Electric was in urgent demand up three
and four points and like steel within
fraction of its best price.
The talk today was not of money or
credit, but of a business prospect. which
was painted in rosy colors. This was
what the stock market was discounting.
it was said.
A little more interest was shown in
the rails. but not much. The fact Is
that traders have been selling railroad
stocks to buy industrials. No one wants
a stock that doesn't move" and the
rails have Jagged behind so long that
few had a kind word for them. Still
there was some buying of Erie. which
put the price up point and more for
both the common and the first pre-
ferred. AtchiSon, Union Pacific and
Rock Island we're somewhat higher, but
the turnover was relatively small.
Copper Stocks Strong.
Copper stocks were outstandingly
strong. The leader was Anaconda,
which sold at the highest price since
1917 American Smelling and Rein
ing made a new high for all time
around 253 and Cerro de Pasco did the
same at IS. which was the opening
price. International Nickel bettered its
previous high as it crossed 1872.
In the first two hours sales were
1.814,600 compared with 100000 in
the same time Tuesday Money renewed
at 7la per cent unchanged.
Afternoon Trading Lively.
The pace quickened in the afternoon
as leading industrials continued TO push
through their old tops. U. S. Steel
crossed 1859. thereby establishing new
high for the year. On September Is
1927. it sold at 16Oi. Steel was fol-
lowed by General Motors, which absorb
ed the realizing and initiated fresh
advance Touching 208 in the fourth
hour, it was only two points under its
best of 210 made earlier this year
Buying was stimulated by an easier
tone in money There was no calling
of loans and the outlook was for
lower rather than higher rates.
Among the other features were Johns
Manville at a new high, Texas Corpora
ton. which stood out in the oil list
active and strong: Westinghouse Elec-
trio and Anaconda. where the FORE
noon advance was increased.