Salt Lake Telegram | 1928-05-07 | Page 12 | Wall Street's Close is Strong

Wal Wall Streets Street's V Close Is Strong i v Nl NEW W YORK May Stay 7 AP AP Buying Buying orders poured into the stock market from alt all al sections of the country today and prices leaped upward in Impressive fashion Extreme gains In the tito active issues ranged from 2 I to nearly 15 points with blocks of to shares appearing appearing ap- ap ap ap- on tile the tape at frequent intervals inter inter- vals So 0 great was the accumulation of orders that the ticker fell fel nearly forty forty- five minutes behind the tho market by early Ic i afternoon r There were no sin new developments over 1 the tho week-end week to explain the tho tremendous volume of buying The fhe brisk demand for such high grade Issues as American Telephone International Telephone American Bank Note Not American Can Canadian Pacific and Jersey Central allf all al of or o f which advanced 3 to 12 points to n new ew peal peak prices was waa wal widely construed a as s an indication of a large investment d ad demand Operations by powerful speculative l pools stimulated the demand for tor fora tora a large Blocks of paying s shares hares The rise was associated with all al e sorts orts of merger and dividend rumors rumO's Banks s called caled about In l loans by early afternoon but th there re appeared appeared ap ap- appeared ap- ap to be a large surplus of funds available at the renewal rate of 5 per percent percent c cent ent on call cal loans Short covering accelerated the rise Inmany inmany in inmany many special specialties les particularly those in which the floating supply was smal small Brokers reported that the recent efforts of federal reserve resel authorities to curb s speculation peculation had hall resulted In the building up of a largo large short interest but the tle public demand for stocks s was so large larga t that hat many timid bears ran to cover on the appearance c of strong buying support support support sup sup- port for lor supposedly overpriced shares Electric Auto Lite Lie Auto soared nearly 1 14 1 points to a new peak at American Dank Basic Note extended Its Is gain to nearly 9 points by touching Canadian Pacific Pacific Pacific Pa- Pa Pa Pa- climbed 7 Ik H points point to the highest highest high nigh est elt price in twelve years and Jersey Central Central sold at for the first time since 1912 1312 General Motors ran into heavy profit taking after aCer creating a anew anew anew new peak at but held within a few points of that level Gains of 2 to 5 points were scattered throughout thelt the list lt Total sales crossed the share mark before the end of the third hour The closing was strong New favorites including the loomed up in to late dealings American Tobacco International Com Corn Combustion bustion Engineering Purity Baking and buston Steel shares shares in which advances advances ad- ad vances ran from 4 to 7 Points The airplane stocks took a a new flight into higher territory and there was further accumulation of blue ships du Pont selling above ton 00 Total sales approximated mated maed A shares