Evening star., 1928-04-09
BUYING IS BROAD
ON STOCK MARKET
General Motors and Steel Are
Leaders-Coppers and
Utilities Strong.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, April 9,-Pronounced
strength and increased activity in the
railway shares. coppers. utilities and in
dustrial specialties, characterized re-
sumption of operations on the Stock Ex-
change today. following the three-day
suspension of business. In no quarter
of the market was any weakness ap-
parent and the demand carried numer-
0us favorites to their highest prices:
Although speculative Wall Street nad
ample time over the Easter holiday TO
consider the hardening tendency OF
difference 1t had recently to this de-
velopment. So far as speculative op-
erations were concerned the supply OF
funds available for stock market pur-
poses apparently was as abundant as
ever, and the issues selected for leader
ship we're bid up again with reckless
abandon.
Steel and Motors Leaders.
General Motors and United States
Steel led their respective groups, but
they by no means monopolized interest
and their strength was overshadowed
by developments in other quarters.
Last weeks conference of Eastern ran
executives had stimulated buying OF the
shares of roads involved in the nego-
tiations. Pittsburgh and West Virginia
led the group today, advancing INTO
new high ground for the year. But II
was the old line dividend payers tnat
we're the most noteworthy performers
Delaware and Hudson and LackaWanna
Baltimore and Ohio continued IN oe-
mand and Gulf, Mobile and Nortnern
crossing so reached a new top. Soutn-
ern Railway and New YORK CentraI also
came In for attention.
Anaconda Copper, opening on block
ot "a. 600 shares at II, recorded Jump
of Az points and was at its highest
since 1919. It was one of the features
of the entire proceedings and mas It's
reflection in the movement OF otner
conner stocks. There was nothing tnat
was not already known TO account lor
the activity in this quarter, which was
merely a resumption of the buying
started last week The coppers were
Thought to be behind other induStrlals,
and with the outlook for higher prices
for the metal later in the year. Leading
producers are likely to report suoStan-
tial increase in earnings over InoSc AoA
the 1927 period. American Smelling o.
Refining naturally went along. Greene
Cananea was bid up some points, Cal
umet and Arizona. Kennecott and Mag
ma shared in the advance.
U. s. Rubber Preferred Drops.
Among industrial specialties one OF
the chief incidents was the opening
drop of over points in United states
Rubber first preferred. when 1t changed
hands at 79. It fiuctuated within a
range of a point Of this tigure tnere-
after. Its action was direct response
to the omission of the dividend due at
this time. Rubber common was SYM
pathetically affected. although the de-
cline was not as sharp
Local fractions were bid up 70 more
than S points. Interborough Rapid
transit the leader. There was nothing
aside from the higher fare prospect 70
account for the strength in both bonds
and stocks OF these companies. Utili-
ties moved forward sharply. with
Brookly Edison at its highest Tor all
time and Brooklyn Union Gas up more
than 2 points across Isl.