Evening star., 1928-04-11
LIST STAGES RALLY
ON STOCK MARKET
High Money Rate Without
Effect-General Motors
Leads Recovery.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, April 11.-Traders In
stocks recorded from their fright
over the hardening In the money
rates today. The renewal charge for
call funds was 6 per cent, the highest
for the more than year, and the same
rate which had brought out the wave
of selling that had carried prices down
SO sharply yesterday. 1t had no erect
TODAY. On the contrary. stocks rallled.
whatever the opinion OF economists
NAV he. or whatever the statistical po-
sition NAV show, spectators were con-
fident that money would be easier before
II was higher. The facts seem 10 sup
port this view. The supply was reported
plentiful early in the day with no sign
of calling of loans. Banks, especldIIy
those in the interior, found tne per
cent return attractice. as wen Chey
might. and shortly after noon the rate
for new loans opened to 5l2 per cent.
Still Some 1rregularity.
There was still regularity. some de-
clines and many quotations practlcal-
" unchanged on the day. Nevertheless
the market gave good account OF IT.
self
II had the reaction on the day before
Opening fractionally higher, 1t advanced
until it showed a net gain over the pre-
cedinq close of between 4 and points.
Dealings we're on the usual large scale
with the tape tagging behlno Trans
actions on the floor. The commence
shown by the organized supporters OF
motors had the effect on the rest OF
the list which was doubtless lntendeo
Some of the more courageous pools re-
snmed operations and spectators for
the decline retreated.
Electric Auto-Lite was a feature, up
over II points as 1t crossed l60. Johns
Manville was taken in large blocks
American Can worked higher and Cen
eral Electric came back from an early
recession. 1t was not difficult TO at
tract a following in the low-priceu
stocks. such as Middle States Oh. once
they displayed activity on the side OF
advance. American Ice responded to
the optimistic statement OF the presl-
dent at the annual meeting.
Brooklyn Edison Stands Out.
Brooklyn Edison stood out among the
utilities above 256 at the highest for all
time. Speculation was renewed IN the
local fractions, Interborough ans
Brooklyn Manhattan, with the stocks OF
both at the high of the movement
Other utilities were more or less strong,
notably Columbia Gas.
The copper stocks which were 20
prominent earlier in the week met
profit-taking. but absorbed 1t fan'y
well. Some reaction would not be sur
prising. in view of the rise these shares
have enjoyed. United States Steel was
more irregular. fiuctuating in a narrow
range around yesterdays close. Nor
was much interest taken in the rails
during the first half of the session.
Stimulated by the drop in call money
TO 5la per cent, the market became IN
creasingly strong in the afternoon and
activity grew General Motors extend
ed its gain and other stocks fell into
line. Public Service Of New Jersey was
In urgent demand at new high for
the present no-par shares.
National Dairy Products was likewise
rushed up to a new top above 30. the
highest since listing. Montgomery
Ward advanced points. In the high
priced group Case Threshing Machine
was conspicuously strong and so was
Union Carbide and Carbon.