Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-17
MAIN STOCK LIST
ON UPWARD TREND
Better Resistance to Selling
Operations Shown by the
Market Today.
BY GEORGE T. HUGHES.

Special Dispatch TO The Star.
NEW YORK, July 17.--Displayng
better resistance to selling operations
than it had yesterday, the main body
of stocks worked toward higher levels
as today's session on the Stock Ex-
change progressed. At the outset,
liquidation continued in the proml-
nent industrials, such as United states
Steel, General Motors and General
Electric. But, when this had run us
course the buying side obtained tne
upper hand.
Speculative attention centered on the
money situation in the absence OF over
night news developments in the busl-
ness outlook. The renewal rate on
call loans was dropped to per cent.
as compared with So per cent at the
start of the week and the fact that
money was available in good supply al
SD per cent outside, foreshadowed even
q lower rate for new loans on the
Stock Exchange later in the day.
Volume Is Small.
Despite the hardening tendency OF
prices the volume of transactions was
again unusually small. The motor
stocks played a prominent part IN the
days operations. General Motors, altef
early pressure, was carried well across
1874, where it was up almost points.
Hupp Motors responded only moderate
ly to the highly favorable report for the
first half year. This disclosed net 81
$415 share against $1.l4 snare III
the first half of 1927. Evidently the ad-
vance from the low of the year oil ~
to the current price level had been III
anticipation of this showing. other m
dependent motors, notably NaSh ana
Hudson, were well taken.
Interest, however was not connned
wholly to the motor group. Several OF
the oils we're in favor. One of these
was Atlantic Refining, which resumed
it's upward movement started after the
recent announcement Of purchase oy
prominent banking interests OF large
block of the Rockefeller holdings. AT
l42 IL was almost 3 points above the
previous final American Republics was
bid up several points, while Mariana
came in for attention.
The midday recovery first made itself
felt in the merchandising issues, notably
Montgomery Ward and Sears Roebuck.
They had in their favor expanding
operations and new monthly sales rec
ords at a time when recession in the
business volume might have been ex-
pectad
International Nickel Feature.
International Nickel featured the
mining issues, large blocks of the stock
coming upon the market at declining
prices during the forenoon. A rumor
that those back OF the market we're
hax ~ ~,
peared to be the basis for the selling.
but in the afternoon the stock rallied
with the general market Among the
steels Vanadium and Ludlum featured
the independents. the latter still dis
counting its recent court victory in its
infringement of patents litigation.
The railway shares were without note
worthy feature. although they were in
clined toward higher levels. Atchison.
which had been consistently supported
among the high-grade dividend payers.
crossed 1876 for gain of more than a
point. New York Central was in good
demand above 16i
Money Goes Lower.
Speculative Wall Street had been as
sured of no immediate change In the
money situation when the call loan
renewal was fixed at s per cent. so that
when the rate for new loans went to
So per cent in the afternoon 1t failed
TO act as an influence marketwise.
Trading dragged along as it had Mon
day In a listleSs fashion
Prices were higher generally but in
no appreciable degree save in few
special instances. General Motors
finally crossed 1855. almost 3 points
higher on the day Atlantic Refining
at l44 went to its highest since 1923,
but 1t failed to maintain all the gain,
international Nickel rallied from its
early low and Kennecott was taken up
moderately. Radio Corporation gained
some 3 points. and United States Steel
IN the last hour sold point above the
previous final.