Evening star., 1928-09-10
MAIL ORDER STOCK
/. IS MARKET LEADER
Montgomery Ward Hits New
High as Speculation for
Rise Continues.
BY GEORGE 7. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 10.-Shift-
ing rapidly about from one individual
group to another and from one favorite |
to another, speculation for the rise kept
up on an enormous scale in today's !
stock market.
The leader was Montgomery Ward |
While General Motors and United |
States Steel were being allowed to rest, |
Montgomery Ward was whirled up IL |
unprecedented heights. Closing at 24Ol.
on Saturday, it ran up to 252 In the
first hour today, which was not only 0
new high for all time, but 10 points
above the previous high. The higher
the price went the more confident
traders seemed to feel.
Nickel Stock Gains.
Another speciality on which buying
attention was concentrated was Inter
national Nickel 1t had closed at ia
and before noon it was selling at l3O,
likewise a record high for all time.
Spectators who had been trying 10
pick the top helped along the rise as
they endeavored to eXtricate themselves
from their position.
It was pointed out that General Elec-
advance, and so attempts were made to
bring this high-grade stock into line
with considerable success. just under
ITO the stock was up between and
points. Commercial Solvents ran up
easily from 6 to points on COM
paratively small turnover.
Then the amusement stocks, under
the lead of Fox Film A, took their turn.
Fox Film, above lit, at an advance OF
4 points, was at a new high, and both
of the Warner Brothers issues set new
records. Loew, Shubert and others in
the group were higher at one time or
another. Among miscellaneous indus
trials Lambert and California Packing
sold above anything seen before this
year.
The motor stocks were more irreg-
ular Nash was in urgent demand, up
nearly points. Stewart Warner did
better, but General Motors fiuctuated
uncertainty, first up and then down.
Copper stocks we're fairly consistent.
Magma made a new high for the
year, Anaconda was strong, Greene
Cananea gained more than points
and Cerro de Pasco and Chile were
higher.
Steel Group.
The feature of the steels was Re-
public. UP over points at rs, it was
at the best of the year. Inland Steel
| went to a new 1928 high. For a time
Bethlehem was actively bought. Mean
while U. S. Steel ranged point or so
above the previous close.
Little attention was pail to the rails.
Erie and Missouri Pacific stocks made
the best showing, with Missouri Pacific
| at new high, above IS. This neglect
of the rails was widely commented
upon.
Money renewed at 71a per cent. The
bid price for time funds was raised to
69s per cent for all dates and very
little was on offer.
The market continued active in the
afternoon. but without making much
progress as whole. Montgomery
Ward held firmly at the top and va
riouS lower-priced specialtieS were
taken up, including Dawson Chemical
and ChildS Co. Stewart Warner in
creased its forenoon gain. Studebaker
assumed leadership of the independ-
ent motors and Easton Axle &c Spring
at So was up 2 points and at new
top.
u. S. Steel Says.
On the other hand, United States
Steel sagged, paying no attention to the
increase IN untitled tonnage, the fig
ures on which were given out at noon.
The increase of 53,l16 tons had ap-
parently been discounted. General
Motors was lower on the day at this
stage of the proceedings and many
other stocks receded under profit taking.
There was no weakness, however, and
no sign that the public confidence had
been impaired.