Evening star., 1928-03-29
ADVANCE IS BROAD
IN STOCK TRADING
General Electric Assumes
Leadership List
of Rails Rises.
ny GEORGE r. HUGHES.

Special Dispatch 10 Tho Star.
NEW YORK, March 29.-The day In
the stock market was divided into two
parts. First, there was q morning OF
nervousness and irregular price move
ments, with uncertainty the keynote,
Then in the faternoon the list turned
sharply upward although under new
leadership. with all the accompanying
symptoms of speculative excitment.
The turnover in the first half session
at least was not as large as 1t had been
earlier in the week but the tape was
unable to keep up with business, That
was because activity was not concen-
trated in a few leading stocks as 1t
had been. but was spread out over the
entire list
the metal shares. the utilities. the elec-
trio stocks and finally the rails.
General Electric Stands Ont.
II was General Electric that stood
out among the ndustrials and, crossing
$50 To new high for the present capt.
taltzation. took the place that General
Motors had held in the wild days OF
last week Among the rails the stocks
of the Northwestern roads came TO the
front They were Great Northern pre-
ferred, Northern Pacific and Chicago
e. Northwestern
The st. Paul issues had been strong
earlier in the day, but they made their
best prices in the afternoon. A long
list of railroad stocks Joined in.
There was nothing new in the outside
situation except possibly the reported re-
assurance as TO the money outlook given
by Secretary Mellon No attention was
paid 10 what the brokers loans figures
would show after the close, Call money
renewed at A.. per cent and held there
all day
Opening prices Tor all classes OF STOCKS
were much mixed.
Interest naturally Centcred in Cen
eral Motors and United States Steel.
The former opened down over points,
and as the session progressed dropped
to within less than 3 points of the
.ow of 1870 established in the drastic
break Tuesday Selling was not as pro-
nounced IN Steel although as was the
case Yesterday 1t moved sympatheticaIly
with General Motors. Losses in sew
eral high priced industrials were sharp.
United States Cast Iron Pipe was an
instance. At 238 1t was of more than
10 points. recording a loss Of points
at 286.
Bulls Meet Success.
But while these stocks we're under
pressure, operations for the rise were
meeting with success elsewhere. The
can stocks we're prominent in the up
ward movement. notably Continental
Can. which equaled its previous high
Of ITO. American Can crossed 81 again
but the demand here was not as
urgent
As group the coppers were out
standinely strong. particularly Ana
conda, Calumet & Arizona. Greene
cananca and Kennecott. The best that
could be said was that they had not
shared to the extent Of others in the
prolonged rise, and although there was
no definite change in the market for
the metal the tendency was upward.
Radio Corporation had another OF its
Characteristic sharp movements. Cross
ing l73. ii was up points. II came
off from its best prices in the after
noon. then fluctuated nervously. Pub
lie utilities particularly those involved
in merger negotiations were taken up
again under leadership Of Consolidated
Gas. at a new high for the present
shares. and Brooklyn Edison close to its
former top
Independent Motors Mixed.
independent motor shares moved
irregillarly. with Chrysler. Hudson and
Hupp slightly lower most of the time
and Mack Trucks. Packard and WHY'S
Overland inclined 10 work still higher.
The last named was turned over In
large volume at a new high for the
year, still responding TO the favorable
earnings statement.
The rails. especially the high-grade
dividend payers. continued 10 be looked
upon with favor. Southern Railway
crossing i4Dts sold at the highest In
the history of the road New York Cen
tral had 10 absorb heavy profit-taGing
but 1t did so without materially affect
ing the selling price Delaware 81 Hud-
son was bid up almost points and st.
Paul issues at intervals were close To
their highest since listing, Rock Island
had the prospect of an increase In the
dividend rate and was carried up a
point or so.