Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-31
STOCKS CO HIGHER
!. IN RUSH Of ORDERS
Prices Pushed Up in Wave oil
Buying-Coppers Are
Very Strong.
BY GEORGE T. HUGHES.


Special Dispatch TO The Star
NEW YORK. August 3l.-BuyinT or
ders flooded the stock market again to-
day and prices readily responded. The
enthusiasm was increased by the fact
that the rise In brokers loans was
smaller than had been expected. All
sorts Of stocks participated. but the in
dustrials were still more active than the
rails.
In a market so wide it. was hard TO
pick out features. United States Steel
and General Motors furnished high
grade leadership, but neither Of them
made such striking gains as did the va
rious specialties United States Steel,
above 1874. was below the record only
because the quarterly dividend came
off the price Thursday. General MO-
tors, at 1913. was at new high on the
movement and was taken in large blocks.
Copper Stocks Strong.
The copper stocks we're very strong.
and while here also the gains were not
large, a number of new highs were es-
tablished. Among them we're Anaconda,
Cerro de Pasco and Chile Kenrecott
almost made up its dividend. Interna-
tional Nickel performed spectacularly,
as 1t has so often in the past. At 122
it was not only at a new high since
listing, but up over 0 points on the day.
Other old favoritcs were prominent.
Radio Jumped Z points as it passed 2l2.
JOINS Manville, at 40, was up points
and at the best of record.
National Dairy Products went to
new top. So did American Can, CONT
mental Can and Allied Chemical. Mont
gomery- Ward sold above its old high OF
22l. Drug, Inc. was pushed up points
Activity in the independent motor
stocks centered about Studebaker and
Hupp. Motor accessories were IN de-
mand including Murray Corporation.
Eaton Axle e. Spring and TlmKen
Roller Bearing. The last named gained
5 points There were numerous otner
strong industrials.
The railroad leader was st. Louis
Southwestern, above II. the highest Tor
all time. Missouri Pacific common. at
"a, was at the highest since reorganiza :
ton in 1917 Baltimore IL Ohio ana
New York Central we're actively bought
and Southern Pacific was higher.
Tape Falls Behind.
The tape fell IS minutes behind dur
ing the forenoon trading, and In the
FIRST hour more than a million shares
changed hands
The market was not rs VIII Oi eACl1Cd
as 1t had been many times during the
bull campaign of last Spring, but 1t
would not have to go far to reach that
stage. The one important difference was
the credit situation.
Money renewed at ~, per cent ana
was in supply at that figure.
Activity continued on an enormous
scale In the afternoon, In the flrst
three hours the turnover was 2,60S,40o
shares The tape was running several
minutes behind. Profit taking carried
some stocks down from their forenoon
tops. but others steadily pushed ahead
General Motors retained its leader
shin One block of 10000 shares was
taken at 1913, a transaction representing
81. a0s. 600. Whoever the buyers, 1t was
evident they had large resources.
Rail Prices Soar.
The rails received more attention.
Among the lower-priced issues Missouri
Kansas-Texas &: ST, Paul preferred we're
prominent. The latter made new
high. In the dividend-paying group
Rock Island sold higher than ever be-
fore. crossing i25. and Southern Pacific
increased It's early gain. New York.
Chicago &. ST Louis was active and
strong and demand improved for Chcsa-
peake 4: Ohio.
TIL. bank called $40 100000 in loars
to meet month end requirements.