Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-17
STOCKS SWING Up
TO NEW LEVELS
Favorable Trade and Credit
Outlook Reflected in
Trading Gain.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 17.-Stimu-
lated by the prospect of no immediate
change in the credit situation, and IA
vorable trade reports, the main body OF
stocks swept forward into new high
ground on the Stock Exchange today.
Practically every group shared more or
less in the improvement: Even the
rails, which had been laggards in the
prolonged campaign for higher prices,
came in for increasing attention.
The volume of business, while not up
to recent standards, Appropriated the
1000 ,OOO-share mark and there was only
slight Interruptions to the main trend.
Before the end Of the first half session
the tape ran more than 80 minutes be-
hind transactions on the floor.
Coppers Open Strong.
The coppers opened with rush, the
unusually heavy demand being based
upon prospects Of increased earnings as
a result of the recent raising of prices
for the metal to the 15-cent level,
where all companies are assured OF
fair profit margin. Cerro de Pasco,
advancing W 1Co lIISlACoU Ill AA1oVSAJ
across 9812, was up over points.
When signs of abatement in the buy
ing of coppers appeared the steels were
taken I'D. The spectacle of U. S. Steel
advancing to practically the highest
price at which it has ever sold encour-
aged renewed operations for the rise
in many other industrials. Along with
Steel went Central Alloy into new high
ground and Vanadium advanced sew
eral points.
Motors Gain.
Studebaker and Chrysler featured the
motor group. The former opening on
q block of II 800 shares at 1878 estab-
lished a new high and was rejecting
prospects of favorable dividend action
Chrysler at 109 reached a new high for
the present shares responding to the
increase in August output and the an
nouncement that its new line OF COM
mercial trucks was soon to be placed
on the market. General Motors was
not so prominent, but was almost 2
points above last weeks final
Railway shares were led by st. Louis
Southwestern at new high, and new
York Central, which crossed 1902 again:
Rock Island, Northern Pacific. Missouri
Pacific and Western Maryland were IN
active demand.
On the other hand the new high
price level for copper and the upward
trend in pig iron, together with the
way in which steel prices held their
recent gains were seized upon as an
excuse to put quotations for the stocks
concerned higher. Nor was the move
ment illogical. The advance OF the
price of copper metal to Is cents on
SATURDAY. was the first change since
Nav and put the quotation up above
anything seen since 1926.
Oils Favored.
Low-priced oils were favored IN their
group. notably Standard OF New 4ork.
New Jersey, Texas Corporation and the
Pan-American issues.
Missouri Pacific opening point
higher eoualed its previous high, Erie
common was up almost a point ana
New York Central continued in demand
around $780, Among specialties, Warner
Brothers Pictures issues were the fea-
lures, the A stock opening up over III
points at 118 and the common points
higher to 116.
continued active and strong. Public
utilities were turned over in large blocks,
notably National Power g. Light and
Standard Gas g. Electric, the latter at
a new high around IS.
South Porto Rico Sugar opened down
almost 3 points on block of 5000
shares, rejecting nervousness over the
extent of the hurricane damage to the
Porto Rican sugar crop.
st. Louis Southwestern at 1l8 sold at
its highest in history, Rock Island was
bid up over points and Southern
Pacific continued in demand.