Evening star., 1928-03-11
THE SUNDAY STAR WASHINGTON, MARcH 192a-rART
TRADE IS SFRENz|ED
ON STOCK MARKET
First S2,0o0,000 Share Sat-
urday Sees Wild Buying
and Selling.

BY the Associated Press.
NEW YORK, March 10.--1n another
session of speculative furor the stock
market today recorded its f1rst 2,0OO.-
OOO-share Saturday, with total sales oi
2,198,l00 shares. A new outburSt OF
frcnzied buying in the first hour, which
carried scores Of important issues into
new high territory, was succeeded by
widespread proflt-taking. which wiped
out most of the carly gains of to more
than points The list generally wound
up the day lower than yesterdays clos
ing levels.
Although General Motors at l6l
reached it's seventh record high in as
many days. 1t was supplanted as market
leader. for the time at least. by Radio
Corporation. On turnover OF 425,000
shares Radio advanced ID points TO
1873. the highest at which 1t ever
sold. One OF the few issues to stem the
tide of late realizing, Radio closed
slightly under It's top at 120i2. Power
full pool operators were credited with
responsibility for the rise of the stock
which was made more meteoric by q
rush to cover by the shorts. General
Motors failed to maintain its early
gains. and closed the session at 1874,
for a net loss of points. Total sales OF
the 5000 .000-share level with today's
two-hour turnover Of 39l 200 shares.
Steel Extends Advance.
U. S. Steel, heavily bought at the
opening, extended its recent advance to
1862. more than a point above the
previous close. but yielded with most
other industrials to finish the day with
fractional net loss Numerous other
issues which relinquished early ad-
vances and closed lower included Mont
gomery Ward Timken and several OF
the independent motors. such as Pack
ard. Studebaker, NASH and Hudson. the
last named dropping back 2ia from a
new high Of 947s. Hupp clung to most
of its point gain.
A few isolated stocks, however fol-
lowed a strong course throughout the
session. Westinghouse Electric. adj.
vancing 81 to new top ct 104i,
where 1t closed. yielded in interest only
to Radio from which doubtless 1t de-
rived much OF its strength, Interna-
tional Nickel scored net gain of 2's
and andvances of to points were
held up Montana Power. du Port. Con-
tincntal Can, American Telephone and
youngstown Sheet & Tube.
Rubber issues which have been sink
ing on the weakness OF rubber futures
turned upward. Goodyear first pre-
ferred. Goodrich preferred and Fisk
first preferred were up a point. or so
Railroads we're quiet. but generally
firm. gains of a point or more being
recorded In Canadian Pacific. Chcsa.
peake &, Ohio. and Western Pacific.
Bank Issues Strong.
A feature was the renewed strength
OF several Of the bank issues. Bank oi
American advancing II points. Bank
OF New York 4, Trust Co. 35; Bank OF
Manhattan. IS. and Chatham Phenix
10. Sales in this group. as usual. were
small.
Among the leading industrials. many
enormous blocks changed hands. Single
transactions involving 10000 or more
rapid succession
Changes In foreign exchange were
no more than nominal. Sterling
cables and French francs ruled un-
changed. around $487 1916. and
1891. cents respectively.
The weekly report OF clearing house
banks and trust companies showed q
deficit in reserve OF S5.02l 800, n de-
crease Of s6.025 $50 from the week be-
fore. The statement OF actual con-
dition this day of clearing house mem.
hers revealed decreases In all the prin.
cipal items except cash In own vaults
which gained $2.77:.000. Loans. dis.
counts and investments we're of $45.
093.000: reserve In Fcde.al Reserve
Bank Of member banks, $l8.i94 900;
reserve In own vaults. $42l ,000 net
demand deposits. $S6.269 900, and de-
posits, sl6.9o0,000.