Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-24
u. s. STEEL HITS
| NEW RECORD HIGH
Switch From General Motors
Makes Issue Market
Leader.
BY GEORGE T. HUGHES.

Special Dispatch to The Star
NEW YORK, September 24.-United
States Steel selling at its highest price
in history above 161 led an impressive
demonstration on the side of advancing
prices for industrial shares on the stock
exchange today.
Throughout the forenoon there was
every indication that considerable
switching from General Motors in
United States Steel was in progress,
although the former held firm and
joined with others in the Improvement
as the session progressed. First 1t was
the copper stocks that led the advance,
then came the oils followed closely by
many of the utilities, notably Public
Service of New Jersey and National
Power & Light, and finally the steels.
SteeIs Follow Rise.
Practically all of the independent
Steels were carried upward with the big
leader. Republic Iron &; Steel, Vanadium
and Colorado Fuel we're up some 2
points while smaller gains were regis
tered in others.
The money influence was not factor
in the speculative calculations. Call
money renewed at 71a per cent as
against the Friday renewal of 8 and
there was an abundance OF funds avail
able at this charge
AS the market drew to q close u. S.
Steel was holding within small frac-
ton of its absolute high. Trading con-
tinued active, with new favorites being
brought forward when profit-taking de-
veloped in the early leaders
Among specialties at the close Union
Carbide was rushed to a new high.
Standard Oil of New Jersey changed
hands in one block of 10000 shares at
Al, almost : point higher. Canadian
Pacific led the high-grade rails, up
more than 3 points. Chrysler and
Packard, both at new highs, were the
late features of the motor group.
Copper Outlook Good.
Assumption of leadership by the cop
pers was logical move. With stocks
IN the hands of refinerS abnormally low
and producers in position to speed I'D
production, the outlook for the copper
companies Is brighter than at any time
in the past two years. The market for
the metal was advanced to the 49,
cent level today for export, and there
were indications that a decent basis
might be established in the near future.
Anaconda was carried to the highest
since 1917, Cerro de Pasco, crossing
l041a. reached it's highest in history.
and CRANKY Consolidated, above 65K,,
went to the best since 1919. Howe
Sound. Kennecott and Butte Copper &,
Zinc all made new peaks of one form
or another.
Evidence that considerable switching
from General Motors into United States
Steel was in progress conceded with re-
ports that several leading stock market
operators were liquidating their General
Motors stock, acquired at substantially
lower prices. Steel common, crossing
160. sold within a small fraction of its
highest in history and was up over 2
points on the day. Colorado Fuel. Re-
public Iron & Steel and Vanadium
were in urgent demand.
Irregularity characterized the move
ment of prices at the opening. In point
of advance the oils were the favorites.
although number of the coppers
shared leadership in expectation of con-
tinued improvement in the price for
the metal.