Evening star., 1928-05-03
TRADING IS BROAD
AS STOCKS CLIMB
Motors Are Prominent and
Buying of Utilities Lifts
Those Issues.
BY GEORGE T. HUGHES.
nncinl nisnatch to The Star.

Special Dispatch to The star,
NEW YORK, May 3.-With a few
exceptions stocks were buoyant in to-
days market The oils Jagged behind;
SO did the steels. but the motors were
in active demand. Electric light and
power stocks were strong and numerous
rails made substantial advances
Money. which had renewed at 5 per
cent. dropped to Az in the afternoon.
Time money was reported shade easier
and these developments counteracted
what concern there might have been
over the brokers loans the total of
which was to be announced by the Fed
cral Reserve Board after the close, and
over possible action on the rediscount
rate by the New York bank.
Among the afternoon features was a
new high for all time in American Tele-
phone e Telegraph above 1893. Chesa-
pcake &. OHIO. Atlantic Coast Line and
Southern Railway all gained grounc.
The last named. at l63. was at a new
nigh for all time. North American went
to new 1923 top, above 70 Interna-
tional Telephone & Telegraph went to
a new high, along with American Tele-
phone
Motor stocks took prominent place.
General Motors was very strong.
crossing 194 in large volume. Esti-
mates OF the size OF the extra dividend,
which it Is predicted the directors will
declare at their meeting next week
were revised upward. Chrysler was the
strongest of the independents, going
to a new years high above "a. Hudson
was actively bought at higher prices.
More interest attached to the ouy-
ing of the utilities. Here the two out
standing features were Columbia Gas
and Public Service of New Jersey. Each
of them made new high for the pres
ent shares, the first named above ll0
and the latter above So The turnover
in each was the largest In weeks. and
as usual there were merger rumors of
various kinds. most of which were au-
thoritatively denied
The local fractions made an initial
response TO the success of the Inter-
borough in its higher fare application.
but the gains were not held
The street seemed TO have discounted
the decision and realizing carried prices
down rapidly from their opening tops.
Before this. however. all the principal
issues had gone TO new highs. including
Interborough. Manhattan modified guar
anteed. Third Avenue and Brooklyn
Rapid Transit.
The oils were heavy. Standard Oil
Of New Jersey reacted, and there was
not life to the demand for other stocks
representative OF the industry. Mexi-
can Seaboard dropped nearly 2 points at
one time While sponsors for the oils
claimed that the oils were only rest
ing" the general feeling was one of
disappointment
The rails were irregular Reading was
strong and Central Railroad of New
Jersey made new high of $50. but
most Df the high-grade dividend payers
moved over a narrow range An e%-
ception was Canadian Pacific. which
was in brisk demand nearing its pre-
vious years high. Bankers In touch
with the property expressed great con-
fldcnce in the long-term prospects for
Canadian Pacific. The stock. however,
has done little in speculative way for
long time Missouri Pacific was the
most conspicuous of the iower-priced
railroad shares