Evening star., 1928-05-04
STOCKS SKYROCKEJ
UNDER BULL WHIP
General Motors Starts Wild
Session With Sensational
Advance.
By the Associated Press.

By the Associated Press.
NEW YORK, May A sensational
buying movement in General Motors
common stock. which quickly advanced
$3.50 a share to new high record at
s2O3. started a wild bullish demonstra-
ton today on the New York Stock Ee-
change. Scores Of other issues advanced
81 TO Si2 a share. Retention Of the 4
Der cent rediscount rate by the New
YORK Federal Reserve Bank. allaying
fears Of an immediate credit stringency.
stimulated the buying movement.
So great was' the volume Of trading
that the ticker quickly fell behind the
market. General Motors opened with
block OF ll.o00 shares at the "spin
price" of I98-193.50 and then bounded
nnward to close 70 $203.50. American
Can opened with block OF 10000
shares at 30 and the first sale Of Rich
field Oil OF California was 10000 shares
at $3.50. An opening transaction OF TO-
600 shares of Chrysler at 10 was foi~
lowed by another block OF 10000 shares
at the same price.
Many New Top Prices.
New hign prices for the year, or
longer. were registered by American
Telephone at 1875, International Tele-
phone at ITO. Rock Island common al
ii7S7I2, Columbia Gas at lll.62hs, MIS-
souri, Pacific common at so, Southern
California Edison at 5325, North Amer
ican Co. at 70 and Howe Sound at
5725.
Buying orders poured into the floor
from all sections OF the country. Lead
ing commission houses with wires 10
he West and South we're Swamped witD
business Oyerworked clerks and BOOK
keepers struggled 10 keep pace WIN ule
tremendous volume OF trading. and iook-
ed forward 10 the suspension OF puhi-
ness tomorrow. When they hoped 10 pe
able 20 catch up With their work. In
osny brokerage houses the task Of NOV
ing into new quarters over the Week
nd complicated the routine work of the
office.
Work on Wire Facilities.
Telephone and telegraph iinenlen have
been working ali night for the past
two weeks lu The financial district IN
desperate effort 10 connect telFpnoneS'
stock. curb commodity AND news tick-
ers 20 that no house VIII De wluiont
these facilities during business nouIS'
The buying movement broadened as
fadang progressed, with the public utill.
ties assuming a more prominent pal
IN the advance. Columbia Gas ran W
"a 30 a share tO a new high. at sil4.5O,
and American Telephone. international
Telephone, North American Co. ana .
few others extended their early gains o
So ~ 50 share or more Curtiss Aero
blame SCARED kiI and Wright Sl2
share 10 new high levels, With buying
stimulated BY unofficial predictions of
substantial extra cash dividend ON
May 10.
Rails Also Climb.
More than a gGore issues moved up W
a slsre or more, including dn Pont
International Harvester, American Tsiee
phone, American International Cor
lsoraton, International Paper, Otis
| Elevator, STANDARD Milling, United
states Leather, Victor Talking Machine
( Columbia Gas North American Co,
/ Kraft Cheese and Kf0ger Stores.
/ Rails moved up With the induetnalE
although the gains were not as large
| Southern Railway. Southern Pacific,
Great Northern preferred and Missouri
/ Pacific common crashed through 10
new high prices Tor 1928. or longer