Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-06-26
RAIL SHARES LEAD .
ON STOCK MARKET
Coppers Draw Much Atten-
tion-Food Distribution Is
sues Also Are Strong.
BY GEORGE r. HUGHES.

I Special Dispatch to The star,
NEW YORK. June rs. - The money
factor was the chief consideration in
the operations on the Stock Exchange
today
Prices opened higher all around and
for the first half session continued to
advance under leadership of the rail-
way shares. Then In the afternoon, fol-
! lowing the calling of some $4,000. 900
loans. the rate for call money. which
had renewed at 6ia per cent, was
marked up for the second time this
month to per cent. This was the
highest since June g. 1921.
This had the effect OF checking the
improvement. but the manner In which
the main body of stocks held up in face
of the money situation was impressive
from bull standpoint Even at the
higher figure the demand for funds con-
tinued large and exceeded the supply.
May Operating Statements.
Assumption OF leadership by the rails
was reflection in part of the improve
ment disclosed in the May operating
statements now coming to hand, and in
part also 10 the yields offered by the
high-grsde dividend payers at current
prices, Delaware & Hudson was the
outstanding favorite In its case, how
ever. 1t was discounting the growing
belief that at the meeting Thursday
there was the possibility OF distribution
Of part of the funds derived through
sale of its holdings of Lehigh Valley and
Wabash. At 1913 the price compared
with yesterdays final of 1875.
r.
its highest In history, still discounting
the highly favorable report of opera.
tons for the first FIVE months. Others
prominent in the buying we're Atlantic
Coast Line, Chesapeake e. Ohio. and
among the Junior issues was Western
Maryland. st. Louis Southwestern. Kan
sas City Southern and Missouri Kansas
& Texas
Next to the rails the coppers held
speculative attention. The sudden out
burst of activity followed announce
ment that Anaconda. through declara-
ton of 81 quarterly dividend at to-
days meeting, had been placed on a
regular annual 81 dividend basis. COM
pared with So previously Anaconda
was the first to reflect this action, al
though the advance did not get far.
Heavy buying then made itself felt in
Magma, Cerro de PaSco Chile. Greene
Cananea and Kennicott, with gains ex-
tend from q to almost 3 points.
Food Distributing Shares Rise.
Shares of food distributing compa-
MES, notably National Biscuit, I'D al
most 8 points: United Biscuit up al
most point. and Loose -Wiles. almost
2 points higher, were among the lead
ers
There was nothing definite in the
way OF mergers to account for the
uniform strength, but their action indi-
Gated that something along this line
might be pending.
High-priced specialties were featured
by rise OF almost 10 points In Case
Threshing Machine, shares of Mont
gomery Ward. May Department and
Sears Roebuck Radio Corporation was
held In check by Official denial that
there was anything immediate In q
merger with the international Tele-
phone q Telegraph.
The steel stocks continued In supply
at intervals, but United States Steel
finally reached 1856, almost a point
higher on the day. The independents,
however. were rejecting the recent I'M
favorable dividend action taken by CRU
chile Steel directors Bethlehem and
Republic were of fractionally.
Highly optimistic statements con-
corning current quarter operations of
General Motors brought a renewed de-
mand into the market for the stock.
Dodge Bros issues failed to be affected
by the latest developments In the mer-
ger proposal with the Chrysler corpo-
ration.