Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-16
STOCKS ARE ACTIVE
IN FIRM MARKET
Advances Scored at Lively
SeSSion-Can and Motor
Issues in Demand.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, August 16.-Stimulated
by further drop in call money, the
Stock Market moved ahead vigorously
today. The renewal rate for call money
was per cent. Before noon it had
dropped to 81 per cent. In the after
noon it went to 5 and then to Az per
cent. Only last Friday call money loan
ed at per cent.
This apparent reversal in the credit
situation, combined with the advertis-
ing the market had received on the day
before, brought buying orders in all
along the line. Profit-taking, which
was heavy at intervals, was we'll abb
sorbed. and the whole list exhibited a
confident tone.
Steel stocks were the leaders in the
last hour. United States Steel, Beth
lehem Steel and Crucible sold at the
high of the session toward the close,
Atlantic Refining was up between 4
and points and Kroger Grocery eX-
tended its early gain. In other stocks
there was a good deal of protlt-taking,
but the market turned dull on every
slight reaction. II left off firm.
Time Money Easier.
An easier tone in time money fur
nished encouragement to the bulls, al
though BANKERS insisted that funda-
mentally credit conditions had not
changed. Wall Street. however, was
convinced for the moment at least that
its view was the correct one, namely
that money was not going to obStruct
an advance in stocks.
Features were numerous. American
Can was an carly leader, selling at
lOI for the first time in its history.
Continental Can was carried along
likewise TO new high, Both of them
have been favorites for long time and
there was nothing new in their affairs
to account for the enthusiasm.
On the other hand the rise in Amer
lean Smelling e. Refining to 208, still
another record high for all time, was
connected with the evidence Of prosper
ity in the copper industry given by. the
raising of the KenneCott dividend on
the day before. Kennecott itself did
little. but Greene Cananca. Cerro de
Pasco and Anaconda were actively
bought
The feature of the steel group was
Inland Steel. up five points at 66, and
at the highest since the stock was listed
Merger reports were given in explana-
ton United States Steel moved more
sedately but touching 146 during the
forenoon 1t was at the best of the
movement.
There was no abatement Of the in
terest in the motor stocks. Chrysler
reacted, but not more than was natural
In view of the excited speculation in
this stock Of late. General Motors, on
the other hand. moved up briskly, still
against an overeXtended short interest.
Packard followed closely along, to the
accompaniment Of reports Of increased
earnings and plans for expansion of
its interest in the airplane field. After
ward Hupp and Hudson swung into line.
Rails Are Active.
Stories of new alignments In the
motor car trade we're heard all over
the street. None Of them could be
confirmed but they all added fuel to
The speculative fire.
The rails were more active today than
at any time recently. OF the lower
priced stocks Kansas City Southern
was first TO respond. running UP 3
points at 81. Missouri Pacific common
and preferred went higher, and at one
time or other Peoria e. Eastern, New
Haven. Wabash. Ontario e. Western
and Missouri Kansas e. Texas we're
strong. St Louis Southwestern started
up again, and buying came into Rock
Island. New York Central and Southern
Pacific. st Iouis-San Francisco went
along with Rock Island