The Washington times., 1928-10-13
WEEK s MARKET
GAINS SCORE: J
NEW HIGHS
BY w. s. COUSINS
international News Service

international NEWS GCENtE0
NEW YORK, oct. 1S.--After mo-
mentary hesitation at the mid-week,
the brilliant advance in the specula.
tive favorites was resumed in full
force this week. The old market
bell.wethers were brought forward
by the pools and professionals,
pushed to the center of the stage,
and whirled upward in vigorous
style, with numerous new high-price
records for the year having been es-
tablished.
In the face Of the continued ex-
pansion of speculative borrowing,
repeated pounding of the market
by the bankers and economists, bear
ish bulletins by the stock commits
sion houses and Wall Street tactic
ians, the remarkable forward move
ment in the industrial and speciality
stocks gained momentum, while the
market broadened on all sides.
Shorts Driven to Cover
The shorts have beep driven to
cover without quarter, the bullish
pools have been completely masters
OF the situation, and reports OF dis.
tribution'' have been met with sen.
sational new movements which have
carried prices to the peaks of the
year. If the pools are distributing
some of their stock, they are as
suredly accommodating In other sec
tions Of the list.
The testimony Of prominent bank
ers was taken at full value by the.
bulls in Wall Street. 1t showed UNI.
mistakably that there was no undue
strain on credit, that money sup.
plies were ample for all require
ments and that the season was fast
approaching for a return of funds to
the financial centers, hence an
easier money market for speculative
as well as for other purposes.
Call Money Rates
Call money ruled on the board at
GA per cent, while time collateral
rate ruled firmly at ~ per cent.
With the decline Of the British
pound sterling to the achievement
point. resumption of gold importa-
ton from London to New York was
reported
Industrial and trade reports of
the week were in keeping with tho
extremely favorable forecasts and
summaries of the banks and bust.
HESS dECIIlAGS SAAlGGf IAO bAAAA Va NAA~
month. A good increase in fourth
quarter steel, motor car and repre-
sentative lines of business Is now
assured, and at prices that win
permit a better range Of profits Tor
the welEmanaged concerns.
Van Sweringens Move
The most important development
OF the week in the railroad field
was the acquisition by the Van
Sweringens OF the majority stock
interest in the Buffalo, Rochester.
and Pittsburgh railroad, small
but strategically important line tap
ping the rich Pennsylvania coal
and steel districts and running from
there to the northern part of New
York State. The line will. doubt
less, form a part of the greater
Nickel Plate consolidated system
when the component parts have
been put together to the satisfac-
ton OF the Interstate Commerce
Commission.
Enthusiastic forward movements Of
the mercantile stocks, the motors
steel. coppers, and speciaIties fea.
tured the active sessions OF the
week. New advances of from 10 to
80 points were recorded for the
speculative favorites and new peaks
were established for such we'll.
known stocks as General Motors,
u. s. Steel, Montgomery Ward,
Sears Roebuck. and American
Smelling.
Buying Orders Heavy
Buying orders literally swamped
the market and swept bare the Of.
ferings of the favorite shares.
The commodity and futures mar.
kets were generally steady. cotton
prices receiving the benefit of
strong cables and the threat of
colder weather in the cotton belt.
Investment markets were mostly
concerned with the movements of
prices of the industrial convertibles,
which were jerked up and down in
order to keep pace with the wild
fluctuations in their respective
stocks