Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-08
ADVANCE IN STOCK
PRICES CONTINUED
Profit Taking Fails to Check
Upward Tendencies-Money
Rate Drops.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, october 8.-Further
impressive demonstrations on the side
of advancing prices occurred at the
start of the week in the stock market.
There were intervals when profit taking
in recent industrial favorites became
heavy and carried prices well below last
weeks finals Nevertheless the note
worthy changes in individual stocks
were upward.
That distribution was taking place in
an active way in the main body of
stocks was evident. but so far this
tendency has not had a material effect
upon speculative sentiment, which con-
tinued to favor the side of rising prices
in issues which last week were sus-
ceptible to operations for the rise.
Credit Situation.
If the credit situation was the factor
In the current stock market activities,
which many believe 1t to be, there was
ample basis in today's developments 10
warrant maintenance of long holdings.
The call loan renewal was fixed at 61e
per cent, as against the per cent of
Friday, with ample supply of funds
available for initial requirements. Time
funds we're reported easier, with the
rate for longer accommodations avail
able at per cent. compared with the
recent charge of 7l2.
At intervals Chrysler Corporation and
General Motors were subjected to
urgent profit taking. which carried
prices down sharply on the day. But
while this selling was in progress ef-
forts to bring about higher levels for
Studebaker Murray Corporation ard
Brockway Motors we're meeting with
success Hupp. which left off at its
high Saturday, was held in check By
realizing.
Copper and metal issues shared first
place with the motors in the specu-
lative operations. Anaconda was turn
ed over In heavy volume at advancing
prices Crossing "a it was more than
points higher while American Smeit-
ing & Refining went to new high for
the current movement, where 1t was
up over points.
Calumet g. Arizona had another of
its chacteristic sudden upturns cror@
ing ia for gain of some 3 points.
while Greene Cananea and Interna
tional Nickel recorded substantial i'm
provement, the latter making new
high. There we're no new developments
in the metal situation to account for
the favor with which these stocks were
looked upon They were merely thought
to be in a position to respond further
to the outlook for higher metal prices
and increased earnings later in the
year.
Afternoon Rallies.
In the afternoon the volume Of BUSH
ness tspered off somewhat: the tend
ency of the main body of stocks was
to harden as the session progressed
Among the late features were Allied
Chemical and Dye up some Is points
to new high record. American Smelt-
ing and Refining up some points and
Victor Talking Machine at a fresh high
above 12l, gain of more than points
Chrysler absorbed profit taking sales
Commercial Credit was a favorite
among low-priced issues. making a new
top above a. Montgomery Ward shot
forward more than 8 points before the
demand subsidized. Gillette Safety Razor
rose sharply to new high. while the
copper and metal issues in some in
stances exceeded their forenoon highs