Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-15
STOCKS GO HIGHER
IN BROAD RECOVERY
Well Sustained BuIIish Move
ment Is Led by Advance
in Motors.
BY GEORGE T. HUGHES.
Special Dispatch TO The star.

WALL STREET, N. Y, August Is
Stocks went uniformly higher in today's
market. The recovery was broad, we'll
sustained and impressive. It was led by
the motor stocks but other iudustrials
swung into line and the rails. while
comparatively inactive, were decidedly
firm.
Money renewed at 7 per cent. Before
midday the rate for new loans had been
reduced to 81 per cent. Even at that
figure funds were in supply and further
easing was anticipated 1t went to per
cent in the early afternoon.
There was no change in the credit
situation as far as borrowings for flXed
periods were concerned Time money
loaned at 6la per cent. the high OF the
movement. Money brokers pointed out
that some 500 900 900 in time loans
would have to be renewed this month,
and that the outlook was for continued
stringency. The stock market, however.
was not concerned with that phase OF
the subject. Traders were impressed
only with the easier tone in call money.
Motors Show Strength.
Chrysler and General Motors were
headed in the same direction today. In
other recent sessions General Motors
had been going down about as fast as
Chrysler was going up. They both
gained today. General Motors more
vigorously than ChrySler. although the
latter did make new high for all time
when It sold for 80 directly at the OPEN
ing Shorts in General Motors rUsheo
to cover and the stock above l8l was up
nearly points from the preceding close
The retreat OF the bear interest was ac-
CELEBRATED by what was termed gooo
buying" in the Street vernacular.
Practically all the rest OF the auto
mobile stocks were strong. Packard was
a feature above 80 and at a new high
on the movement, but Hupp and Stude-
baker we're not far behind, while a
comparative newcomer. Brockway Mot
ors. established at So a new hlgh
since listed. Stocks Of the motor &C
cessory companies were in demand. the
feature being Murray Corporation.
which rose nearly points. Thinker
Roller Bearing was higher on small
turnover.
The short covering in General Motors
was paralleled by that in Montgomery
Ward Both these popular trading me-
djums had been weak at the close Tues
dav. Montgomery-Ward shot forward
today as previous sellers for the decline
hurried to take in their contracts.
Radio had one of its characteristic ad-
vances amounting to some Z points as
it neared 100. Other strong industrials
included American Can. Allied Chem
ical. Sears Roebuck and Johns Man
vile. United States Steel opened frac-
tionally higher and ranged above the
previous close during the early trading,
but was not especially active.
Copper Stock Strong.
An important development was the
raising of the Kennecott Copper divi-
dend from SIS TO a SIS annual basis.
The stock was strong. selling around
its high for all time. but good deal
of realizing followed the dividend an
nouncement. American Smelling q Re-
fining worked higher along with Kenne-
colt.
Minor features were the strength In
the amusement stocks. under leadership
OF Paramount Famous, and the rally
In some OF the sugars, notably South
Porto Rico
The market pushed steadily ahead in
the afternoon. The volume was not
large, but there was no mercy shown
to the short interest. The feature was
American Can, which reached 90 for
the first time for the present shares
National Cash Register likewise estab-
lished a new top as the stock crossed SO.
u. S. Steel had been neglected during
the forenoon, but it was taken in large
blocks in the afternoon around its re-
cent high. reviving the stories of some
special development in the affairs of
the company Bethlehem Steel and
Republic Iron q Steel benefited from
the strength shown by the leaders. An
other independent to find favor was
Central Alloy Steel
Stocks which had been strong early
in the day increased their gains. Radio.
Just under 1872, was up o points. Gen.
eral Motors and Packard worked high
er. while Kroger Grocery and Eastman
Kodak did better in the speciality group.
The close was strong WESTINGHOUSE
Electric was taken up in the last hour
and above 81 showed gain of 4 points
Inland Steel featured the independent
steel stocks. while United States Steel
and American Can left off at the best
for the day. So did Radio.