Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-03
TREND|SUPWARD
ONSTOCK MARKET
Little Concern Manifested
Over High Rate for Call
Money-Later Drops.
BY GEORGE T. HUGHES.

Special Dispatch to the star
NEW YORK. July 3.-Taking It's cue
as 1t had at the outset OF the week lroIl
Developments In the money Market sIle
movement of prices on the SUCK Elk
change today was definiteiy upwaitu,
II was evident from the start that
the 10 per cent call money rate pre-
yailing at the close yesterday was onIy
temporary. Funds flowed back 10 tne
market today and trade on renewals
was established at per cent. Inns,
however, was the highest renewal Since
February 9, 1921.
No further calling of loans occurred
and as the session progressed tns laCe
for new loans was reduced 10 : pc
cent and then to per cent, and Ilnally
S per cent In the last hall nour.
The upward movement continued AL
progress for the first three hours Inen
followed period of dizziness, with prices
easing off somewhat from their highs
Had it not been for the approaching
holiday suspension of business, the
rally might have been more pronounced,
but it was impressive nevertheless.
IndustriaIs Come Back.
In numerous instances prominent IN
dustrials were back over more than the
ground lost yesterday. while others were
up from to points above previous
final prices. The motor stocks we're
led by General Motors. AT 1887 1t
recorded a gain of almost points on
the day. Hupp Motors was thought to
be in a position to respond to the hlgniy
favorable sales figures for the flrst nan
wear and was bid up almost points.
Cerro de Pasco featured its group.
the buying based on expectations OF
favorable dividend action at the meeting
scheduled for later in the day. American
Smelling e. Refining was bid up several
points and special buying mace lISen
felt in Kennecott and Greene Cananea
International Nickel, after early weak
ness. rallied above Mondays close OF s4-
Aside from the motors, STOCKS WiiIcll
were discounting prosperous conditons
nrevalent in their respective industries
were the merchandising and agrlcul..
tural issues. Montgomery Ward ana
Sears Roebuck had the record June
statements in their favor. Gains IN
each instance extended we'll over
points. International Harvester re-
corded gain of 5 points when IL
changed hands at 267, and Advance
Rumely preferred made up good part
of Mondays decline.
Among the oils American Republics.
IN more than 4 points. Atlantic he
filming and Richfield gave good ac-
count of themselves.
Stocks In Stronger Hands.
The action of the market as whole
indicated that as result OF the recent
liuuidation stocks we're In stronger
hands. A number of the so-called pool
specialties were bid up rather sharply.
This was particularly true of Radio
Corporation. At 1872 the gain extended
S points. Victor Talking Macnine
recorded a gain OF some points
and Shattuck was in demand again.
Railway shares were led by Texas
e. Pacific and Missouri Pacific. West
ern Maryland was prominent among
the Junior issues, crossing 4012 again.
The old line dividend payers were for
the most part higher, but without
feature.
Crucible Steel was one of the note
worthy weak spots. still rejecting re-
duction in the dividend announced
recently. United States Steel, however.
rallied with the genera market and
Vanadium was bid up more than
point.
WESTINGHOUSE Electric was taken up
In the afternoon and carried forward
some 3 points. The motors held most
of their improvement, as did the mer-
chandising issues. United States Indus
trial Alcohol was a late favorite, but
there was nothing new to account for
It's strength The volume OF business
was only slightly in excess OF that OF
Monday.