Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-27
i. S. STEEL REACHES
NEW RECORD PRICE.
Strength AIIays Fears Of
Break in Market and
Steadies Trading.
BY GEORGE T. HUGHES.


NEW YORK, September 81. - After
a forenoon session in which practically
the entire industrial section was called
upon to absorb heavy realizing sales,
the buying side once more obtained
the upper hand in the Stock Exchange
today.
When it appeared as II the selling
was to get out of hand United States
Steel was again brought forward i'll
an effort to maintain public confidence:
Crossing 1919 in midafternoon, Steei
went to it's highest in history and its
action again allayed fears of wide
open break in the market generally.
Rails Follow Steel.
Closely following United States Steel
were railway stocks. Sharp advances
were recorded in ST. Louis Southwest
ern. which reached its highest on
record, up almost 5 points; in Reading,
Rock Island, Texas & Pacific, Missouri
Kansas-Texas, Kansas City Southern
and many others.
Throughout the forenoon trading in
dications were that the speculative
element for the first time in several
weeks was to ignore the declining
money dropped to 6 per cent the rally
became pronounced, although there
were many issues which were still feel
ing the effect of profit-taking.
More significance attached to the de-
sire on the part of the speculative
element to liquidate long holdings in
view of favorable developments in the
outside situation. Increased industrial
earnings, larger freight car loadings in
dicating continued improvement in in
dustrial activity and the prospect of
shipments of gold from both England
and the Argentine were factors which
under ordinary stock market condi-
tionS should have had their reflection
in rising prices.
But the list as a whole was thought
to be entitled to a technical setback
AS group the metal stocks were
subjected to heavy realizing and at one
stage Cerro de PaSco was down over
2 points. American Smelling, like
amount and Green Cananea and Calu-
met & Arizona point or more.
Oils Disappoint.
In view of their current selling level
and widely circulated rumors of pend
ing mergers among number Of promi-
nent oil companies, the market tor the
stocks concerned acted disappointment
Large blocks of Pan-American issues
made their appearance on the tape at
the outset, but the improvement which
occurred in the first hour was not
maintained. Sinclair Consolidated be-
low 80 was down more than a point
Atlantic Refining and Houston Oil felt
the effect of realizing sales at intervals
General Motors suffered to some cX-
tent with other prominent in6usttials.
Packard, Hudson and Chrysler held
fairly steady but there was not the ur-
gent demand in evidence that charac-
teriZed the market for these stocks
earlier in the week. Murray Corpora
ton shares, which were bid up vlolert!y
recently, lost several points, but later
rallied.
Profit-Taking Sweeps List.
Prices moved with a good deal of IL
regularity at the opening today. Gains
and losses were about evenly divided.
Shortly after the opening a wave OF
profit taking swept over the general in
dustrial list. Despite the encouraging
reports of freight carloadings, indica.
ing improvement in industrial activity
the market was thought to be entitled
to technical reaction.
Call money renewed at 612 per cent,
the lowest since August 20, but the
credit situation was not so much
factor in speculative calculations as 10
the immediate future price trend. Ell
forts to sustain the market for UniteH
States Steel were successful, but Cen
eral Motors with the course of the first
hour was point lower Most of the
independent motors reacted sympa-
thetically, and such recently favored
coppers as Anaconda, Cerro de Pasco
and Greene Cananea were down rather
sharply Wright Aero lost over points
and Union Carbide almost 2.