New Britain herald., 1929-07-30
STOCKS ARE RISING
 WITH BRISK RALLY
Public Utilities Issues Lead Up-
 swing on Market Today

New York, July 30 P-"B Bear traders, apparently having failed in their efforts to force heavy liquida- ton of stocks, stood aside today and the market rallied in brisk fashion under the leadership of the public utility shares, A few weak spots cropped out here and there but they were disregarded. Pools resumed buying operations on a broad scale, lifting scores of issues to ! points, and sending a few specialties soaring 10 to 26 points.
 Call Money Same
 Call money renewed at 10 per cent as against 9 yesterday but there ap- peared to be sufficient funds avail able to hold the rate at that figure until the month-end credit strin- gency had passed. Time money de- veloped a firmer undertone. There was no change in commercial paper rates. Little hope of easy credit conditions is held out, however, un- less there should be marked change in federal reserve policy which has been directed against se- curities speculation.
 Expectations of an unusually fav- orable quarterly report by the United States Steel Corporation after the close of the market, coupled with the prospect of an extra divi- dend, helped to revive bullish senti- ment Wall street expects that the companys largest steel company will show earnings of around s6 a share in the second quarter.
 International Business Machines ings in the first half of the year, as did General Asphalt ana a flock of smaller companies. Di>,ctors of Frank G. Shattucl, operators Of Scraffts Stores, recommended a 200 per cent stock dividend. With an in- crease in the annual dividend rate on the current stock from s2 to s3
 No Comment On Rise
 Wall Street was not yet ready to decide whether todays rise repre- sented the beginning of another ma ior upswing or merely a brief rally in a declining market. Time alone will supply the answer. One en- couraging development to specula tors for the advance was the fact that there appears to have been no general liquidation by powerful fi- nancal interests judging from the volume of sales.
 New Trust Announced
 Revival of speculative activity and strength in the public utilities was attributed to the announcement that a huge new investment trust was be- ing formed by the Bancamerica Blair Corporation. And to rumors of stock slit-up involving Elecric In vestors and other companies. Peo- pies Gas scared 26 points to a new high at 551. Pacific Telephone ral- lied ' points and Standard Gas < Electric, American X Foreign Pow CT and Western Union each. Abi- | tibi Power. Pacific Coast. Pubic | Service of New Jersey and American Power X Light advanced 4 points or more, and a block of others ? to 3 | points,
 Auburn Auto jumped PA points to 405, duplicating the years high. The other motor shares were rather backward. With some of the sell ing probably inspired by the an- nouncement of a new stock offering, proceeds Of which will be used to finance the manufacture and sale of the Austin car in this country.
 Allied Chemical extended it's early gain 10 9 points by early afternoon and American Can, General Electric. Safeway Stores. Commercial Solvent 5 Atchison and Newport Co.,, sold to l2 points higher.