Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-30
ADVANCE BROADER
ON STOCK MARKET
Rail Issues Share Rise in To-
days Dealings-GeneraI
Motors Strong.
BY GEORGE r. HUGHES.

Special Dispatch TO The Star.
NEW YORK, July 30.--Hardening
call money checked temporarily broad
and vigorous advance in today's stock
market The renewal rate was 5la per
cent and that held until early after
noon, when the ganks called $4,000
900 in loans in preparation for the
month end settlements, and the charge
was raised to 6 per cent.
Stocks reacted substantially from
their early highs. General Motors,
Steel and other leading industrials sold
off to 2 points. The list turned dull,
however, on the reaction. There was
no rush to liquidate and few favorites
were able to push ahead, one of them
being Atlantic Refining and another
Montgomery Ward.
The feature of the early trading was
the way in which the buying took In
the railroad shares. 1t was noticeable.
too, that the rails did not seem to feel
the effect Of the rise in money as did
the industrials.
It could have hardly been the trend
Of June earnings statement that con-
tributed to the strength in the railroad
stocks today. Some of the returns COM
ing to hand were very encouraging,
those of the Missouri Pacific and the
Wabash especially so, but others made
unfavorable comparisons with the same
month a year ago. Interest attached to
the attempt of the Chesapeake g. Ohio
to reopen its case for the acquisition of
the Pere Marquette before the Inter-
state Commerce Commission.
Would Have to Include Rails.
The main impetus seemed to be,
however, a conviction that II the adj
1t would have to include the rails.
The Erie stocks were strong for
special reason. Reports that recapitali-
cation involving substitution OF a s per
cent preferred cumulative for the pres
ent non-cumulative per cent pre-
ferreds brought active buying into
these stocks, the first preferred rising
3 points and the second only little
less. Missouri Kansas-Texas was ac-
cumulated again on crop prospects IN
the territory served.
One item of news which undoubtedly
had much to do with the buying of the
rails was the decision Of the Interstate
Commerce Commission. given out at
Washington. awarding increased COM
pensation for mail service. 1t was esti-
mated this would mean about $15.000.-
900 annually for the trunk lines, while
a retroactive provision making the in
creases effective from July. 1925, gives
the carriers about $45.000,000 in back
pay. Baltimore e. Ohio. New York
Central. Southern Railway and South
ern Pacific were in active demand.
The mail order shares we're again
prominent In the industrials. Mont
gomery Ward started in a shade lower,
but quickly made up that loss and
forged ahead crossing 1871 to new
high record for all time. up nearly 4
points. Sears Roebuck likewise above
12l was at new high for the present
shares.
General Motors Responds.
General Motors made further re-
Spouse to the record breaking earnings
statement by touching 1885, new high
on the present movement. Chrysler
was In demand right from the start
and at one time or another Hupp,
Studebaker and WHY'S Overland gained
grounds. Some of the advance was lost
later In the day as realizing made itself
felt
The most conspicuous OF the special
ties was Eastman Kodak. This stock
touched a new high under the present
form of capitalization at 1875. CurtisS
and Wright were both higher and so
was Midland Steel Products preferred.
The last-named at 223 was up points.
Johns Manvilie was bid up Abitibi
Power. an exception to the trend. dip
ping below AZ, made a new 1928 low.