Evening star., 1928-10-11
STOCKS co HIGHER
IN ACTIVE MARKET
Leaders Recover After Ini-
tiaI IrreguIarity-Steel
at New High.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 11-After a
morning of feverish and irregular fluc-
tuations the buying side got the upper
hand in today's stock market and the
afternoon session was one of pronounc-
ed strength.
1t was U. S. Steel that turned the
market about. Moderately higher in
the early trading, in the fourth hour
Steel broke through its old top and,
crossing 162. established new high
record for all time.
Along with Steel went Montgomery
Ward. Like Steel, it had been only
slightly up in the first part of the day,
but when the movement got really un-
der way it rushed forward until selling
| above 280, it was up points at new
peak. Meanwhile, stocks which had
sold off during the early irregularity
activity fell off, the ticker caught uo
with transactions on the floor and the
bull market resumed its sway.
It was still the high-priced indus
tries around which speculative excite
ment centered, especially those which
had distinguished themselves yesterday
Traders attached Importance to the fact
that the averages" had gone to new
high,' which, according to a widely ac-
cepted theory, forecast further ad-
vance.
Overnight orders were predominantly
on the buying side. The early feature
was Radio. It had gained more than
10 points in the preceding session, and
it ran rapidly up some 4 points more in
the first hour today. Then General Elec
trio, which is a large holder of Radio,
fell into line Selling above 1885, it was
higher than it had been in more than
two weeks. Sears-Roebuck, which had
Jagged behind Montgomery Ward in re-
cent sessions, was bid up some points.
International Harvester, which had risen
more than ID points the day before,
! added nearly 9 points more and selling
at 800, established new high record for
all time.
On the other hand, Hudson Motors
was heavily Sold Dipping below go,
it was down points from the open
ing Yesterday Some of the other
automobile stocks sold off in sympathy.
Chrysler was lower, but General Motors
ruled above the preceding close and
there was a sharp advance in Timken
Roller Bearing. Fluctuations in all these
stocks except possibly General Motors
were rapid and wide.
Money renewed at 612 per cent, but
funds were in such abundant supply
that shortly after noon the official rate
| for new loans was dropped to 6 per
cent Time funds were easier also.
Money, however, was not factor in
| the market, nor did there seem to be
any concern about the brokers loans
| total to be announced after the close.
| Possibly there was some selling because
Friday is holiday, but in the main it
was contest between those still con-
| vinced that the advance was going
| further and those who were eager to
realize on their profits. Sometimes one
side had the better of it and some
times the other.
In the steel group, shares of the
! independents were favored, especially
Republic Iron & Steel, and Bethlehem.
The last named was turned over in large
| volume only fractionally under the best
of the year United States Steel worked
above 100, but seemed to meet stock on
the advance. Traders took their cue
not from the news about the industry,
but from the action of the stock on the
tape.
The rails, which for time yesterday
had showed signs of life, were neglected
today. The price trend was downward,
but there was not enough activity to
make changes of any significance.
Stocks of Cuban sugar producing COM
panies were weak. Cuba Cane pre-
ferred and Punta Allegro went to new
lows for the year.