The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-09-20

PRICES.
MADE BY
MOTORS

Ht0 0HH
NEW YORK, Sept. Industrial
stocks withatood the Jolt OF per
cent call loan market today with ~
little concern a. yesterdays s1a per
cent rate. A long list OF the motor
car, utility, oil and manufacturing
stocks climbed confidently to the
highest level of prices of the year,
from which they were only partially.
dislodged by the last-period profit
taking.
Except for the brief spasmodic
rise TO 10 per cent in eariy July, the
call loan rate had not previously in
this movement reached the > per
cent level. Funds flowed into Wall
Street in the forenoon in sufficient
volume to depreaa the rate to III
per cent, but constant Withdrawals
throughout the day tied the purse
strings tight and forced the rats sky
high.
Sinclair Oil staged brilliant
forward movement in the final
period and sold in enormous volume
above 30; Atlantic Refining was In
demand throughout the session at
the best prices on record, and most
Of the Standard oils responded with
higher prices to the general improve
nlent In the oil Industry. Though
trading was again in large volume.
the ticker in the afternoon wan
within 4 few minutes actual trading
on the floor OF. the exchange.
Packard Rises
General Motors and Packard led
the advance in the motor shares
and prices were whipped upward
sharply in unusually heavy trading.
Wall Street heard that the man.
ayers corporation, which operates
for the employees Of General Motors.
was in the marker for q large
amount of the corporations stock,
In the expectation OF further split.
ups or stock dividends next month.
The stock sold above 212, the high
est price on record for the present
form Of the shares.
The frank and explicit statement
Of Governor Roy A. Young, OF the
Federal Reserve Board. with respect
to the functions Of the reserve sys-
tenn and the place It occupies in the
financial affairs OF the nation.
helped to clarity the minds Of many
traders In the Wall Street district
on the important subject Of col
lateral borrowing. Further expan-
sion In brokers loans was looked for
IN the weekly statement OF the re-
serve board. but this was not ex-
pected To be beyond the capacity Of
the hanks and corporations extend
ing the loans.
FL la was the feature Of the popular
motors. having had q spectacular
market career since ita rise from
the low 4Os in the latter part Of 1927.
Tne marvellous expansion OF its bust.
ness this year IL one OF the interest.
ine romancep OF the motor Industry.
A long list Of the airplane, oil.
metals and manufacturing stocks
forged ahead buoyantIy in the early
afternoon. with little regard for the
contraction In speculative credit Or
the n per cent call loan rate.
stocks OF the American Public TItil.
ity companies were again in active
demand, Brooklyn Union Gas carry
ing its sensational advance to III.
completing gain Of about As points
on the movement. National Power
and Light, Electric Light q Power
and other low.priced utilities re.
sponded with higher prices to the
reports Of higher current and bro
Spectiye earnings OF the compa nies.
Other Advances
New accumula ton OF International
Nickel, one OF the wonder stocks of
the last year or two, resulted in an
advance to above 1870. American
Zinc about = Cerro De Pasco above
100. Greene cAnanea above 123 and
Anaconda at 81 represented the
cream OF the market in the division
OF metals stocks. The steels did
not act as well as the coppers. hav.
Ing been called upon for fairly heavy
protit-takins.
Atlantic Refining dominated the
oils. though Sinclair and MarIaud
moved forward a point or two in
response to reports Of well authen.
heated reports OF a better marker
Tor petroleum products Of all kinds
ana Important new Developments in
THESE companies. Sinclair is quite
closely linked up with Standard of
lhdlana and Mariand has greatly ex.
Tended tts producing areas In recent
years.
As IN the last three sessions. the
iate prOf1t.taking had the effect of
slowing down the market and the
ticker was even with the market.
at the end of thu fou,tI, TO-. g.