Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-20
STOCKS HOLD own
DESPITE HIGH RATE
9 Per Cent Money Weakens
Prices, but Fails to
Cause Break.
BY GEORGE T. HUGHES.

NEW YUM, OcpGeIiAuCA So' NAA
money went higher again In todays
stock market. Renewing at 7ls per
cent, the rate was raised to per cent
at noon. to 81a per cent at O'Clock,
and in the last hour to 8 per cent:
ONLY once before, on July z, mad can
funds commanded so high rate since
the deflation days of 1920 and 1921;
Prices FOR stocks weakened somewhat
toward the close. but there was no
break. The market exhibited the same
stubborn resistance it has SHOWN al
along. Before money was marKeo up
General Motors, above ~, nao i1a oT
a new high record. and PACKARD, at Si'
had done the same, The close was IT.
regular. ~ x,,,,,d
THE opening was strong all around;
leadership was assumed by General
Motors which was turned over IN huge
volume only fractionally under the hign
of the wear. Presumably the buylng
forecast some extra distribution on tne
stock.
Packard was the feature among the
independents. It climbed to points
and touching SO was at new top:
THE bulk of the trading in the motor
issues was in these two, but the others
responded more or less.
COpperS Recovering.
Cooper stocks which had to accept
heavy realizing in the preceding session
did better today How Sound was
rushed up to a new high around 68, and
Cerro de Pasco advanced points again
easily. News from the trade was all
favorable. A sale OF several million
pounds for domestic delivery was re-
ported at 1915 cents pound. new
high on the movement. 1t was also
announced that 100000 pounds had
been sold for export Wednesday, new
high record for export sales.
Steel stocks Jagged behind although
Colorado Fuel was strong at times
United States Steel during the FORE
noon did not vary much from the pre-
ceding close On the other hand, several
of the utilities were bid up enthusiastic
cally. among them Columbia Gas to
new high for the present shares, and
National Power & Light also to new
high since listing American Power &
Light and Commonwealth Power went
higher.
SpeciaIties Climb.
Demonstrations were witnessed In
number of specialties. Dawson made
new top at IS. Philadelphia & Reading
Coal & Iron displayed unusual activity.
One of the reports was that buying was
, for the account of large utility inter-
est. Gillette Safety Razor went to
new peak. Atlantic Refining and Texas
Corporation were the leaders OF the
oils.
Rail stocks were neglected. Rock
Island gained a point and New York
Central was we'll supported, but the
great majority of carrier stocks did
little.
Money renewed at 71s per cent and
| was in good demand at that rate. The
indications were early in the day that
| the charge would be advanced and just
after noontime an advance to 8 per
cent was posted.
Motors Lead Opening.
| At the opening concerted efforts were
made to bolster up the main body of
| stocks by bidding up such industrial
I leaders as General Motors and United
block of 5000 shares at 208A, gained
point overnight, and the latter at 157l2
was up almost as much.
| Cerro de Pasco stood out among the
coppers, although 1t was still some dis
| lance from its recent record high. Mis-
souri, Pacific issues continued in favor
| In the rails.
LOW-pr1ced pubic UTILITIES showed
strength, notably Electric Power &
Light, National Power & Light and
| American Power & Light.
:, Gillette Safety Razor continued an
outstanding feature among specialties,
advancing over points to new high
| when it crossed 112.
| As the first hour progressed the mar
| ket became increasingly strong. Gen.
eral Motors at 211 sold within a frac-
! ton Of what was virtually its highest
| in history. Its strength had stimulat--
| ing effect upon some of the others OF
| the group, notably Packard, which was
3 points higher at 49, Y. its former top,
while Briggs Manufacturing gained
over points to its best.
| The coppers were again among the
| leaders, with Anaconda, Calumet and
| Arizona and Kennecott sharing leader
| ship with Cerro de Pasco.
| Atlantic Refining again led the oil
shares, making new top across 1874.
| The call money renewal rate was adj
vanced to 71s per cent, as against the
per cent rate yesterday.