Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-14
STOCKS IN DEMAND
IN RISING MARKET
Heavy Turnover Marks Days
Dealings, With Many Ad-
vanCeS Recorded.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 14.-An-
other wave of buying swept through the
stock market today, carrying many
issues to record prices. Notwithstand-
ing the increase of almost $96,000000
in the latest weekly Federal reserve
brokers' loan statement reported after
the business closed yesterday. overnight
buying orders had accumulated in enor-
NOUS volume. The market stated in
with a rush and before the end of the
first half session, the ticker was 80
minutes late in recording transactions.
Total sales in the first hour alone
exceeded 100000 shares, or at the rate
of more than 100000 shares for the
full session. Speculative Wall Street
placed more significance in the drop in
the call lean renewal rate from ~ per
cent to per cent than it did in the
increase in brokers borrowings
Motor stocks, the coppers, oils, steels
and practically every group with the
exception of the rails, were prominent
in the upward movement. General Mo-
tiers at 20912 was up points and
within fraction of its highest in his
tory. ChrySler continued in active de-
mand. the price crossing 108 to its best
for the present share capitalization.
Others in the group to reach new highs
include Hupp and Packard, despite the
fact that the latter was selling ex the
25-cent quarterly dividend. Murray
Corporation, at new high above II,
and Timken Roller Bearing up almost
points at 141, were the leaders in
the motor accessories.
The volume of business in the oil
shares was greater than at any time
since the first signs of Improvement in
the statistical position of the industry
were noted !.
That the improbable conditions
we're being gradually rectified was evil
denced by the raising of Pennsylvania
crude Oil prices to Is cents a barrel
today. Low-priced issues were most
favored, notably Barnsdall A., which
opened on block of 81 900 shares at
a new top of 347s and subsequently, sold
at SO, as against the previous final of
321s. Tidewater Associated new went
TO Its best for the movement around
70, where 1t was up point or so.
Texas Corporation crossing 1912 reached
new high level while Phillips Petro-
leum, American Republics and Atlantic
Ref1nlng were subsequently improved.
Leadership of the coppers was MAIN
tanned by Cerro de PaSco. Opening on
block of 5000 shares at 9414, it re-
covered an overnight gain of more than
point and later crossed SO to a new
high for all time. Inasmuch as it is
the lowest cost producer in the world
and because of its high percentage of
gold and silver ore, 1t was considered
the most likely to reflect the outlook
for improved demand.
Anaconda sold close to its previous
top, Calumet and Arizona gained almost
points, International Nickel rose more
than points and Greene Cananea, SELL
ing ex-dividends, changed hands at l22,
where it was points higher.
u. S. Steel, after opening a point
higher at 159, ranged between this fig
ure and the previous final Republic
Iron and Steel, however, was the leader
and reached its highest since 1920,
while Bethlehem gained over points
Specialties were featured by new high
records for Coty, Incorporated up II
points to 215; Johns Manville, up
points above lat; National Cash Regis
Ter, up over points, and Dawson Chem
ical. up like amount.
Throughout the session trading con-
tinued at a rapid pace, with the tape
having difficulty in catching up with
transactions on the floor. When profit
taking developed in some of the early
leaders operations for the rise switchc,
to others. Westinghouse Electric was
one of the late favorites, advancing
sharply to new high above 1l2. The
demand was accompanied by reports
that interests with large holdings OF
Baldwin we're acquiring substantial
holdings of this issue.
United States Steel finally took its
place among the leaders and. crossing
1872, established new high for tire
year and was within striking distance
of the record for all time. Republic
Iron & Steel was carried across 81 for
a gain of some five points.