Evening star., 1928-04-27
BULLS AGAIN HURL
STOCKS UPWARD
Ticker SWamped-41 Min
uteS Late at No0n-RaiIs
Market Leaders.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, April 27.--Another wave
of buying swept over the stock market
today The volume of business was
greatly increased In the first hour
over million shares changed hands
and by noontime the tape was Al min
utes late.
The fact that the New York Federal
Reserve Bank did not raise its re-dis-
count rate may have been an influence,
or it may not Speculative imagination
was probably stimulated by the an
nouncement of the sale TO the Pennsyl-
vania by the Delaware 81 Hudson of its
Wabash & Lehigh Valley stocks. More
than anything else however, the dis
play Of Indifference 10 everything un-
favorable made friends for the market.
Money renewed at 5 per cent the
high of the movement, and the banks
called some loans. but the supply was
ample. Not thought was given to the
total of brokers' loans.
Gains Not All Maintained.
Opening gains, some of them very
large. were not fully maintained In the
later trading, but that was to have been
expected. The receSSions were not more
than the usual realizing would nave
brought about Among the features
were Consolidated Gas which started
in on a block of 10000 shares at 1862,
up points and at a new high for the
present shares. Another was New York
Central which opened at 189, up over 3
points and the highest in the history Of
the road. Still another was PennSyl-
vania, which sold 'ex rights" to sub
scribe TO new stocks today. The Initial
quotation of 72 more than made up
the price for the rights and then the
stock moved forward 10 the highest
since 1909
Fully as interesting was the strength
in the motor stocks All through yes-
terday's session. when the rails were
being bought so eagerly the motor
stocks were neglected. They were
brought into line today. General Mo-
tors opened point higher and then
ran up above 1911. where ii showed a net
gain Of over 4 points.
Demand for Independents.
Then demand appeared for the shares
of the independents, Chrysler, Hudson,
Packard and Hupp, particularly the
latter. In the industrial list American
Can was the leader, while sharp gains
we're recorded by General Electric. Ma
tional Tea. which above 270 was at
DEH ItlBil luI AL anu Eld4ty OLiic4S
Rails were strong again today. With
the news out" on Delaware az Hudson
that stock reacted somewhat and
Wabash was lower. but the majority OF
issues made substantial gains. Chicago
and Northwestern made a new 1928
high above 90 Union Pacific bettered
its record OF the previous day, which
was higher than at any time since 1910
Southern Pacific made a new high for
the year. Texas and Pacific made
new high for all time
Advances in the oils were not large
but sttll enough to give encouragement
Sinclair was feature. rising 10 new
peak for the year at 30 on talk OF
merger developments Mining stocks
did better all around.
Tape Lags Behind.
The market continued strong through
out the afternoon. The turnover was
still very large and the tape a half an
hour or more behind. but prices held
around their highs The real sem
sation was Consolidated Gas up nearly
9 points at 167. Brooklyn Edison
and Brooklyn Union Gas were also
In demand
Speculation turned toward the oils
in the latter trading, A block Of 32,-
900 shares of Standard Oil of New
York was taken at 35 new high for
the year. Other oils stocks to respond
included Pan American Petroleum class
b" TranScontinental and Texas Cor
poratfon.