Evening star., 1928-06-03
VIOLENT ADVANCES
ON STOCK MARKET
Durant Influence Seen in
Short SesSion-Trading
Unusually Brisk.
Rr the Associated peess.


NEW YORK. June 2.-Speculation
for the advance was resumed with con-
siderable violence in today's brief ses-
sion of the stock market. Enormous
buying operations In stocks in which
William G. Durant has a large interest
session as q ''Durant market" Nearly
high ground. with the gains ranging
from to 81 points.
Trading waS unusually brisk for a
half-holiday session. the days sales ag-
cregating 1873 500 shares.
Wall Street apparently had recovered
from the shock of seeing cali money
posted at 6I3 per cent, the highest price
in seven years. for the second time
within a week Speculative opinion
leaned to the theory that credit condi-
tons would become easier when the
month-end settlements were out Of the
way and the dividend and interest
checks returned to the banks. but
further credit restriction measures were
looked for IN some conservative quar-
ters. .-
Rublic willing to Buy.
The rise in the Durant stocks was
construed in many quarters as an in
dication that the outside public was
stiII willing to buy stocks sponsored by
powerful market interests. Several OF
the monthly bank reviews, however
can attention 70 the dangers OF Securl-
ties speculation and urged caution IN
the purchase of securities at current
levels
General Motors was one of the days
features. Getting Of To slow start.
the stock suddenly shot forward In the
last half hour Of trading and ran up
over 6 points to 200. the final transac-
ton being a block OF 5000 shares az
the top price. HupD reacneo new nlgn
ground at SIS. Chrysler and Dodge Bros.
preferred were heavy on profit-taking.
In the accessory group. Eaton Axle.
Martin Parry. Briggs Manufacturing
and Strornberg Carburetor reached new
high ground
Couuers suddenly came to life under
the leadership of American Smelling,
which advanced more than points 70
a record top at 20ifz. Anaconda
climbed more than points TO within
q fraction of the years high at "a.
Magma. Kennecott and Cerro de Pasco
each advanced about points.
Radio, Victor and L r. & +.
unconfrmed reports that the Radio
CORPORATION would sen its communica-
ticns business 70 International Tele-
phone and enter into merger OF some
discovering arrangement with Victor
Taking Machine Co. brought about an
advance in all three stocks. Interna-
tional Telephone SCARED nearly 10 points
TO . new peak at 1874 and then eased
70 1876. Radio established new rec
ord high at z24. closing point below
that figure for net gain OF points.
Victor closed 6E Dofnts higher at SeA,
after touching 10l1z. Western Union,
which Is reported to be meeting heavy
radio competition, sold down to new
1923 low al 80.
HEAVY buying Of Gimbei Bros, be-
Neved to be for the account 0f the
-Roebuck interests, which recently
acquired representation on the board
Of directors. sent that stock Up 70
new high at 5Sl<. Among the many
other issues 10 reach new high ground
we're American Beet Sugar preferred.
Bruins Bros D.. Case Tf1re&dIng. Con-
eols6ated Cigars, National Cash. Regis
ter. Fox FsFm Famous Pay
Els. Detroit Edison and Frank @. Shat
tuck
RaTs held steady, with trading quiet.
Except for q Jump Of 10 points IN
JaOanese zen. foreign exchanges moved
within narrow and irregular limits.
Sterling cables ruled unchanged around
s4SSM.