Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-09
STOCK LIST RISES
IN LIGHT TRADING
Business Developments Bring
Advances in Shares Chosen
for Leadership.
BY GEORGE T. HUGHES.
snatch to The Star.

Special Dispatch to The Star.
NEW YORK, July 9.--Rising prices at
the start of the week in the issues Sc
lected for leadership on the Stock En-
change we're based for the most part
upon developments present and pro.
spective In outside business condltionS.
The volume of transactions was COM
paratively small. and the upward move
ment was confined to few selected
groups.
Although many were inclined to expect
higher charges for funds for stock mar
ket purposes the call loan renewal RAG
remained unchanged at 5l2 per cent
One of the most noteworthy incidents
was the fresh advance of Is to 20 cents
a barrel in Pennsylvania crude on quota
tons. the second upward revision so far
this year. This had its reflection In the
bidding up of several of the prominent
oil stocks, and was taken to foreshadoW
general rise in all grades in the near
future. Gains we're confined to frac-
tional limits, but the group as whole
was helped by the announcement.
Distributive Shares In Demand.
Shares of distributive companies con-
tinued IN urgent demand, but Mont
gomery Ward and Sears-Roebuck SOLD
at their highest prices under the pres
ent capitallzations. The ability OF TINS
class OF companies to report steady In
creaSes in monthly sales was the IN
centive for the demand.
General Motors gave every indication
of having the support of powerful BANK
ing interests. and was bid up several
points at intervals. The Independent
motors were carried moderately higher
under leadership of Hudson and PACK
ard, the latter failing to be adversely
influenced by the price cut announce
ment affecting the six-cylinder line.
United States Steel moved Sympa-
thetically with General Motors ana was
selling more than a point higher most
of the session. The better outlook for
the steel trade and the prospect OF an
increase in the untitled tonnage state
ment for June had reassuring enect
upon sentiment toward the steel INDUS
try. although the independent members
of the group were comparatively quiet.
Hot Weather Reflected.
Specialities were featured by new
higi, for the year in Warner Brothers
PICTURES. 1t was apparently discount
ing latest developments OF its subsidiary,
the Vitaphone. Another feature was
American Ice. The sudden change In
weather conditions naturally provided
the incentive for the demand in this
instance. Allied Chemical was bid up
sharply. General Railway Signal. cross
ing 100 for a gain of more than 4 points,
felt the effect of short covering, while
Westinghouse Electric was carried for
ward another point or more. The buy
ing which resulted last week In gain
of almost 80 points in Midland Steel
Products preferred kept on and the
price crossed $40 as compared with the
previous final of 237.
Railway shares were not in as much
favor, but there was no weakness APP
parent. Atlantic Coast Line, up over
points, was in demand among the
high-priced issues and Missouri Pacific
preferred did better Western Maryland
was taken up among the junior issues,
but failed to hold all the improvement.
Loans Are Called.
The calling of the loans TO the eX-
tent of Sl5,0O0,000 In the afternoon had
the effect OF slowing down operations
for the rise and the rate ON new loans
was advanced to s per cent. The one
group that stood out predominantly
was the oils. One after another these
issues were taken up, but there was no
rush to buy. Houston Oil jumped al
most 3 points, Indian Refining reached
new high above 38i2 and General
Asphalt gained more than a point,
while Texas IL Pacific Land Trust.
Standard of New York. Standard of
California. Texas Corporation and SIN
clair we're taken at higher prices,
Lehn e. Fink was a feature among
specialties. reaching a new high for the
year in response to the favorable esti-
mate of first half-year earnings. Pub
lie utilities were led by Utilities Power
e. Light "A" and Louisville Gas e. Elec-
trio "A" There were intervals during
the afternoon when the trading came
almost to a standstill.