Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-06
TRADING IN STOCKS
TAKES BRISK TURN
Demand Is LiveIy-Coppers
and Merchandising Shares
Show Strength.
Ry GEORGE T. HUGHES.

| special Dispatch 10 The star,
NEW YORK. August -Misgjvingc
about the credit situation had nc
place in speculative calculations today
Stocks were in demand, regardless oil
I the money outlook, which. however, for
/ The moment was more favorable.
The renewal rate for call money was
! 6 per cent, the lowest in q week but
i the Street did not wait for the renewal
/ rate to put in its buying orders.
! The carly trading was marked by q
| vigorous demonstration In the copper
stocks Kennecott was the feature,
crossing os 10 the highest In the his
tory of the company. Greene Cananea
improved more than 4 points end Cerro
de Pasco and American Smelling &:
Refining were both higher.
Dividend Meeting.
The Kennecott dividend meeting is
scheduled for AuguSk 20. when it is eX-
pected the dividend will be raised from
SIS to So annually. Aside from this was
the fact that copper prices have held
firm at their top during the current
dullncSS in the metal market. having
an advance above tho l42. cents level,
where reasonable profits arc assured for
all low-coSt producers,
Mail order and merchandising shares
were strong, Montgomery Ward, which
had reacted under profit-taking last
week. ran up some five points at 1911,
Sears Roebuck above 1875. sold at the
highest under the present capitalization,
and WoolWorth and other representative
stocks in this class were in demand.
Sales statistics, as they come 10 hand,
reveal CONSTANT increases, WoolWorth
made public today its July statement
showing an increase TO 2.07 per cent In
sales on the month and 652 per cent
IN sales for the seven months.
The feature in the motors was Cen
eral Motors. UP points above 100
and very active The leader in The in
dustrv had Jagged behind while the
shares of the independents were rising
last week. II was brought into line to-
dav. Chrvsier met realizing and so did
Packard and Hupp, but Chandler
Cleveland preferred made. a large gain
for stock selling so low.
SteeIs Are Slower.
Steel stocks we're slower in getting
under way. but they received their share
Of attention in the afternoon, u. S.
Steel ran up points and Colorado
Fuel and Iron was the leader of the
independents. So far the steels have
failed to reflect marketwise the i'm
provement in the industry.
Oils were firm. Atlantic Refining alb
sorbed heavy realizing. which carried
the price down points in the early
dealings and then came back Stand
ard Oil of New York. Texas Corpora
ton. Marland. Richfeld Oil and Mexi-
can Seaboard we're higher at one time
or another
In the speciality group attention was
drawn TO Otis Elevator. up almost
points at 200. Eastman Kodak, the two
airplane stocks, American Ice at new
high for the present shares. Warner
Brothers Pictures "A" at the best since
listing. and International Nickel dupli-
eating its previous top at 1903.
How much of the days strength was
due 10 short covering was uncertain,
but 1t was limited in we'll informed cir
cles that the extent and quality of the
short interest would prove sensational
we're the exact conditions made public.
New Favorites Taken Up.
New favorites we're taken up in the
afternoon. The biscuit stocks. Loose
Wiles and National Biscuit, we're active
Is, bought. with the latter rising nearly
points National Tea had sensation
al rise Of over Is points at 285, which
was also the highest Of recorA. u. S.
Industrial Alcohol ran up easily on a
comparatively small turnover.
Chrysler. absorbing the forenoon re-
alizing. pushed ahead again for q
point gain, and later on Packard joined
in Victor Talking Machine sold of
rather sharply. but there were few
losses in the active stocks
Rails we're neglected, sales appear
ing on the tape only at long intervals
and then without important change in
prices. The car loading figures forecast
a good second half year for the car
riers. but the stock market showed no
Interest,"