Evening star., 1928-03-23
RISE IS RESUMED
ON STOCK MARKET
General Motors Continues.
Victor Another Sensational
Performer.
BY GEORGE r. HUGHES.

Special Dispatch TO The star.
NEW YORK, March 23.-speculative
enthusiasm was unabated in today's
stock market. Sweeping advances
we're scored in the l07dcrs directly at
the start, and W r alizing carried
quotations off frc'n r., highs in the
later trading. there v no resumption
of the selling movcaou that was the
feature Of yesterday zion.
The market had two - ouraging de-
velopmcnts on which 10 md opera
tions. In the first pla-" !. had been
demonstrated yesterday TIT the tech
nical position was much ronger than
had been believed. Had this not been
the case the selling movement would
have developed into the long-expected
widc-open break. Secondly. the increase
in brokers loans announced after the
close was much smaller than had been
looked for.
General Motors Spectacular.
The result was an accumulation of
overnight buying orders which sent
prices soaring General Motors had
spectacular opening. even for that stock.
The initial transaction was 10000
shares at 1873 to lG}
This compared i the preceding
close of 179 and tn, previous record
high of 18l3l. Victor Taking Machine
was another sensational performer
Further discussion OF tEe proposed mer-
ger with Radio tooK tnat stock into
new high territory with rise at one
time of some points above the last
a 1c ThtIrcHav turnover here
very large also.
Sears Pocbuck went to q new high
around 96 right at the beginning and
so did Dupont Consolidated Gas had
split OPENING" li'.a General Motors,
the first quotation being 14l to l42.
the latter price cnpa ing the previous
high for the present shares Radio be-
gan points up and General Electric
jumped nearly points
In the railroad list the outstanding
feature was St. Louis-San Francisco. II
opened higher and pushed steadily
ahead to the highest at which the
shares have ever sold. The buying vas
perhaps more consistent here than any,
where else in the entire list. Baltimore
&, Ohio and New York Central we're
other railroad stocks in demand.
Profit Taking Noted.
After the first burst of buying had
subsidized a period of proft-taking fol-
lowed. Prices came down from their
early tops. but offerings were readily
absorbed and the market gave a good
account OF itself BY noon the advance
had been resumed.
General Motors retained its leader
ship. large blocks changing hands be-
tween ls4 and l85 right at the top
Hudson Motors which had sold of
sharply, came back emphaticallv. Spe-
clal buying came into tho express
stocks Adams Express at 900 was up
IL points. American Express and
American Railway Express did better.
Minor features were Otis Steel and
Spicer Manufacturing.
Market Outlets Down.
The market quieted down In the
afternoon, but prices kept moving up-
ward. International Harvester was the
feature in the hieh-priced list. going
to new high at 256. which represent
ed gain of over points on the day.
General Electric exceeded its previous
high, which was the best for the pres
ent shares. and the same was true OF
Consolidated Gas.
An interesting incident was the TAX
ing up OF the oil shares. The move
ment began with a block of $4,000
STANDARD Of New Jersey at 30. with
fractional gains thereafter sufficient
TO Dut the stock at a new 1923 peak.
Phillips. Pan-American Petroleum B,
Marland and Atlantic Refining followed
Gains ran to point or more. but there
seemed plenty Of stock for sale on the
| way up.
Other strong specialties were Coca
| Cola and Atlas Powder. The latter
Jumped nearly Is points The coppers
| were drawn into line under leadership
Of American Smelling & Refining and
Calumet a. Arizona.
Money renewed at ~, and held there
all day.