Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-10
STOCKS IN UPTURN
AT ACTIVE SESSION
Market Is Strong Through
out Day-NotabIe Gains
Scored.
BY GEORGE T. HUGHES.
Special Dispatch to The Star

NEW YORK, october 10-Strong
from start to finish, today's stock mar
ket swept forward with seemingly ire
sistible force. First one industrial was
the leader and then another. In the
forenoon it was Montgomery Ward and
American Smelling IL Refining which
led the advance. In the afternoon 1t
was Radio International Nickel and
General Motors.
The outstanding feature of the last
hour was General Motors. 1t open
ed moderately higher, but reacted at
midday. Finally, however, the buying
got the upper hand. and to the accom-
paniment of an enormous turnover the
stock was rushed up to above 219 to the
highest price on record. The market
left off with prices not much below their
best and with no important weakness
anywhere.
There was no explanation of the
market action 1t was the same old
story of recovery brought about by the
combined efforts of an outside public
which can see no top for prices and a
small band of professional bear opera
tors who were once more forced to
beat retreat. The fact is that those
who have held stocks all through other
periods of weakness, such as that OF
Yesterday morning, have found their
faith justified. On the other haho,
those hardy few who have attempted to
fight the advance have so often been
proved wrong that they accept their
losses now while they are still COM
paratively small.
Start Is Higher.
The market started in higher all
along the line. In the early trading
Montgomery Ward was the feature
Three thousand shares changed hands
at the opening at 264, up points. Be
fore noon the stock was selling at 274,
up II points on the day and a new
high record for all time. Another ia
vorite was American Smelling q Re-
filming, which was also in demand from
the beginning and rose to the highest
price in the history of the company, as
it touched 261 All the reports about
the copper trade were favorable, but it
is doubtful whether news of the indus
try was as much of factor in the
market as the story told by the tape.
Among the other stocks prominent
on the side of advance were the rub
bers, the amusement shares, the air
plane stocks and numerous specialtieS.
Allied Chemical scared nearly 10 points
to 23l, another new high record. Sears
Roebuck followed Montgomery Ward.
Radio went up with Keith-Albee on the
published report that associated the
names of the two companies in far
reaching combination.
The optimistic feeling was heightened
by the weekly summaries of condition
in the steel industry The Iron Age re-
ferred to production rising to what
promises to be new peak, "uneXpect-
ed buoyancy of demand and price
structure which continues to strength
en-. 1t added that the continued flow
of new business in finished steel is i'm
rpessive." AT noon the Steel Corpora
ton statement reported an increase of
1925 tons in untitled orders.
Without performing spectacularly at
all. u. S. Steel was strongly supported
and crossed 160 to within less than 2
points of its record high
Improvement in Rails.
The improvement in the railroad
stocks was stimulated by the overnight
announcement that the Van Swerin-
gems had obtained control of the Buffalo.
Rochester & Pittsburgh. 1t was not
that this transaction in itself was so
important as it was that railway merger
possibilities again stirred the magma
ton. The rails had been dormant so
long that their coming to life was hailed
as a highly favorable development
Rock Island was feature and New
York Central another. Delaware &,
Hudson advanced over points and
smaller gains were recorded by Atch-
ison, Canadian Pacific and Missouri Pa
cific and Wabash