Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-27
BULLS AGAIN HOLD
SWAY ON MARKET
Credit Conditions More En-
couraging-SteeI and Mo-
tors Are Strong.
NY GEORGE r. HUGHES.


.
NEW YORK, July 27.-Professing
satisfaction over the reduction In
brokers loans. which though insignifi-
cant In amount, was unexpected, specu-
latiye Wall Sstreet started in today to
bid I'D prices In the STOCK Market
Some of the opening gains were sub
stantial and although all OF them were.
not held the list presented an appear
ance of strength.
Fundamentally credit conditions we're
not greatly changed. There was the
same discrepancy between day to day
loans and those tor fixed periods. Time
money was firm, lending at per cent
Tor all dates. Open Market commercial
paper rates were marked up quarter
Of per cent The shadow Of an In
creased demand from business and agri-
cultural sources for Autumn needs was
cast over the money market.
Cali Money In Good Supply.
Nevertheless call money renewed at
5 per cent and was In good supply at
that figure. This was the important
thing from the standpoint OF the trauer.
The leadership rested with seasoned
stocks and IN that respect was reassur-
ing. United States Steel at 142 was at
the high or the movement and taken
In volume around this price. On Tues
day next the quarterly income stase-
ment will be made puplic. The lore
caS,s were favorable. One estimate to-
Gay put surplus available for the COM
mon Tor the nrst half of 1928 at $3.50
share. There was nothing in the
Bethlehem Steel statement 10 warrant
enthusiasm, put the steel stocks were
well supported TO-DAY.
General Motors. opening at 100 to
1909, on block of 1000 shares crossed
1872. where IL was up nearly points,
ana this In the first Two hours or b,isl-
ness. General Electric was higher, and
American Smelling g. Refining con-
tinued Its ADVANCE begun on the day
before until 1t was selling within a
fraction Of It's record high ror all time.
American Can was outsCzndingly strong,
bought, not on It's yield or its immediate
earnings. bur on its prospects and Its
rank IN the trade.
OF course, there was q good deal Of
short covering. The bear interest In
International Nickel, which Is under
stood to be large, became increasingly
nervous, and the stock climbed rapidly.
Probably the same was true OF the
standard stocks, particularly steel, al
though this factor was more influential
In the specialties
Wright Aeronauticai at I58 was up 8
points and Radio above 17o had gained
The same amount. A special demand for
Eastman Kodak carried the price up TO
a record high for the present shares.
Paramonnt-ra sold at the highest
In It's history.
Atlantic Refining at New High.
Atlantic Refining went 10 new high
for the year above lat. which was also
the best since 1923. Oil stocks in gen.
eral were q shade higher and one or two
Of them fairly strong. Barnsdaii class
A was conspicuous among the latter.
Another demonstration In Kennecott
featured the copper part OF the list as
the stock at s5l2 duplicated It's previous
record high.
Strong spots among the rails included
the Eries, st. Louis-Saf Francisco and
Rock Island. With regard to the Erie
Il was reported that the plan 70 ex-
change the present riol-cumulative
der cent preferred shares for new 8 per
cent, cumulative stock on q basis of two
new for three old had been revived. IN
any event the prospect Of some sort OF.
dividend action on the Erie preferreds
was believed to be improved.
Early Gains Held.
The early gains were well held In
the afternoon although the turnover
was smaller. Chrysler was easily the
leader of the motor stocks showing q
gain OF over points as 1t approached
76. Whatever the outcome Of the merger
plan with Dodge Brothers, buyers OF
Chrysler evidently believed the stock
was worth more money Earnings esti-
mates run from 50 to $40 share for
the year. which would make 1t not over
priced In comparison with other auto
mobile stocks.
In contrast with the strength else
where was the weakness In American
Wooden. The common and preferred
both went to new 1928 lows. The SEMI
annual statement Is due next month
and Is expected to make disappointing
showing. On the other hand United
States Rubber preferred was strong and
the common worked higher, Part OF
the buying was for short account and
part OF the long pull variety.