Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-05
BULLS HOLD SWAY
ON STOCK MARKET
Demand Spread Pretty Well
Throughout the Entire
List.
BY GEORGE T. HUGHES.


Special Dispatch to The Star
NEW YORK, July 5,--Today's stock
market gave a convincing demonstra-
ton of its underlying strength. After
opening higher 1t experienced a brief
period of uncertainty and then turned
definitely strong, with the best prices
In most instances reached In the last
hour.
The money factor again was the gov
erning influence. The renewal rate was
fixed at per cent as against 8 per
cent Tuesday and the low for that ses-
sion OF S per cent for new loans.
In the afternoon today the charge for
new funds dropped to 512 per cent
and finally to per cent In the last
half hour.
Gains in the prominent industrials
ranged from point to more than 5
points and in the case of Wright Aero
nautical more than Is points at its
high of the day. Case Threshing at one
time was almost 10 points above Tues
days final, but lost part of the improve
ment.
General Motors Favorite.
The demand centered in no particular
group but spread pretty much through
out the list. General Motors was an
outstanding favorite, advancing rather
sharply under an active demand.
Chrysler had as its stimulus announce
ment of Its new line. which is expected
to meet with public approval. Other
motors were up from fractions to more
than point. The latest reports from
the steel centers were more encouraging
and had the effect of maintaining prices
for the steel shares.
AS a group the metal stocks were
predominantly strong In the case of
the coppers they had the recent in
creases in the Anaconda and Cerro de
Pasco annual dividends in their favor
and the prospect of better treatment
for shareowners of other leading pro-
ducers as result Of the improved out
look tor the market for the metal.
American Smelling gained over
points, Cerro de Pasco was bid up more
than a point on heavy turnover,
Greene Cananea gained over points
and Kennecott, up over point. reached
new high for the current movement.
There was no let-up in the demand
for merchandising and distributive
companies. Montgomery Ward was
carried forward Spectacularly to the
highest in history. still responding to
the record June sales figures. Sears
Roebuck was another, although the de-
mana was not as urgent IN Ills M
stance. May Department Stores bore
its share In the improvements.
Case Threshing Scars.
Shares of the farm implement COM
panies held their place of leadership
with Case Threshing Machine. up al
most 10 points to new high record
the feature. International Harvester
was almost points above the previous
final. Rumors of prospective recapi-
talization of their financial structures
to result in split-ups Of the present
shares was the incentive for the de-
mand.
The rails were again led by Texas &
Pacific. which was carried to new tor
| above i72i2. Southern Pacific, St
Louis-San Francisco and New York
Central were higher. Sentiment toward
the group failed to be Influenced ad-
versely by the falling of in car load
ings reported for the week ended June
| %, although the demand for this class
of stock was not as urgent as that fol
the industrials.