Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-11-07
STOCK PRICES SOAR
ON HOOVER VICTORY
Bulls Stage Spectacular Rally
as Market Reopens-High
Records Made.
By the Associated Press.

BY the Associated Press.
NEW YORK, November IA spec
tacular rally in stock prices was Wall
Streets response at the opening of to-
days market to the election Of Herbert
Hoover as President Of the United
States. Curtiss Aeroplane opened with
block of 5000 shares at STATS, a
gain of $40, and Timken Roller Bearing,
Missouri Pacific, General Motors, Ra-
dio and Standard Oil of New Jersey
opened with gains of 81 to 81 share.
A tremendous accumulation Of buying
orders had poured into the market over
election day. Blocks of 5000 to 10000
shares appeared on the tape at frequent
intervals. Nearly every active stock
opened 81 to SIS share higher.
Many Gains Scored.
Standard Oil Of New Jersey, which
ordinarily moves within extremely mar
row limits, opened with a block Of
"a. 800 shares at $3.50, UP $3.50 and
a new high record. General Motors,
which was heavily sold just before the
close of the market on Monday, opened
with a block of 5000 shares at $2245o,
a gain of $3.50 and duplicating the
wears high record. Atlantic REFINING
(new stock), opened with a block OF
10 900 shares at $59.87l2, up $2.25.
Bullish demonstrations were par
ticularly pronounced in the pubic utiL,
ties. American g. Foreign Power ana
Commonwealth Power each opened up
more than points at new nlgn recoros;
Public Service of New Jersey opened
with a block of Is 900 shares at $7O.75,
nm SITS, and National Power & Light
with q block of 10000 shares at $42.87H2,
up 81.
A tumultous roar Of voices greeted
the sounding of the opening gong. Near
ly all of the leading Stock Exchange
houses sent their active floor members
to the exchange to assist in the execu-
tion of the large volume of orders which
poured into their offices from all over
the world.
Houses with international connections
renorted an unusually large number OF
foreign orders. Private cables reported
a bullish demonstration in American
securities on the London Exchange,
United States Steel common opening
there at a price nearly $3.50 share
higher than Mondays closing quota
tion in New York.
High Records Made.
Wright Aeronautical showed an open
ing gain of $7.25 share, at $183. Vic
tor Talking Machine and International
Nickel quickly ran up more than SIS a
share. Among the many issues to ad-
vance So to 81 a share were Radio,
American Smelling, Sears Roebuck,
Case Threshing Machine, Greene
Cananea Copper, Warner Bros. common,
Industrial Rayon and Eastman Kodak.
Additional new high records were
established in the first half hour OF
trading by Amerada, Pure Oil, Standard
Oil of California, First National Stores,
Woolworth, Texas Coal g. OIL and Ken
necott.
Wall Street observers recalled that a
similar bullish demonstration greeted
the election of President Coolidge four
years ago. Conditions, however, have
greatly changed in the interval. Pres
ent stock prices, judged by the Asso-
ciated Press rail and industrial aver
ages, are more than double what they
were four years ago, many issues sell
ing to 10 times higher.
Call money was freely available In
1924 at per cent, as against per
cent today, and rate OF to 10 per
cent quoted at intervals in the last few
months. Brokers loans are now at the
highest levels in history, Stock Ex-
change member borrowings at the end
of October running close to $6,000,0 ,000,-
000 While accurate figures OF loans in
1924 are not available, the total un-
doubtedly has more than doubled, II not
trebled, In the last four years. -.