Salt Lake Telegram | 1928-05-01 | Page 10 | Wall Street's Close is Strong

Wall Streets Street's Close Is Strong NEW ORK May Mai i The i Stock market resumed its Ito march t to ground today with the rail rali again Ih lb the of the advance Extreme gains In tn the active Issues ranged from 1 to points with a. a f fOs aoI soft st spOts loing In the tobaccos aIM oil oils Trading waa wac not net as heavy ag as yesterday although although- the share chare mark was crossed before the en enof ena of the third hour Despite the growing fears of a credit stringency speculators for the rise conducted their operations operation with confidence confidence dence And ind succeeded in attracting a large Iare public following The west and were again heavy buyers of stocks end and in some pome quarters this was Interpreted interpret interpret- ed d as Os an indication o of increased purchasing ing power through the recent advance In wheat and altO cotton prices Lowering ot the call money rate from 6 C to 5 54 per percent percent cent reflected the passing at or month end nd demands for funds and tIle the return of In In- terest and dividend checks to the banks Southern Sod and southwestern rails were in brisk demand New peak prIceS jot thO or longer were by common and ChIcago and preferred Railway and anu second nd pl he he gains gaina in which tart ran as ss high as s 3 points LackaWanna Read Reading log ing and anO Atchison sold cold 2 to 3 points higher A Wave of profit swept through the market around midday but bui was vas checked by tile the lowering of or the call Idle Standard Oil of New sold Hold clOwn a point but quickly recovered Crud ered IM itt loss Electric Auto Light extended Its early earlS gain to 12 Vi points by a a. new peak at Frank Q a. 7 points pons to o a new w top op at and Du DuPont u Pont Advance Rumely common and preferred and Eastman Kodak advanced 4 to 7 points Rubber Johns Hudson Motors American Metals Davison Chemical American an Foreign and Utilities Power nd Light extended their gains to 3 points or more The Ithe closing was strong Some Seine o ot hO rills railS as well as Os U. U S. S Steel wOre were heavy in the late afternoon bOt buying orderS Vere swelled by an outburst ot speculation specula specula- tion in unexpected Peoples People's Gas jumped 6 and Coty 7 poInts While gains of Ct more were by uy a a wilt long list list Ul of public util and railroadS railroad Chicago Northwestern Northwestern North North- western entered new high ground above 34 94 Total sales approximated shares c l