Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-23
STOCKS IRREGULAR
IN RISING MARKET
Coppers Feature Early Trad
ing--ReaIizing Appears
in Several Issues.
By GEORGE Il. HUGHES.
,cclal Disnatch 10 The Star.

Special Dispatch to The star.
/ NEW YORK, August "a NotWith-
standing the large advance it has re-
corded i'll the past 10 days, the stock
market gave today another dem0nstra~
ton and an impressive one Of its under
lying strength.
The weekly statement on brokers'
loans was due after the close. The posi-
ton of the reserve banks will be re-
vealed In the report to be published Fri
day, No concern about either OF these
indices Of the credit situation was man
fested.
The list was active and strong in the
forenoon and quietly strong i'll the att
ernoon. Copper stocks were the leaders
early in the day the motors III midaas
sion and ndustrials OF the type of
Montgomery Ward, Allied Chemical and
the express company shares III the later
trading.
Montgomery Ward set a new high for
all time at 20i. Allied Chemical did
the same at 1871. ChrySler bottcrcd its
previous top by a fraction when IT. sold
lust under 80. Realizing in other stocks
was absorbed without important loss.
There was q little more irrcgularity in
the last hour as traders cVcnod up ac-
counts. ReccSSionS III the stocks that
had been strongest earlier were par
TALLY offset by buying in some Of the
rails. Delaware d Hudson jumped 5
points and there was 4 sudden demand
for Perc Marquette, General Motors
and Chrysler came off somewhat from
their tops,
Copper stocks were the features in
the early trading. Practically every
listed issue i'll this group was III urgent
demand ut rising prices. The movement
began with demonstration in Amer
ican Smelling 81 Refining. Buyin. i'll
this stock has been aggressive and con-
ndent for a long time 1t gained over
l6 points last week and added to the
rise daily this week. It jumped SIX
points this morning to 228iz, a record
for all time, Earnings estimates run as
high as $24 share and some additional
distribution to stockholders Is pre-
dicted.
Other Coppers Rise.
The strength In smelling brought
buying into the other coppers. Ana
conda shot up 3 points, Greene
Cananea gained 4. Calumet and Ayi-
IONA Cerro de /Pasco, Chile and Howe
Sound were highee and kennecott,
above 81. sold at the best in It's history.
CRANKY Mining went along 10 a new
top for the year.
Many specialties were in demand
Unusual activity came into WoolW0rth,
I'D nearly 4 points National Cash Reg
ister, which had the benefit Of organ
lied support. pushed ahead to another
new top BrockWa" Motors did the
same. Park ~ TiIford, Lambert, Elcc-
trio Autolite and Midland Steel Prod
ucts preferred were others to be bid up
On the other hand there was good
deal of realizing in the can stocks, In
Sears Roehuck. In Schultz, in the sui
phur stocks. which rose so rapidly the
dav before, and in number OF the
rails
Motor stocks did we'll for the most
part Chrysler was the leader rum
ming IN 3 points before noon. General
Motors was we'll supported and worked
higher. More attention was paid 70 the
motor accessories. among them Soicer
Manufacturing and TimGen. Federal
Motor Truck was strong,
Tobaccos I'm Demand.
A few of the tohaccos were in de-
mand. Tobacco Products, Congress
Cigar and Eisenlohr ~ Brothers were
the leaders. Among the oil stocks Houa-
ton and Atlantic Refining did the best
Steel stocks held their own, but did
little more United States steel was
up fractionaliy above $50. where de-
mand and supply were we'll balanced
Central Alloy developed strength among
the independents but most of them
were not much changed,
Money renewed at Z per cent the
rate that prevailed all of Wednesday,
Banks called s20.o00000 In loans early
in the day.