Evening star., 1928-04-12
STOCKS POT BO|LS
IN HEAVY TRADING
Ticker Far Behind Million.
Shares-an-Hour Pace of
"BuIT" Market.
BY GEORGE r. HUGHES.
Special Dispatch to The Star.

Spcciat DiSp9tch TO The star.
NEW YORK. April 12.--With trans
actions again runn'rr ~
breaking rate and with every symptom
Of speculative exciteiu nl.
market started in higher all around
met heavy realizing and finally in tne
afternoon turned irregular, still with no
let-up in the activity.
Transactions in the first hour were
over 100000 shares. This rate was
not quite maintained In the next two
hours. Still 1t was high enough to keep
he tape far behind business on the floor
Money Goes Lower.
Money renewed at 5ik per cent and
then went TO ) per cent for new loans
In the afternoon. The market had be-
fore 1t the prospect of another new
high for brokers loans In the state
ment to be given out By the Federal
Reserve after the close. 1t also had the
possibility of an advance in the redis-
count rate, If not this week then next
1t Is doubtful If 1t paid any attention
to these matters. At any rate there
was more selling after the call money
rate dropped than before.
The opening was strong Initia
transactions, most of them in large
blocks. were at the highs of the move.
ment. Many of them were new highs
either for the year or for a longer
period, or in some instances for al
time.
Speculative excitement, famed tc
fever heat by the demonstration in the
last hour of Wednesday. expressed itseli
in the overnight buying orders, gen.
orally "at the market" The tape ran
consistently behind business on the
floor 1t was 20 minutes late at 10 80
II was over half an hour late by II
o'clock. and at noon transactions were
coming out on the ticker which had
been effected 40 minutes earlier.
Heavy Realizing Follows.
The opening wave of buying was fol.
lowed by heavy realizing. which carried
prices down from their peak, but still
left them up substantially on the day
There was no let up in the activity
however, and as the profit-taking made
itself felt in one group another woulC
be taken up, and so the pot was kept
boiling.
United States Steel was the outstand-
ing feature at the opening. 1t hae
closed Wednesday at $50. which repre-.
sented a net gain of 334 points over
Tuesday. The first sale today wa:
JO.OUU SnareS AT los ~ 10 lo4, jump
Of 4 points at the last-named price
Evidently this frantic bidding for sc
staid a stock as Steel came from pre-
vious sellers for the decline
Bethlehem Steel was a close second
to United States Steel. The first sals
Of Bethlehem was 5000 shares at IS
the previous high for 1928. whence II
advanced rapidly 70 q new top. Republic
Iron & Steel. Crucible and Gulf States
went along.
Next TO the steels the utilities were
the favorites. A long list OF these SOLD
higher than at any time during the long
bull market. Brooklyn Edison made q
new high for all time. above $50 North
American. Electric Power and Light
National Power and Light and Coium-
bia Gas were whirled upward. One
block of 10000 shares of Consolidated
Gas changed hands at $50. the highest
at which the no-par shares ever sold
General Motors began with a block
Of $4,000 shares at 1913 to 1914, In con-
trast with the preceding close of 1876.
The record high for General Motors is
l99, and II sold within a fraction OF
that figure early today. Like Steel.
Motors came down after the opening
Jump.