Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-21
SPECTATORS SEND
MOTORS STOCK UP
Wide Forward Sweep Is
Brought On by Spectacular
Gain TO Above 218.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 21.-Keyed
tn high pitch of enthusiasm ever the
spectacular advance In General Motors
TODAY. the speculative element rushed
into the market on the buying slde.
Practically the entire industrial section
was swept forward, many issues soar
ing to the highest so far reached.
Before the session ended the gain IN
General Motors had extended some o
noints to above 2l8 1t carried with II
al ~ the Independents, with Chrysler
making new top for the present
shares lust before the end. Toward
midday the demand for steel stock be-
came urgent. with U. S. Steel up more
than 2 points across 158. The close
was active. ,,
The rate on call money was dropped
from 8 to 7ls per cent in the AFTERNOON
and this added stimulus to the opera
tons for the rise.
General Motors Opens High.
General Motors featured the market
at the outset of trading and sold at its
highest price in history. Opening on
block of 10000 shares from 2l3fa 10
2l4ls it monopolized the attention OF
the speculative element, due apparently
to rur1ors that President Sloan on the
eve of his departure for Europe Wouid
have an important announcement 10
make.
Sentiment toward thu immediate
future price movement in the main
body of stocks continued optimistic
despite the further increase OF some
S85. 1000 900 reported after the previous
close in the latest Federal Reserve
brokers loan statement.
Packard was again prominent a.
higher prices among independent motor
stocks and Chrysler crossed 107 again.
Phillips Petroleum on block of 5000
shares opened unchanged at AZ while
special developments In affairs OF
Superior Oil were responsible for an
opening block of $500 shares being
taken at fractional improvement.
Freeport Texas sold down below 81
as compared with the previous final OF
697a. Selling was In resuorse to the
cutting of the extra distribution of 75c
a share to Csc.
Buying operations went ahead vigor-
ously in early trading. Zinc stocks were
nrominent. notably American Zinc and
Butte Copper & Zinc General Motors
continued it's advance until It was
within small fraction of the 215 level
At the same time Brockway Motors
Packard and Murray CORPORATION went
into new high ground. the last named
uD sharp'v. Steels and rails again
Jagged Shares Of amusement and
theatrical companies were subjected to
pro6t-taking.
The renewal rate on call loans was
established ut per cent, the highest
since July 3.
Metals Run I'm.
The metal stocks were featured BY a
sharp rirn-un In Greene Cananea.
Above 127 the price comnared with
the previous final of 1872 It's strength
IVES generally attributed to the squeeZ-
ing of the short interest of this issue,
which is said to he the largest of that
existing in any OF the coDpers. Others
of the group moved with a good deal
Of uncertainty, with gains and losses
intermineled
The oil stocks came in for their share
Of attention around midday. Marland.
Phillips Petroleum. Tidewater ASsoci-
ated new and Sinclair were turned over
in enormous volume at advancing prices.
while such low-priced issues as Superior
and Middle States displayed more &C
tivity.
At PIT General Motors in midafter-
iOoii was w niIiOSe u pUIutS vi tIIS
day. The spectacle of this leader NOV
ing steadily forward had its effect upon
practically the entire industrial group
Kelsey-Hayes Wheel and Thinker Roll
or Bearing Joined in the upturn, and
the advance in electric Auto-Lite car
ried the price up over points to new
high.
Finally the steel shares we're taker
up with United States Steel advancin
some points. Ludlum was featu
of the independents and above II We
up over points on the day to its best