The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-09-22
WEEK s TRADING
FEATURED BY
GAINS
BY w. 8. COUSINS
International News Service

NEW YORK, Sept. 22.-Tight
money. high call loan rates and a
fairly heavy volume of profit-taking
and speculative selling were brushed
aside as negligible factors in the
continued rise OF security values
in the stock market this week.
Viewed from the Wall Street stand
point, events in the credit situation
were unsatisfactory and under nor.
NAL conditions would doubtless have
precipitated q violent downward
movement in speculative stock
prices, with the accompanying
shake out" OF weekly margined &C.
counts. Continued withdrawal OF
funds from the call loan market,
foreshadowing the $s5 900 900 re-
ported expansion in brokers loans
forced the call loan rate to per
cent, the highest in seven years
with the exception Of spasmodlc
flight to 10 per cent in early July.
Prices Rise
Governor Young OF the Federal
Reserve Board made it plain in
speech before the Indiana Bankers
Convention that the reserve bank
heads were still very much con.
cerned over the credit situation,
and would be inclined to let those
get burnt who were responsible
for the wild outburst of speculation
In the stock market, in the event
OF a necessary contraction in credit
accommodation for the stock mar
ket.
Aggressive forward price move.
ments continued this week I'm the
stocks OF the motor car, copper, air.
planes, oil, steel, and manufacturing
companies. Despite all Of the re.
strictions in the money market sitaa-
ton, buying orders for the prin-
cipaI stocks poured into the financial
district in such volume as to swamp
the facilities OF the stock exchange
and set the ticket system backward
all the way from 20 to As minutes
behind the actual trading on ex.
change. Transactions on the big
board totaiIed 4,OO0,0OO shares daily
in the full session. Leaders in the
new advance in security values in
cluded most OF the speculative
favorites of the past six months,
together with q small army of new
industrials and specialties sponsored
by the powerful pools and pro-
fessionals.
In many cases 1t has been con-
eIusively shown that the spectacu-
lar developments in the business af-
fairs OF the corporations have more
than justified the higher prices of
the stocks that have been dormant
while others have been bursting
through the top.
Motor Stocks
General Motors was again the
standard bearer for the motor
shares, rising confidently to its
highest price on record above 212.
Prospects of liberal stock dividend
next month. Buying of the stock
for the managers and employees of
the big corporation and rumors of
important disclosures to be made be-
fore the weekend, were the prin-
cipal factors behind the spectacular
advance in the stock this week.
Packard Motors scared to 80 on
prospects OF a big expansion in The
motor and airplane business of the
company.
The copper, zinc. lead and steel
stocks reflected with higher prices
the markets appreciation of the
firming up OF the metals markets
on a higher volume of business.
Copper IL now quoted at is cents
a pound, the highes in nearly three
years. Anaconda Copper, Ameri.
can Zinc, International Nickel, st.
Joseph Lead and other representa-
tive metal stocks scared to the
highest prices since the end of the
war, Marland Oil, Sinclair and
Texas Corporation led a sturdy rise
in the oil shares also founded on
the NEST constructive developments
in the industry. Commodity mar.