Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-11
STOCKS SHOW GAIN
EREARLY DROP
Traders Regain Confidence
Following Hesitation Over
Money Situation.
BY GEORGE T. HUGHES.

Special Dispatch TO the star.
NEW YORK, September l1.-Specu-
lators for the rise regained their cour-
age today and the stock market turned
decidedly strong. There was brief
period of hesitation at the opening,
but before the first hour was over the
upward trend had been resumed.
Selling at the start was, OF course.
founded on timidity over money. The
per cent rate for new loans yesterday
had provided enough of check to Gre
ate some concern. Early offerings were
heaviest in General Motors. depressing
the price to 1913. where 1t was down 5
points on the day.
Then support appeared and the stock
rallied sharply going above 204. Mean
while U. S. Steel had been actively
bought up 2 and 3 points from the
preceding close. and General Electric.
which had participated only moderately
in the recent rise. was taken up. and,
selling above 172. had gained points
net.
Stocks in Advance.
The one consistent performer on the
side of advance was Montgomery Ward.
Notwithstanding the rise of nearly IA
points it had recorded yesterday and
the gain of more than Is points last
week. 1t scared still higher today. and
that without any important intermedi-
ate reaction. Selling at 263 before
noon. 1t was up Q points.
Other stocks which we're in favor at
one time or another included WeStIng-
III ~k,;& ,s,l@ Tr.if -
General Electric: Commercial Solvents
high; National Biscuit and Loose Wiles.
points: Union Carbide and Carbon.
which set a new peak: Detroit Edison
and Case Threshing Machine.
Little or no attention was paid to
news developments. Traders were con-
tent to follow the tape. or at least fol-
low 1t as we'll as they could when 1t
was continuously behind the market.
The danger of an upset because of the
money situation was everywhere ac-
knowledged, but the only effect it had
on trading was to multiply the number
of stops" placed just under the market
Were these stops to be touched off"
the chances are that a precipitate de-
cline would ensue.
Rails Are Quiet.
AS on other days of late, railroad
stocks we're almost entirely neglected.
In this respect the market was very
badly balanced Now and then an at
tempt would be made to bring one of the
rails to the front. but it was never
successful for any length of time. No
satisfactory explanation of this ignor-
ing of railroad stocks was offered
Money renewed at 71a per cent and
was In fair supply at that price. Time
money was unchanged. with the short
er dated loans quoted at per cent
and those of longer maturities at So
per cent.
Activity tell off In the afternoon and
the tape caught up to the market, bl-
prices held firmly around their high
points. with many new favorites work.
ing inward. The food stocks were In
urgent demand under leadership of
Postum Co.. which at "a was higher
than at any time since the 100 per cent
stock dividend. Corn Products, Cali
fornia Packing and Fleischmann we, +
along, the last-named also at new
high.
Strength Maintained.
Copper stocks did better in the after
noon, especially Calumet 81 Arizona
and Greene Cananea. The feature of
the motor accessories was Briggs Manu-
featuring. Not only did this stock sell
up to new top, but block of TO- 700
shares at 1914 was followed by one. OF
38 900 shares at so. all this in contrast
with the previous close of AZ aud the
previous high, of 1914. Stewart Warner
bettered its previous top this year at
l0S. Nowhere was there any sign of
weakness.