Evening star., 1928-10-15
STOCK PRICES SOAR
IN STRONG MARKET
Gains Continued Up to Close,
Despite 8 Per Cent
Money Rate.
BY GEORGE T. HUGHES.
.ninI Dicnatnh In Thu Star

Special Dispatch to The Star.
NEW YORK, october 15.-Notwith-
standing an advance in call money to
per cent, todays stock market made
it's usual quota of new highs" Lead
ership shifted about from time to time,
but realizing in one part of the list was
offset by fresh operations for the Use
elsewhere and the market was in no rs-
sential respect altered from that of last
week.
The features in the last hour in
cluded Chrysler, up nearly 7 points;
Packard and Montgomery Ward. The
last named sold above $500 per share
for the first time.
Copper stocks were strong all day and
for a time the rails we're in favor, al
though never as active as the indus
trials.
All the news was favorable Business
reports were encouraging, dividend in
creaSes, actual or reasonably assured,
were factor and the money situation
gives signs of increasing ease.
Industrials in Demand.
The only possibility of an adverse
nature was sudden decision on the
part of outside spectators to take
profits, and of this there was no in
dication today. On the contrary, the
popular view was that stocks of the
leading industrials with an improving
outlook were cheap at any price"
Now and then talk was heard to the
effect that operators on both sides
of the political fence were artificially
supporting the market until after elec-
ton. No proof of this theory was ad-
vanced and it did not gain wide ac-
ceptance. United States Steel went to
new peak in the first hour. So did
Montgomery Ward. There was active
buying of the copper stocks. stimulated
by announcement that Calumet g.
the so cents paid in the preceding
quarter to 81 in this quarter. The
sock, which is one of the lower priced
coppers, responded at once. Kennecott
made a new high for all time by
fraC%on and Anaconda was in demand.
1t was reported that the last named
might increase its dividend also, and
meanwhile expectations of higher
prices for the copper metal were
general.
The relative strength in the rails at
tracted more attention because of the
way in which they have been neglected
of late. st. Louis Southwestern was
among the leaders, as 1t always is
when the carrier stocks are going up,
but Rock Island was the real feature,
casting raising of the dividend to 81
basis. st. Louis-San Francisco went
along moderately with Rock Island, in
which it has large interest. Other
railroad stocks to sell higher included
Baltimore g. Ohio, Canadian Pacific
and Union Pacific. Delaware & Hud
son went up rapidly and in the lower
priced list more interest was shown in
Kansas City Southern.
Popular Issues.
Speculation among the industrials
centered around the old favorites.
American Can sold at the best for the
present shares, while Continental Can
was quoted around its previous top.
Case Threshing Machine, likewise at
the highest in history, jumped 10
points. Union Carbide g. Carbon was
up nearly 8 points, around 1872. Ma
tional Tea. at 1893. was up 18 points
to a new high. Bethlehem Steel was
the favorite among the independent
stel tsocks, going to the highest since
1920
Motor shares were more irregular
General MOLorS came Wltnln IracClOn
of its previous top in the first hour,
but then met realizing. Mack Trucks
was actively bought.
Money renewed at 61a per cent, but
went to per cent shortly after noon.
This was regarded as a temporary
hardening due to preparations by the
banks for adjusting their obligations to
the Federal Reserve. Time money was
easier in supply, at per cent for all
dates.