Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-01
.SPEC|ALT|ESL LEAD
ADVANCE IN STOCKS
Rise in Chosen Issues Strong
and Confident-AtlantiC
Refining Oils Feature.
BY GEORGE r. HUGHES.

Special Dispatch 10 The Star
NEW YORK, August With indus
trial specialties assuming the leadership
today's stock market bid defiance 10 the
credit conditions which might have been
expected To restrain It. The advance in
the chosen issues was robust, confident
and consistent.
The market had given demonstra-
ton of indifference to call money strain
ON the day before. That display gained
for It new adherents. The result was
a performance as remarkable as any
thing seen since liquidation dried UP
after the break of a month or so ago
Mail Order Shares Rise.
One or two stocks were singled out
In each group for attention. In the
mail order list it was Montgomery Ward
and -Roebuck The former, after
1872, which was not only the highest at
which the stock has ever sold, but which
represented rise of over Ia points in
two business sessions. Sears-Roebilck
made a smaller gain and still sold
higher than the present shares have
ever reached.
Among the oils the star was Atlantic
Refining. At 15a this stock was UP
almost points and at the highest
since the 900 per cent stock dividend
paid December 90. 1922. Another fea-
ture YVES Jewel Tea. another was Johns
Manville and still others were Kroger
Grocery. International Harvester Vic
tor Talking Machine and International
Nickel. All of these were strong and
all had a large following inspired by
their action on the tape.
II will be noticed that the foregoing
list does not include such represent
alive stocks as General Motors, United
States Steel or any Of the rails. Motors
was fractionally lower in the forenoon
trading while the specialties were be-
ing bid up so rapidly and Steel varied
only shade from the preceding close.
The Steel income statement was not a
factor in the market for the stock.
General Electric was higher at times,
but did not compete with other indus
trials for the limelight.
Short Covering Contributes.
Doubtless short covering contributed
to the rise. but except in a few stocks.
such as International Nickel, 1t could
not have been an important influence
The short interest has been reduced
substantially and by that very fact the
technical condition has been impaired.
Money renewed at ia per cent. the
highest renewal rate since july Is.
Funds were in supply, however, at this
level and the speculative element paid
10 attention to the credit situation.
Money Goes Lower.
Money went to per cent In the
fourth hour. as had been foreshadowed.
Buying OF the oil stocks was feature
AT this stage A long list of representa-
tive issues was In brisk demand, In
Guiding Texas Corporation. Standard
oil OF California. Sinclair, Phillips and
Houston. The last-named gained near
ly points.
The Bureau OF Mines at Washington
announced that stocks OF oil. crude and
refined. had declined $4,000 barrels
during June, while stocks of gasoline
fell of $50, 900 barrels.
Corn Products and the can stocks
were strong in the afternoon. Mer-
chandising and mail order shares con-
tinued In favor. Woolworth rose over
4 points. There was further recovery
In Collins a. Altman. While all this
was going on Steel and General Motors
marked time and the rails were dull
and neglected.