Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-29
BUYING Of STOCKS
CONTINUES HEAVY
Prices Go Higher in Rush of
BuSinesS-Turn0Ver
Is Large.
BY GEORGE r. HUGHES.


Special Dispatch to The Star
NEW YORK. August 29.--Specula
ton in the stock market reached the
fever stage today. Enormous overnight
buying orders lifted prices at the start,
after which the advance was checked
or turned into other channels by offer
ings on the part of those who had sub
stantial profits on which they wanted
to realize.
The turnover was very heavy, much
larger than on the day before. In the
first hour the tape fell % minutes be-
hind and resort was had to the bond
ticker for prices that were up to the
moment.
Steel Is Active.
OF course. u s. Steel was the center
of interest, It made a new high for
the year of 155 Tuesday and it bettcred
this price fractionally today, Other
steel stocks we're in demand around
their previous closing although Central
Alloy did make a new years high and
so did Inland.
International Nickel performed sensa-
tiOnally again. 1t was rushed across
us to new top since listing for
gain of over 3 points. on top of the
more than Q points 1t had gone up
Tuesday. Montgomery Ward initiated
a fresh rise, crossing go to the highest
for all time Consolidated Gas stood
out among the utilities, the new stock
rising to points
Amusement Stocks.
Amusement stocks were actively
bought under the leadership Of Para
mountainous and Fox Film "A" the
former at new high Stanley Co Of
America increased its striking gain of
Tuesday. Macy ran up again, new
buyers attracted by the lower price now
that it sells ex rights. National Cash
Register went to a new top and tho
airplane stocks joined in, particularly
CurtisS.
When the industrials faltered atten-
ton was turned to the rails. The
Missouri Pacific were among the
favorites, with the common at a new
high and others we're ST. Louis South
western likewise higher than ever be-
fore. Missouri Kansas-Tex and Kansas
CITY Southern. OF the high grade
dividend payers New York Central was
the leader. There was an unusually
large turnover in New York, Chicago
and st. Louis around the low of tho
year.
Money renewed at 712 per cent un-
changed and the supply was said to be
equal to the demand. There was no
change in time money which was 6i2
per cent firmly bid for all maturitieS
There was little let-up In activity i'll
the afternoon Buying was stimulated
by the easier tone in call money. which
was obtainable in the So-called out
side market at per cent. In the first
three hours the turnover was pa, 900
shares, forecasting a 100000 share
day.
The copper stocks we're given a whirl
American Smelling g. Refining rose
S points to a new all-time peak just
under 244 Anaconda was in brisk
demand. up 2 points at 70. Greene
Cananea went along and so for time
did Cerro de Pasco.
Other Favorites.
General Motors was 2 to points
higher on the day around 1876. but the
independents did little Mack Trucks
and White were strong and in the ac-
cessory field Briggs Manufacturing went
to new top One or two of the oils
were taken up. notably General AS
phalt and Warner Quinlan. Midland
Steel Products preferred, about 237, was
up points. Advance Rumely common
and preferred responded to unofficial
estimates of improvement in earnings
Radio had characteristic run-up of
almost IL points to 200, Stop-loSs orders
of bear traders being caught on the
way up.