Evening star., 1928-09-19
HIGH MONEY FAILS
TO CHECK TRADING
Stocks Close Firm in Face OF
Hiqhest Rate Since
July z.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

special Dispatch 10 Inc Stdr
NEW YORK. September l9.-Faced
with the highest money rate since July
2, todays stock market gave good
account of itself. Prices sold of some
what in the last few minutes of trad
ing, but there was no weakness. Earlier
in the day the movement had been lr-
regular in the extreme, but in the last
hour the market apparently was on the
verge of a substantial advance when
the rise in money interfered.
The renewal rate was per cent.
From this point the charge went first
to -. per cent. then to per cent, and
at 2 80 o'clock to 8l2 per cent.
Among the stock to advance regard
less of money we're Atlantic Refining
and Fleischman The close was with
mixed net changes.
New favorites were brought to the
front all through the list. In the min
ing group it was the lead and zinc
stocks which were in favor, while most
of the coppers we're absorbing profit
taking sales. st. Joseph Lead and
American Zinc, both medium-priced
issues, were bid up to new highs. In.
terest was shown in the very low-priced
Callahan zinc Lead. Ali OF which was
connected with the improvement In the
trade.
Cerro de Pasco, the rise in which
had been so striking feature on the
day before, declined. international
Nickel moved forward 8 points or so
and the other stocks in this part of the
list held their own, but did little more.
Money went to 8 per cent in the aft
ernoon, following the calling of more
loans by the banks.
Atlantic Refining stood out active and
strong among the oils. 1t was pre-
dicted that the dividend would be in
creased, but a more potent influence
was the estimate of increased earnings.
Motors Lose Gains.
Motor stocks failed to hold early
gains. General Motors ran up 2 points
in the first half of the session and then
slipped off. United States Steel moved
through smaller range. but acted in
similar fashion. Radio jumped around,
up at one time points and then losing
it all. For a time Allied Chemical and
American Can we're actively bought:
Gillette Safety Razor and American
Safety Razor both made large gains.
There was heavy short covering IN
Freeport Texas. lifting the price some
5 points. Liquid Carboni made another
new high today on top OF its sharp ad-
VdIlCC uCcAdy ~~~S~--
Tank advanced spectacularly.
Money was in good demand, with the
banks calling some $10,000,000 IN loans.
Further Withdrawals just after IL
o'clock resulted in the rate advancing
TO 7ls per cent Time funds held firmly
at their new high levels.
Opening Irregular.
Irregular price changes characterized
the opening.
The coppers were not SO prominent
as on Tuesday. although they continued
among the favorites. Anaconda was
unchanged at 801s, while Chile and
Cerre de Pasco were we'll bought.
Curtiss gained almost points IN
the first few minutes. Missouri Pacinc
issues led the rail shares.
Intimations that directors OF Pan
American Petroleum might do some
thing in the way of dividend distribu-
tions at the coming meeting brought
out a demand for the B shares. Other
oils were little changed, with the excep;
ton of Atlantic Refining, which gained
more than a point.