Evening star., 1928-05-24
CLIMB MAINTAINED
ON STOCK MARKET
Rise More IrreguIar-Trade
Heavier-RaiIS Meet Bet
ter Demand.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, May "a. -- Broadening
out to include representatives of prac-
tically every group. the upward move
ment on the Stock Exchange initiated
Wednesday was carried further today
The high prices we're reached in the
last hour.
The steel stocks were strong. which
followers of the market interpreted
favorably Studebaker stood out among
the independent motors, Radio ard
International Nickel among the special
ties. Consolidated Gas among the utii-
tiles and General Electric among stand
ard industrials.
Trading was more active than the
day before. Opening prices were higher
all around, outside buying orders hav-
ing accumulated overnight. Profess
sional Wall Street was inclined to be
skeptical about the advance going
further Immediately In view Of the
rapidity of the recovery, but the public
was not so timid.
Money Slightly Easier.
Money renewed at 6 per cent un-
LAldtlBCA. OIl lAiC hOWCNCAt
loans could be arranged at So per cent.
Time funds were slightly easier in that
the supply was more abundant. This
afternoon the weekly report on brokers'
loans will be given out by the Federal
Reserve and the weekly bank statement
will be available. The speculative COM
munity was seemingly moi concerned
about these matters today. 1t was
more interested in debating to what ex-
tent the short interest had been reduced
by the vigorous upswing which followed
the break earlier In the week.
Railroad stocks did better today.
New York Central, after f1uctuating un-
certainly in the early trading, moved
up briskly. Rock Islan1 was strong
again and this time st. Louis-San Fran
cisco went along MissourI-Pacific pre-
ferred Texas e. Pacific and Kansas
City Southern yere others more or less
higher. In connection with the buying
of New York Central it was reported
that the expected new financing. sup
posedly in the form of stock, would
be announced next week
Studebaker was the leader Of the in
dependent motors 1t opened on a
block of $4,000 shares at 30 up point
and half General Motors had to
absorb heavy realizing after its spectac-
tilar run-up at the close Wednesday.
In consequence the rrice sagged.
United States Steel Taken Up.
United States Steel, which had also
failed to display early strength, was
taken up around neon and touching
LAG was higher than at any time since
last week Bethlehem Steel was next
given attention, and Colorado Fuel,
Ludlum and Central Alloy, In both of
which there was special buying. were
strong all day.
For time the sugar stocks were in ac-
tive demand under leadership Of Aneri-
can Sugar. which ran up over 2 points
Most of the Cuban sugar shares were
higher, notably Cuban American. I'm
provement in the market foi raw sugar
has been only moderate, but the sugar
stocks are thoroughly Debated
Special moves were those in Collins
and Aikman. due to short covering: in
International Marcantile Marine pre-
ferred. favorably Influenced by the
President signing the shipping bill, and
In the International Telephone d.
Telegraph. A discordant note was an
other new low for Western Union.
Leadership shifted about in the after
noon. Studebaker was still very strong.
large blocks changing IN lis at the high
of the day, but the real feature was In
ternational Nickel. which was at 81.
I'D nearly five points on the day.
Meanwhile 4Sadio forged ahead for a
gain of over six points. crossing 1872,
Inland Steel joined the other steel
stocks In an upward move. General
Electric and Consolidated Gas repre-
sented the standard stocks In the spec
ulation for the rise.