Evening star., 1928-04-05
LIST BO|LS UPWARD
ON STOCK MARKET
Advance Gains Impetus and
New Highs Are Numer-
GUS Today.
BY GEORGE T. HUGHES.

Special Dispatch to The star.
NEW YORK. April 5.--With General
Motors again assuming the leadership,
the stock market surged upward To-Day.
A rise in the rate for call money from
S to 5la per cent was ignored ana so
was every other unfavorable FACTOR.
General Motors pushed steadhy Tor
ward all day. It had closed wednesday
at 186 and by noon today was selling
at 1911 In the afternoon 1t crossed 1873.
where it was up over 8 points. GOSSIP
had IL that the buying was coming from
Wilmington interests.
Various reasons were assigned for
the strength In individual stocks. some
of them were logical and some purely
fanciful, but underlying 1t all was the
restoration of confidence In the market
MS A whole. The trading element argued
that the increase In brokers loans hav-
ing had no effect on the list yesterday,
nothing else was likely to interfere, and
they conducted their operations &C
cordingly.
Little Worried About Money.
Money renewed at per cent. The
banks called $40 700, 900 In loans, but
that was ignored also. One could hear
In almost any brokers' office that this
or that eminent banker had assured
the speaker that the money situation
was "all right"
General Motors came to the front
early in the day and running up above
1911 compared with the previous close
OF 1856, sold at new high on the re-
covery This in itself inspired buying
of other stocks General Electric re-
sponded and the so-called specialties
we're rushed ahead.
A few instances will suffice to give
the character of the trading. Gillette
Safety Razor above la was up 10
points on the day ana at a new high
for the year Continental Can at 1l3
was up over points and also at a
new high. Coca Cola jumped points
TO the best for the year. Other new
tops we're made by such stocks as
Electric Auto-lit. Cluett Peabody,
Schultz Retail Stores, and Johns Man
vile, which had such sensational ad-
vance at the close Of the day before.
fractions Are Strong.
Speculation. however. did not confine
itself to the industrials The local trac-
tions were very strong and many Of the
rails were taken in hand from time to
time. In the former group Hudson and
Manhattan and Interborough stood out
but Third Avenue and Brooklyn anc
Manhattan were in demand as well.
The feature in the railroad list was
Wabash at the highest In the history
of the present road when the stock
touched "a. This was said to be the
"key road" involved in the trunk line
negotiations in progress today which IN
cidentaliy we're stressed In the gossip of
the Street Reading. Baltimore and
Ohio, New York Central and Nickel
Plate we're In urgent demand among
the seasoned dividend payers. while
western Maryland represented the low
.r-priced stocks,
Market Slows Down.
Money went to 5ia per cent In the att
ernoon and operations sowed down
somewhat although the turnover was
still heavy. If 1t had continued fun
session at the rate OF the first three
hours. the total would have been well
up to the 1900, 900 share mark.
Features IN the afternoon we're Della
we're and Hudson and Anaconda. Della
ware and Hudson ran up over 10 points,
a move apparently connected with the
conference of railway executives. Le-
high Valley went along. The buying OF
Anaconda was in large blocks and a new
high was reached since 1920 as the
stock touched Sc and then went above
that figure.