Evening star., 1928-11-14
STOCK PRICES GAIN
IN HEAVY TRADING
New High Records Scored
as Advance of YeSter-
day Continues.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 14-In an
other wild stock market session today,
with United States Steel and many
other standard stocks soaring to record
highs and the tape nearly an hour be-
hind, prices moved with great irreg-
ularity. The features we're all on the
side of advance, but there were numer-
GUS issues that showed losses on the day.
The selling was particularly heavy in
the last half hour.
Except to say that the stock buying
puEIic was speculation mad intelligent
market analysis was impossible. In
every great bull movement of the past
record volume combined with reckless
upbidding of favored stocks has mark
ed the beginning of the end. There
was no sign Of any such outcome today,
however.
The late features on the upside in
cluded Westinghouse Electric, Allis
Chalmers and Stewart Warner. Motor
stocks did not share in the improve
ment as a rule. Chrysler and General
Motors were under pressure most of the
time.
The OPENING was marked by a wild
scramble to buy the stocks which had
distinguished themselves yesterday.
Consolidated Gas started in with $4,000
shares. above 81 at a new high record
for the present stock, and increased the
gain later. Sears Roebuck opened for
600 shares at 1872, likewise a new high,
and then added points to this gain.
westinghouse Electric surpassed all pre-
vious records at the start in the same
way.
Buying Movement Increases.
Every one of the foregoing had made
a new top on the day before and the
further advances today were the result
of an accumulation of overnight buy
ing orders. Few had the hardihood to
suggest that these gains were response
to ANYTHING new in the affairs OF the
coroporat ons concerned. 1t was simply
a rising tide which no modern banking
King Canute could command to recede.
United States Steel, which had
turned the market about yesterday,
opened unchanged on block Of 10, 400
shares and then pushed through 169 10
still another new h gh. Traders argued
that the strength in steel indicated Tn?
attitude of important interests" toward
the market. They saw no reason why
they should not follow along.
| The oil stocks moved more Sedately,
but still toward higher levels. Records
we're established by Sinclair and by
Standard Oil of California. National
Supply ran up points on the earn
| ings statement, which showed S4.8O a
| share on the common stock in the
third quarter. compared with $1.39 In
the preceding quarter.
The utilities we're in active demand
! Consolidated Gas had lots of company
on the rise. Public Service OF New
Jersey was rushed up to new peak
early in the day. There was active
buying of Peoples Gas Of Chicago, OF
Commonwealth Power and of numerous
| other representative issues.
Among the laggards were General
Motors, Montgomery Ward and Radio
General Motors has been heavy since
the proposed new split-up was an
nounced. Montgomery Ward and Radio
were apparently resting after their re-
cent rapid rise.
Rail Stocks.
Only few of the railroad stocks
made progress. Pere Marquette, winch
gives an attractive yield at the market,
pushed through its old top New York
Central was higher for a time. Union
Pacific was the object of realizing and
sold off. ...
Money renewed at 6 per cent. un-
changed. Funds were in fair supply.
BY midday the ticker was 48 minutes
behind.