Evening star., 1928-04-13
BULLS HAVE FETE
AS STOCKS CLIMB
Market Out of Control as
Huge Turnover Leaves
Ticker Far Behind.
BY GEORGE T. HUGHES.

Special Dispatch 10 The Star
NEW YORK, April 13.-The stock
market pushed again today into new
high ground to the same accompanl-
ment of an enormous turnover, new
peaks for the favored issues. ticker
that was unable to keep up with busl-
ness on the floor and all the other pne-
nomena of speculation completely De-
Yond control
There was nothing in the outside
news that affected the market Long
ago it lost touch with industrial con
ditions. Its response to changes In the
money supply is uncertain and inter-
mittent. Not only Is the public in the
market. but 1t is largely public out
side of New York. The testimony OF
the big wire houses Is unanimous on
this point.
Out-of- Town Buying.
1t was these out-of-town buying or
ders that put up prices at the start
today, as 1t had been doing all the week.
General Electric, Consolidated Gas and
Columbia Gas were the favorites at the
start today. General Electric on block
of l0,000 shares at 1863. up over points,
and the highest on record for the pres
ent shares Consolidated Gas was up
ga points at 1853. also for the highest
in history. and Columbia Gas began the
day up nearly points at l03.
There we're other spectacular fea-
lures. Bethlehem Steel came to the
front early in the session, setting new
mann, Universal Pipe az Radiator
Canada Dry Ginger Ale. Gillette Safety
Razor and National Power e. Light
were included in the list. Some of
these are high priced and some are
low priced, but no distinctions were
made All were in demand for one rea-
son and for one only. because the buy
ers believed they would be able to sell
them to some one else for more money.
General Motors maintained its place
of prominence. Not only did 1t open
higher. but before noon 1t was selling
within a fraction of its highest for all
time The market today, too, also dif-
fered from Thursdays in that the open
ing gains were better held. General
Electric increased its advance 2 more
points as the confidence inspired by
the spectacle of continuously high
prices brought In new buyers.
Rail Stocks Neglected.
Railroad stocks were comparatively
ueSlECtSu NilC StFAhLlS CACSptlSAl NaS
New York Central, which set a new
high for all time at 1872. Another was
Lehigh Valley. which was evidently
again under accumulation BY interests
who could afford to disregard the pres
ent relation between earnings and
price.
Money renewed at per cent against
51s for renewals the day before. The
Street professed to be gratified that
the increase in brokers loans revealed
in the Federal Reserve compilation was
no larger than 1t was. The fact that
it made another new peak was ignored
Nor was any attention paid to the sig
nificant hardening of the time money
market It was enough that funds were
ample 10 finance speculation over the
week end.
Note of Irregularity.
note of irregularity crept into the
market in the afternoon. Steel came
down and other stocks lost part of
their early gain. On the other hand,
General Electric was aggreSsively
bought, soaring to 1882. where ii was
up over II points on the day. Consoli-
dated Gas held its position we'll and
Brooklyn Union was taken up together
with Peoples Gas of Chicago. Lehigh
Valley scored a fresh advance. Texas
Corporation stood out among the oils.
Radio was under pressure.
The turnover up to o'clock was not
quite equal to that Of yesterday at the
same hour. but was still large enough
to indicate total of 100000 shares
on the day.