The Washington times., 1928-10-27
PRICES
FOR WEEK
HIGHER
BY w. s. COUSINS

10y Wa f9.s AOGf114NI9
international News service Financial
Editor
NEW YORK, Oct. 27.-An fill.
crease Of s1O7 ,903 900 in brokers
loans on stock and bond collateral
60 new peak of $4,772, 293 900, as
reported this week by the federal
reserve board. was evidence aplenty
OF the expanding nationwide inter
est in the security markets, the
vast accumulation OF stocks att
ever,increasing prices and the enor-s
mouse influx of capital to the finan-s
.cial center Of the country.
Industry Prosperous
From the industrial standpoint
the week may be considered as one
OF the most important mile-posts ia
the spectacular march of American
prosperity. Corporation earnings re.
ports for the third quarter Of the
year I'm almost every instance re-
vealed a more profitable condition
OF affairs than had been generally
believed even In the est.informed
financial circles. The general motors
corporation. for example, with earn
ings OF $240,534,6I3 In the first
nine months OF the year. has al
ready piled up an aggregate Of net.
Income exceeding the whole Of the
record breaking year or 1927
The Bethlehem Steel Corporation,
as an incidental to its brilliant third
quarterly earnings report, told
stockholders this week that its
wheels were now moving at "a per
cent of the total capacity Of the
plants, the largest in the history Of
the giant company. Heads OF the
General Electric Company. Dupont
Company, Western Union Radio
and other corporations too numerous
to mention had no hesitancy this
week in saying that their companies
will earn more money in 1923 than
In any other peacetime year in
their entire histories.
Oils Gaining
After three lean and barren years,
the oil industry Is giving evidence
of stepping forth into the atrno-
sphere of property enjoyed by its
kindred industries. Over-production
has been curtailed, prices increased,
and representative companies placed
on Il profitable basis.
For further evidences of prog
ress the testimony of the principal
commodity. foodstuffs and metals
markets might be cited. Copper
metal rose to I6 cents pound for
foreign delivery and I5A cents for
domestic. the highest In nearly five
years. Sharp advances were re-
ported in scrap metal prices, in pig
iron and in various finished steel
products. Members of the iron
and steel industry in convention
here this week commented enthusi-
astically on current operations and
immediate future prospects of their
own industries.
Disregarding handicaps Of all
kinds the rise OF speculative bor-
rowing, the 5 per cent call loan
rate and heavy profit-taking in the
fast-climbing speculative favorites,
the stock market surged ahead to
new high price levels in one Of the
most active weeks on record.
Powerful demonstrations of the
strength of the oil and copper stocks
We're encouraging to the patient
holders Of stocks OF this class, the
former of which have been the
black sheep of the market for many
moons.
n score or more OF the nest
known industrial stocks on the list,
including United States Steel Com
mon. General Motors, Dupont RAJ
do and other speculative favurites.
established new price records for
all time rs wave after wave of
buying demand swept into Wall
Street from all sections of the
country. Kennecott Copper. Ana
conda, Bethlehem and Crucible
Steel, Sinclair OIL, Marland, Pan
American Texas Corporation and
other high.grade industrial stocks
replaced their speculative brethren
as the leaders in one of the most
aggressive forward movements ever
seen on the big board at this or
any other period in speculative
history.
it was week OF the making
good" of rumors Of various kinds
from the splitting UP of industrial
stocks to the "Cutten buying" of
new stock interests, Sinclair Oil
having been added to the acquis-
lions of that famous investor.