STOCKS SOAR HIGH
NEW YORK EXCHANGE TICKER WELL BEHIND (United P.A. — By Telegraph — Copyright) (Australian and N.Z. Press Association) Reed. 1.47 p.m. NEW YORK, Friday. Stocks soared under pressure ol heavy buying, influenced by only a slight increase in broker’s loans lor the past week, coupled with the easier tone of the money market. Mail-order stocks led the field, two of which experienced nearly a 20point rise in less than half an hour. United States Steel, common, reached a new 1928 high level, being bid for at 158 at one point, while several additional steels sustained sharp rises. Considerable confusion was caused by the inability of the ticker to keep pace with the trading. It ran 35 minutes behind during the heaviest rush. The total trading was nearly 5,000,000 shai-es. Call money was renewed at 71 per cent.
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Bibliographic details
Sun (Auckland), Volume II, Issue 454, 8 September 1928, Page 9
Word Count
138STOCKS SOAR HIGH Sun (Auckland), Volume II, Issue 454, 8 September 1928, Page 9
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