Evening star., 1928-03-15
GENERAL MOTORS
AGAIN TAKES LEAD
Shoots Forward After Hest.
tating Start-Short Cover
ing Is Noted.
BY.GEORGE r. HUGHES.

Special Dispatch TO Tho Star.
NEW YORK, March 15.--Gencral
Motors reassumed leadership of the
stock market today. The opening had
been comparatively tame. with an ad-
vance of less than 2 points. All the
forenoon the stock sold around the 159
level and was not unusually active.
Then almost without warning. in the
early afternoon 1t shot forward under
concentrated demand to 1G4. the
highest for the present $25 par shares,
and in effect the highest for all time.
The first result was to stimulate buy
ing Of United States Steel, and that
stock advanced from . to points. Next
came a period of realizing, which
brought quotations down from their cX-
treme highs.
Meanwhile short covering went on in
a great variety of issues. Prices would
run up for gains of 5 and points,
rCacting partially when the immediate
demand had been satisfied. The mar
ket was not as active as would have
been expected from the wide range of
the fluctuations. Nor was interest con-
fined to the volatile industrial spe-
cialtieS. There was steady inquiry for
ment caliber
1t was no longer possible to attribute
the market movement entirely to short
covering. although that still played a
large part. Money renewed at Az per
cent, unchanged. and the money out
look was an adequate explanation
What the brokers loan total would show
after the close today was widely de-
bated, but judging from the action in
stocks there was little fear on this
score. either. One suggestion constantly
heard IN brokerage Offices was that the
logic of events would lead to the re-
nomination of President Coolidge.
Radios Range Narrower.
The stocks In which short covering
was the heaviest today were Wright
Aeronautical and Vanadium. American
LinSeed. which had been the feature yes
tcrday. opened down 3 points, recovered
the loss and then fluctuated around the
preceding close. Radio was not as
active, nor did it move through wide
range. On the other hand Wright Aero
nautical advanced points as 1t crossed
30 to a new high for the year, and Vana-
dium at 96, up more than points. was
at the highest since 1920 An ontburst
of buying in United States Industrial
There we're large advances in Freeport
Texas, Timken Roller Bearing. 1nterna-
tional Nickel, General Asphalt ana
other stocks Of this type.
New York Central Feature.
New York Central featured the rails.
There we're the usual reports from spec
u!ative sources of this or that favor
able development but 1t was reaS-
suring thing to have a stock OF the
investment calibcr of New York Central
taken up and carried across 166 to a
new high for the year. The new ST.
Paul common stock also made new
high since dealing in 1t was begun.
Those. familiar with the present condi-
ton OF the property are very optimistic
over the outlook Of st. Paul The ErieS
were strong again, and so were Balti-
more e. Ohio, Wabash. Reading and
Gulf, Mobile & Northern.
A striking incident was the sharp up
turn IN American Sugar. The annual
report, with its apparently poor show
ing, had been made public yesterday.
Nevertheless. the stock went up nearly
6 points. 4he explanation was the
strength Of the financial position re-
vealed in the balance sheet. Some of
the sugar producing stocks advanced
moderately in sympathy.