Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-07
STOCK PRICES DROP
AFTER EARLY GAINS.
Higher Money Checks AID.
vances Scored as Mar
ket Opens.
BY GEORGE L. HUGHES.

Special Dispatch to The Star.
NEW YORK. August 7.--Starting in
strong and active, so active that at one
time the tape fell behind business on
the floor, today's stock market met
check in the shape of higher money.
The renewal rate was per cent UNI
changed, but early in the afternoon, de-
mand exceeding supply, the rate for new
loans advanced to Ga per cent. and an
hour before the end went to 7 per cent:
Leading industrials came down from
their early tops and the motors showed
losses on the day. The market turned
dull on the reaction, however, ana ols-
played the same obstinate resistance
to selling which has characterized IL
on similar occasions in recent sessions.
Oil Groups Strong.
Some stocks we're able to hold their
gains and improve upon them, among
these the volatile Warner Brothers nc
lures "A Sears-Roebuck, Schultz Re-
tail Stores and others in the same class.
The oil groups we're strong in the
first hour, when overnight buying
orders were being executed. A new
phase also was the bringing to the
front of the rcils. which had been al
most completely ignored of late.
Switching into the rails was an alto
gether logical development. Car load
ings statistics are more favorable, and
IL the advance in the general list Is
genuine 1t would naturally take IN the
railroad stocks. Both the seasoned diVi-
dend payers and the lower priced issues
we're in demand In the former class.
Delaware g. Hudson was up over flVe
points, and that on a small turnover
Atchison, which. incidentally ola NOT
sell at all on Monday, was up over Two
points as it crossed 100. Canadian "a
cific made a larger gain around zoo
Rock Island rose over two points.
st. Louis Southwestern was the
leader of the non-dividend paying rail-
road stocks. Crossing 80, 1T was up
nearly 4 points. The road has had
much better half year than in the cor
responding period of 1927. and esti-
mates now run as high as 81 share
on an annual basis. Missonri-Kansas-
Texas. the Erie stocks. New Haven,
Western Maryland and Wabash were
all actively bought at one time or an
other.
Early in the day the motor stocks
were in demand. General Motors at 1913
was at new nlBn on the recovery. LII
the later reaction 1t lost all the gain.
OF the independents Chrysler, Packard
and Hupp were the favorites. but they
also came down more or less subse-
quently.
Sears Roebuck bettered by fraction
its previous record high for the present
shares, and Montgomery Ward moved
up sharply within fraction of its pre-
vious best Warner Brothers Pictures
"A" In which very large speculative
position has been built up. scared to
another new high since listing. Shat
tuck was another industrial to be bid
up.
Utilities I'm Advance.
The utilities we're represented in the
advance by the local fractions. especial
iy Tnterboro Rapid Transit and by
Columbia Gas. The laSt-named ad-
vanced from to points. Interna-
tional Telephone ~ Telegraph was
higher Like General Motors, United
States Steel went to new high on the
movement before the reaction set In
Bethlehem Steel and Republic we're the
features among the independents.
The oils were firm. but little more
Copper stocks met realizing, and there
was heaviness In most of the sugars,
particularly South Porto Rico.