Evening star., 1928-08-24
STOCKS IN DEMAND
AS MARKET RISES
Un'ooked-For Reduction in
Brokers' Loans Is Signal
for Buying.
BY GEORGE r. HUGHES.
,ecial nispatch to The Star.

Special Dispatch to The Star.
NEW YORK. August 24.--Successive
waves of buying swept over today's
stock market, carrying quotations tor
all industrial favorites rapidly upward
and In some cases to record highs The
market was active from start To finish,
nearly 5000, 900 shares changing hands
in the first four hours.
Features at the close included Mont
gomery Ward at 219la. up II points;
General Motors at 1927, up more than
points: Greene Cananea. at Ill. up Z
points, and Atlantic Refining at l68'
up points. Money renewed at per
cent and held all day.
Jndustrials Early Leaders.
Nearly all the early leaders were in
dustrials. but in this group the favorites
were scattered all through the list.
American Smelling and Refining stood
out. 1t had closed at 239A yesterday
with net gain of more than points
It opened today on a block OF 3,0OO
shares at 235. up Si4 points and at the
highest on record. Before noon IL nao
SOLD at 240, where the gain was over
ten points. Other copper and mining
stocks went along to greater or less
extent Anaconda was the leader. up
over three points. but Kennecott went
to new high fer all time, just baioW
90.
United States Steel started in with
o.50O shares at iJ2, In contrast with
i4o5a. the last sale yesterday. Steel had
been heavy nearly all the day before
which probably encouraged short selling.
There was hasty retreat OF bear opera
tors today and. although the stock re-
ceded from It's top after the opening. u
was actively supported. Midland steel
Products preferred, always a fast mover.
ran up between and points.
The mail-order stocks continued IN
the limelight. Montgomery Ward pc
gan the day at eos. new high and be-
fore two hours had passed was selllng
at 212. up over points. Sears Roeouck
came along a little later, but also SCI
A new top above l49. Allied Chemical,
another popular issue, scared between .
and points to the highest on record
American Can started with new hign
At 100 A gain of a little over 3 points.
Continental Can made a new high.
Motor Stocks.
The motor stocks we're not neglected.
Chrysler was the leader at the start
selling at Si00 share. price never pc
fore euuaied The opening TRANSACTION
was 10000 shares, and represented
rise of sla points from the preceding
close. General Motors had split open
ing of 100 to 1903. compared with the
final of Thursday of 1875. General
Motors resisted the ensuing realizing
better than Chrysler, although the lat
ter was strong also.
The list could be extended almost in
definiteIv. Public utilities took an active
mart in the DAYS proceedings. Columbia
Gas which had been reactionary. moved
un with rush There was an urgent
demand for Public Service of New Jer-
sey.
Among the rails Rock Island sold
fra-sionaily above .he previous record,
New York Central, Canadian Pacific,
Atchison and Southern Pacific were IN
demand. The last-named selling eX the
regular quarterly dividend of $l.50 was
ITO 81, points at l24 Southern Pacific
made one of the best showinss so far IN
the July earnings statement.
New leaders were taken up In the
afternoon while the gains in the others
we're being consolidated. The airpiane
stocks advanced .apidly Wright was
up points at i68 and Curtiss UP o
points at ll2. A new move was begun
in Atlantic Refining. carrying the stock
up S points. The volatile Warner
Bros. Pictures a. went to new high
since listing at &C. International Nickel
was actively bought,
Demand for the mail order stocks
continued unabated and both Mont
gomery Ward and Sears Roebuck sold
at their best In the afternoon. Cen
eral Motors and Chrysler we're steady
National Supply above 100 was up
points. United States Cast Iron Pipe.
which had not sold for weeks. came out
on the tape up points al 248.