Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-20
STOCKS CONTINUE
ON UPWARD TREND
Speculation fer Rise Results
in Gains-lndustriaIs
Active.
RY GEORGE 7 HUGHES.

Special Dispatch to The star
NEW YORK. August 20.-Speculs-
ton for the rise continued actively in
today's stock market It included both
industrials and rails, but the features
were more numerous in the former
group. The advances we're not as large
as in other recent sessions and stocks
were in greater supply. but still there
was no sign Of impending reaction
One conspicuous exception to the
trend was General Motors This erst-
while leader was under pressure from
the start, The extensive short interest
prevented the offerings from bringing
about any sharp decline. but 1t was
evident that traders had for the pres
ent at least. shifted their favor to other
and more responsible mediums. The
only explanation was the distaste the
average Spectator felt for taking any
chances on political uncertainties.
High Records Made.
On the other hand high records OF
one kind or another were set up tor
half dozen prominent industrials. In
cluded in the list we're American Can
and Continental Can. both OF which
sold at the best prices In their history.
Sears Roebuck was another up between
for the first time Corn Products rep
resented the food speciality group, cross
ing "a. and Paramount Famous Amuse-
ment stocks sold at lao.
In the railroad list the movement
conferred first about the stocks OF the
roads operating in the Southwest and
then about those serving Northwestern
territory. Missouri, Kansas. Texas.
among the former was very strong
above 40. but Missouri Pacific was in
demand. and so far a time was Kansas
City Southern Great Northern preferred
sold with a fraction of par in the early
trading. and Northern Pacific was high
or Profit taking came into the st. Louis
but 1t was well absorbed St Louis
Southwestern sold above 500 for the
first time in It's history. high price for
stock which has never paid any divi-
dends, but one seemingly justified by
the earnings.
More attention was paid to the utili-
ties particularly those of lower price
Power and American Power & Light
e. Light and American &, Foreign Pow
or improved and so did Commonwealth
Power and American over 81 Light.
Columbia Gas reacted under realizing
sales after its recent advance. Interna-
tional Telephone a. Telegraph went up
3 points easily.
Sentiment was very favorable toward
the steel stocks II seemed to be found
ed more on the improvement in the in
dustry than on developments affecting
anv particular company. U. S Steel
sold at the high Of the movement and
the independents in favor included Col
orado Fuel e. Iron and Central Alloy.
Motor Issues.
svmpathizs with General Motors, al
though Chrysler had sharp recovery
amounting TO some 3 points. Among
leader Weakness cropped out again In
Manhattan Electrical Supply and the
stock went TO new low for the year.
Money renewed at per cent against
the final quotation or FRIDAY OF per
cent. Banks called 5000. 900 in loans
before noon and IL was predicted that
the rate for new loans would go higher
before the close. The market hesitate"
when this became evident
Money Rate Advances.
Money went first to 6l2 and then to
I per cent In the afternoon. but the
only effect was to turn the market dull
The higher charge did not bring out
turnover was 100000 shares in tho
second hour II dropped to SOS, ZOO and
in the third hour to $4,000
Individual stocks managed to push
ahead despite higher money Midland
Steel Products preferred at 225 was
up 10 points. U. S. Steel held very
firm only fractionally under its high
of the daY Sears-Roebuck increased
its forenoon gain and there was a
sharp run-up IN Tobacco Products.
In the railroad list there was usual
activity in Southern Pacific at higher
prices. Other railroad stocks In which
buying appeared were Chicago Il
Eastern Illinois common and pre-
ferred and Wabash.