Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-03-12
PACE |SFEvER|SH
ON STOCK MARKET
No Let-Up in Trade Volume
Shorts Again Given Sc
we're Beating.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 12.-With no
let up either in volume of business or
IN extent. of fluctuations, the stock mar
ket today experienced another session
of excited trading. The short interest
again was punished with the utmost
severity as stocks in which operations
for the decline had been carried on
in recent weeks had been bid violently.
The pace was feyerish all day and the
movement in the main body was highly
irregular, at one time the selling pre-
dominating and again the buying
In nothing that happened was there
any reflection Of the trade outlook. or
for that matter of money conditions.
Call money renewed at AZ per cent,
which was an advance from the Az
rate prevailing Friday, but no attention
was paid to that. The center of in
terest was the desperate and unavail-
ing struggle of the unfortunate shorts
to extricate themselves from their
hazardous positions.
General Electric Leader.
among them was General Electric,
which had been relatively quiet during
the excitement of last week It came
to the front today. however, with a g.
point jump as it crossed 140 to the
highest for the year. In part this was
a response to the advance in radio, in
which General Electric has a large in
crest, and in part it was the same old
story OF trapped shorts. Radio itself
had another sensational advance. run
ming up almost 8 points as 1t touched
1913, the highest at which the stock
ever sold.
Baldwin. too. was in the limelight
today. On comparatively small turn
over it made a new high for all time
at 282, up over 8 points. 1t had been
supposed that the long-suffering short
interest in Baldwin had been eliminated
long ago. but today's market showed
that this view was erroneous. WeSting-
house Electric did not move quite so
fast as on Saturday. but it did make
new high above los and trading in
1t was again in large volume There
were numerous other stocks the market
for which fiuctuated spectacularly. In
ternational Match preferred was one,
up nearly s points, Another was Mont
gomery Ward which was taken up
around midday and advanced points
to l4i. Sears Roebuck followed along
out not so rapidly.
Steel and Motors Quieter.
Steel and General Motors were quiet
er. The latter ranged around the pre-
ceding close or slightly lower than the
first half of the day. Steel was up a
point or so. but especially conspicuous
More 4a No Es@rf
pendent motors. Chryslcr was very
strong at a new high for the year. above
So Hupp was in demand and Hudson
made up the dividend, which came of
the price today. OF the independent
steels. Vanadium attracted the most at
tention with 5-point advance
Al intervals attempts were made TO
bring the rails into line. but they we're
not very successful. Canadian Pacific
was up at one time over points New
YORK Central was strong and the Erie
issues we're fractionally higher. but it
was difficult to get up much enthusiasm
for the rails and yet the conservative
element will not be persuaded that the
man advance has been resumed until
the shares of the carries participate.
Activity Increases.
ACTIVITY increased In the afternoon as
y. s. Steel assumed the leadership.
Moderately higher in the forenoon. the
buying became more insiStent as the
day wore on and the price steadily ad-
vanced until approaching I4o it was
no nearly 4 points from the preceding
close. The action of Steel inspired con-
fidence i'll the rest of the list. Inde-
pendent steels. Bethlehem. Sloss-Shef-
field, Youngstown and American Steel
Foundries, pushed forward
Motor shares with the exception of
General Motors. which in mdafternoon
was only fractionally higher. continued
strong.