Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-04
STOCK PRICES GAIN |
IN RUSH OF BUYING.
Market Shows impressive
Renewal of Strength as
Sales increase Rapidly.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, october Am one Of
the most impressive demonstrations of
the past few months from bull stand
point, the stock market today opened
under a rush of buying orders which
carried prices for the issues selected for
leadership up sharply. Initial sales in
volving as much as FIVE. eight and ten
thousand shares we're common in the
favorites, many of which went to the
highest so far reached.
Total sales in the first hour we're well
in excess of 100000. with the ticker
falling behind as much as 20 minutes.
Money Rates Reduced.
Overnight consideration of the re-
marks of Gov. Young of the Federal
Reserve before the American bankers
in convention at Philadelphia left the
impression that they contained nothing
of a disturbing nature so far as credit
for speculative purposes was concerned.
The market had in it's favor re-
duction in the call loan renewal from
per cent on the previous day to 712
and the lower rate of z per cent for
new accommodations later in the SeS-
sion. Against this, however, there was
the statement of John j. RaSkob, for
mer chairman of the finance committee
of the General Motors Corporation, that
stock market prices had greatly OUT
distanced actual values and earnings
ability. This served to bring about
good deal of liquidation Immediately
foll.wing its publication. but this was
to he
profit taking, although It carried prices
off rather sharply.
u. S. Steel, opening on block OF
1900 shares from 1903 to ISL, subse-
uuently sold within fraction OF It's
highest in history and compared with
the previous final of u. Bethlehem
changed hands initially at STA on
block of 10000 shares and extended
It's gain some 2 points further before
realization had its effect.
Motor Group Active.
Other independents moved sympa--
thetically. AS group, the motor and
related issues held the center OF specu-
lative interest. Chrysler was again the
big feature, opening up 2 points at 129
on a block of $500 shares, at new
high for the present capitalization. 1t
gained further before the rise was
checked. Other issues thought to be
involved in this corporations program
of expansion were carried upward
spectacularly.
They included Briggs Manufacturing,
which was turned over in enormous
volume and finally went to the so
level. again of almost points, to
its highest, and Murray Corporation,
also mentioned in the merger gossip.
Motor truck issues continued to be in
fluenced by rumors of consultations
in this field. notably REQ Motor, Mack
Trucks and Brockway.
Barnsdall Corporation "A" featured
the oils, advancing to a new high for
the year at the same time the deben-
ture rights we're moving up sharply on
the curb. Stocks of amusement COM
panies bore their share In the upward
movement Victor Talking Machine
was feature, up almost points to a
new high before the demand was sup
piled. Keith-Albee, on reports that
negotiations for its acquisition by War
ner were nearing completion, was in
greater favor.
Pittsburgh e. West Virginia man.
aged to make new high, but the rails
as a group did little.
Specialties In Demand.
One of the noteworthy incidents of
the proceedings was what appeared to
be battle for supremacy as the leader
of the motor group between General
Motors and Chrysler. 1t was evident
that opposing factions were at work in
both issues, but 1t was Chrysler that
gave the most impressive performance.
Crossing l31 midway through the after
noon it was at its highest in history and
compared with the previous final of
1864. Packard was another feature
selling at the highest since listed.
Specialties that attracted attention
included Certainteed Products, in which
a new pool was said to be working;
Collins g. Altman, which ran up sharp
ly between sales; Universal Pipe a.
Radiator. which went to new
top. and National Cash Register. also
at its best. Funds remained plentiful
throughout the session and the call
loan rate finally receded TO 612 per
cent
The closing was strong.