Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-07-31
ADVANCE BROADER
| IN STOCK MARKET
Rise Continues in Many Di-
1rectionS-SteeI and Motors
Still Strong.
BY STU ART p. WEST.

Special Dispatch to The Star.
Z NEW YORK, July 31.-Operations
Tor the rise continued in numerous
directions on the StocN Exchange to-
day with the volume of business un-
usually large.
The tendency to take down profits
In the recent prominent industrials
again made itself felt, but offerings of
this character were absorbed with
little difficulty There was more of a
disposition to go into other industrials
which heretofore had shared little in
the upward movement.
United States Steel common, which
has been one of the outstanding fea-
lures throughout the week, was well
supported at and just below 14S, where
it compared with yesterdays new hlgh
record of 149A
: The selling which carried General
Motors down IL points from its hlgh
in the late trading yesterday appeared
to have been completed and the price
rallied more than 2 points above the
closing quotation of 1854.
Hudson Motor was an outstanding
feature of the motor group. Despite
the advance of more than points on
the previous day, operations for the
rise were pushed aggresslVely. ABOVE
~ ii was selling at new hlgn TOT
the movement, and compared with
Yesterdays final of 6SA. 1t was evil
dent that those who had large profits
in General Motors We're transferring
their activities to this issue on the
belief that there was a sleeping snort
interest built up earlier in the year.
& Public utility shares, especially
those representing local gas compa-
MES. were outstanding strong spots.
Brooklyn Union Gas and Brooklyn
Edison went into new high ground for
one year on a large turnover. Consol-
fdated Gas was held in check for a
time under realizing sales, but subse-
uuently started forward. Public SerV-
ice Corporation of New Jersey and
North American were bid up substan-
TALLY. For some time past reports
have been current that a consolidation
of the Brooklyn Union Consolidated
Gas and other interests is under con-
sideration, but so far these have lacked
official confirmation. The best opinion
was that If anything along this line is
to be effected 1t will not come until
after the dollar gas rate decision is
out of the way.
Increasing activity at higher prices
characterized trading in the railway
section. The demand in most instances
was not as pronounced as at times
yesterday, but was sufficient 70 carry
prices up one-half to a point and
more in the favorites. This was true
Of Baltimore and Ohio, Atchison, At
lantic Coast Line, St. Louis-San
Francisco, New York Central and
Reading.
y Among industrial specialties Univer-
sal Pipe and International Combustion
stood out strongly. Buying of Allied
Chemical was resumed but the mar
ket for Texas Gulf Sulphur continued
to feel the effect of profit-taking.
The oils were more active, but they
failed to respond in the manner eX-
pected to al favorable data concern
ing the outlook for the industry dur
Ing the remainder of the year.
The Coppers, under leadership of
American Smelling and Refining
shared in the improvement, but gains
in most instances were limited.
The railway group dominated the
trading in the last hour. Those who
had been active in industrial special
ties early in the week finally directed
their attention to this quarter of the
market, and the buying toward the
close was particularly impressive
Baltimore and Ohio was carried above
1919 to new high record for the
year. Chesapeake and Ohio, New
York Central, Southern Railway,
Southern Pacific and other high grade
issues We're bought in large quantities
at advancing prices. 1t was evident
that those favoring higher prices
were taking more cognizance of the
favorable comparison both as to gross
and net in the June railway returns
The close was active, with che buying
movement still in progress in this
quarter. but with the demand for
recent industrial favorites less pro-
nounced.