Evening star., 1928-05-31
SOME LARGE GAINS
ON STOCK MARKET
Case, Radio and !. T. & T,
FeatureS-Turnover Again
Is Heavy.
BY GEORGE T. HUGHES.

Special Dispatch TO The Star.
NEW YORK. May 31.-Stocks were
strong again today. Motor shares were
uniformly higher, stimulated by the
news of the Chrysler-Dodge combina-
tion. Other mergers in this field were
said to be under negotiation.
1t was not only the motrs, however,
that were moving upward. There were
excited advances In industrial speciai-
ties, in one or two utilities and more
moderate gains in a few of the rails.
In the last half hour, u S. Steel, which
had Jagged behind all day. turned sharp
ly upward, followed by Bethlehem
Steel
Money renewed again at per cent,
against the 53 per cent rate for new
to be in good supply. Time money was
a shade firmer, 5la per cent bid and
55s offered The Street was filled wit
discussion as to the probable course OF
the Federal Reserve authorities. Most
OF 1t was based on misapprehension
The controlling factor in the present
situation is money itself and not the
attitude OF the Federal Reserve
case JhreShfng Spectacular.
Among the violent advances were
Case Threshing Machine. Radio and
International Telephone & Telegraph
The first named was the most spec
tacular Having closed Tuesday al
30214. Case sold at 319 before noon
today, a jump of nearly II points
Radio went to new high record for
all time, directly after the opening
crossing 2l5. International Telephone
& Telegraph sold above 190 against
the preceding close of 1872. also a new
high since listing These displays
stimulated speculation in the general
list. which was doubtless an object.
American Telephone and Telegraph
went along with International Tele-
phone. but to a much less extent. In
yestment interest was also represented
by the strength in New York Central
which was taken up after its long rest
General Electric was somewhat higher
but United States Steel, selling ex divi-
dend of SITS, was heavy.
Great interest was taken in the action
Of the motor stocks in view Of the
Chrysler- Dodge, details of which were
not available until after the close Tues
day but the general trend Of which had
been foreshadowed in the market OF
that day. Chrysler had TO absorb heavy
realizing. as might have been expected
Dodge Lags Behind.
Dodge preferred, which according TO
the plan is to be exchanged share
for share for Chrysler. continued to lag
behind Chrysler's price, giving an op-
portunity for arbitrage. Traders were a
little slow to sell the one against the
purchase Of the other, fearing lest
there be some hitch In putting the deal
through. Stocks Of the other independ-
ent motors were strong especially at the
opening. Packard was one of the favor
ties, selling within a fraction Of its
record high. Hudson, Hupp, Nash and
Studebaker all worked higher Heavy
short covering came into Mack Trucks,
and White Motors forged ahead sympa-
thetically.
Elsewhere In the list the mail order
stocks we're in demand. Montgomery
Ward and Sears -Roebuck. Shattuck
went TO new top early in the session
and so did Remington Rand. Postum
Co. improved its position
Oils were irregular. Phillips Petroleum
lost 2 points and more. South Porte
Rico Sugar, on which an extra dividend
OF 25 cents has Just been declared
yielded on profit-taking.