Evening star., 1928-09-18
'COPPERS HOLD LEAD
IN STOCK TRADING
Motors, Rails and Oils Drop
Slightly From Previous
Close.
BY GEORGE T. HUGHES.


Special Dispatch to The Star.
NEW YORK, September 18.-In a
stock market which at intervals was
subjected to heavy profit taking, the
copper stocks were predominately the
leaders today. Trading continued at
an active pace, with the tape again
encountering difficulty in keeping, up. :,
Such groups as the motors. rails and
oils which shared equally with the
metal stocks on Monday, came on from
their previous closing prices with the
result that the market assumed an ap-
pearance of irregularity.
American Smelling & Refining, cross
ing 256. was up almost 6 points to the
highest at noon which the stock has
ever sold. With the copper metal firm
ly established on the 15-cent basis, even
the high cost producers were in posi-
ton to obtain a good profit margin.
Higher prices for this issue were baSed
on expectations of an increased output
during the remainder OF the year,
which nearly would mean larger earn
ings for American Smelling. Anaconda
was again turned over in enormous VOL
ume. making a new top since 1911.
Corrode Pasco was carried to its high
est in history, above 104, before the de-
mand was supplied. Kennecott, after
opening on a block of 1000 shares at
10l, went through this figure to Its
highest. while low-priced members OF
the group were featured by an urgent
demand for Nevada Consolidated.
Continental Leads.
General Motors changed hands most
of the time around the previous CLOS
ing price of 208h. The leader OF the
1;.k Of onfivifU Com
tinental Motor, which opened on a
block of 5000 shares at a new high OF
18 and went to 20, where 1t was up
almost points.
The opening Jump of more than a
point in Yellow Truck & Coach, which
involved a block of 10000 shares, drew
the stock more into line with others
of the group.
the previous final of 159, put offerings
were well absorbed. Inland went to
a new high, while others of the group
moved sympatheticallv with United
States Steel. United States Cast Iron
Pipe had another of its characteristic
sharp upturns and at 276 was up Is
points on the day.
Failure of Midcontinent and other
producers to follow the lead of the
Pennsylvania operators in advancing
crude oil price schedules was response
BILE for the profit-taking which made
it's appearance in the recent oil
favorites.
Among specialties Mengel company
reached a new high, Liquid Carbonic
was bid up several points and CO.
lumbia Gas reached new high for the
present shares. -.
Opening Higher.
Opening stock prices were for the
most part higher, but with the demand
less pronounced than on Monday.
Copper stocks again held prominent
place in the operations for the rise. with
Cerro de Pasco across 100, selling at its
highest in history, and KennecOtt at its
best for all time at 101. an opening block
of 1000 shares changing hands at this
figure.
General Motors opened unchanged at
2082, but subsequently worked higher,
while United States Steel was up frac-
tionally across 159. Among the rails the
old line dividend payers were in best de-
mand Canadian Pacific around PIT
gained almost 2 points.
Continental Motors changed hands in
large volume at new high of Is, while
Yellow Truck on block of 10000 shares
opened at 39la, gain of more than a
point
Specialties were featured by a new
high for Mengel Co. and higher
prices for Radio, Montgomery Ward,
Continental Can and Allied Chemical.