Evening star., 1928-03-28
BULLS ROUT BEARS
ON STOCK MARKET
Raid by Sellers Followed by
0utburSt OF Buying in
Radio Shares.
ny GEORGE r. HUGHES.

Special Dispatch TO The star.
NEW YORK. March 28.--Aftsr open
ing generally higher today. the stock
market throughout the forenoon con-
tinued to display rallying tendencies. but
with the volume OF business well under
that of the same period Tuesday
Shortly after midday another attempt
to break the market was concentrated
against General Motors and United
States Steel. Both issues suffered rather
sharply for a time. But as was the case
in the preceding session, Radio Corpora
tion of America was brought to the
front in an effort to stem another out
burst OF selling. 1t was carried forward
spectacularly to the highest prices at
which the stock has ever sold, above l72
Then American Smelling was taken
up. and, crossing 100, It, too sold at its
highest price in history and was over
points above the preceding Close
Trading quickened until in the early
afternoon the volume was almost keep
ing pace with that OF the preceding
session.
Call Money Is High.
Call money renewed at A. per cent,
the highest since January 81, and in
the afternoon the rate on new loans
higher loan rate had any effect on
sentiment, 1t was only temporary.
Speculative Wall Street came down
to business in a highly nervous frame
OF mind 1t concentrated its attention
upon the industrials that had been the
star performers in the prolonged up
ward movement and which bore the
brunt OF the offerings in yesterdays
break But 1t was the rails that at
tracted most interest as group today.
General Motors had a comparatively
quiet opening. a block OF 100 shares
changing hands at 100. a half point
below the previous final. Thereafter
II moved over range OF points most
OF the time United States Steel opened
down similarly. when a block OF 1000
shares appeared on the tape at l4S.
Later it moved sympathetically with the
big motor leader.
Buying In the Rails.
In the meantime buying operations
were making themselves felt in sucn
issues as Texas a. Pacific. New York
Central ROCK Island and the new st.
PaulS. The first named was carried for
ward Spectacularly for gain of over 10
points TO the highest at which the stock
has ever sold This accompanied pub
lication of the February earnings state
ment. which disclosed net income OF
S507. .726. after taxes and charges, against
S267 sol in February year ago.
New York Central. around 1870. also
established A new peak, while the st.
PaCls sold at their highest prices since
listing. The statement OF the latter
road disc 'osed All increase in both gross
and net for February well in excess of
81 900 600. Rock Island had the incen-
tive Of an increase in the dividend rate
from IS tn 81. although the more con-
servative were inclined To the opinion
that such a development was not as
near at hand as generally anticipated
The induStrialS. however. were not
without noteworthy points OF strength.
The can stocks. which had done little
in the recent speculation for the rise,
were bid up to new high prices Ameri-
can Can to the best for the present
shares and Continental Can to the
highest since 1922.
General Electric at New High.
General Electric reached a new high
for the present shares when it sold a.
$50 and Commercial Solvents vas bid
up some points 10 It's best for the
new stock Operations for the rise
were renewed again in Montgomery
Ward. the price crossing Isl to its best.
feature OF the movement OF INDUS
trials was the action of the oils. espe-
cially those representing companies
operating in Mexico Amicable clllmi-
nation OF the Mexican land laws con-
troyerSy. removing retroactive and con-
fiscatory application To American oil
rights. found immediate reflection In
the action OF these stocks. pan-Ameri-
can n" Jumped some 4 points on q
heavy turnover and Mexican Standard
Oil went to new high for the year.
around - Other oils moved svmpa-
thetically with Houston. Standard OF
New Jersey and Sinclair favorlteS,
TAX OF change of control was the basis
Cor the new high for the year made in
the last named