Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-01
MONEY HAMPER|NG
STOCK LISTS RISE
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE MOE
Main Price Tendency Upward
on Exchange Today-Some
Issues Lose.
BY STANLEY w. PRENOsu.
Associated Press Financis1 rdi,o-

NEW YORK. August 1-Hiob o.n
money rates slowed up trading in To-
uay S STOCK market, but failed 10 checL
Che resumption of the upward nrice
movement. A sprinkling of issues lost
ground IN a midday selling movement
Out the main price tendency was nm,
ward, with the public Utilities and HIGH
the advance VI
Heavy calling of loans sent the rail-
money rate from 10 to IL per cent. with
indications that the rate would work
nIsner before the month-end Strineencv
was over. Time money rates held firm
with per cent asked for the shorter
maturltieS. The National CITY Bank in
us monthly review. states that in the
race OF the unusual demand for credit
thls season when rates are customariIv
easy 1t seems quite useless to hone for
cheap money IN the near future: never
theleSs, there is no reason to fear that
ample oank accommodation will not be
aValaoIe at reasonable rates to finance
Iegltlmate business, including the re-
qulrementS OF crop moving and the Fall
trade"
Inasmuch as no change was made in
the Bank OF England discount rate to-
Gay, wall Street is not looking for anv
change in the New York call rate pc
the latter part of last week and early
this week, little change in brokers'
loans Is expected when the weekly STATE
ment is issued after the close. Bust
ness and trade news continues favor
able. with excellent current earnings
statement providing the background for
the advance in many issues
Detroit Edison was the spectacular
feature in todays market, soaring 81
a oh
can DEFINING common and the "A"
stock each jumped about 10 points to
new highs.
Reach New Peaks.
Auburn Auto and Buffalo e. Susque-
hama ran up more than points 10 new
high records, while General Electric
touched new top at 38412. up !.
Westinghouse Electric, Gillette Safety
Razor and General Public Service also
reached new peak prices.
United States common, which earned
more than $1l share in the first half
OF the year, crossed 211 TO a new high
sold down to 209l4 and then rebounded
above 2l0. Marmon Motors. Standard
Gas g. Electric. Atchison, St Joseph
Lead. Brooklyn Union Gas, and Thinker
Roller Bearing ali sold to 5 points
higher.
racine Telephone fell back 5 points,
Allis Chalmers 4, industrial Rayon 334
and New York Central. Lackawana.
Wright Aero and American & Foreign
Power points or more.
Reports of brisk foreign demand for
copper brought fresh buying into the
copper shares in which the public is re-
ported to be heavily committed.
Market Bullish at Start
Bullish operations were resumed with
considerable violence at the opening to-
day. General Electric jumped points
on the first sale to a new high at 3S2l2
and Pacific Lighting opened points
higher at Ills. also a new top. Good
year Rubber advanced points and
Westinghouse Electric Missouri Kan-
sas-Texas, Safeway Stores and Kenne-
colt advanced point or so.
Retention of the S , per cent discount
rate by the Bank of England had a
bullish effect on speculative sentiment,
despite the fact that bullion dealers
reported that million or more pounds
in gold had been taken from the Bank
of England for shipment to France
United States Steel common assumed
the market leadership by crossing 2l1
to another new high record Buying
was influenced by unconfirmed reports
that special stock or extra cash divi-
dend Is likely before the end of the year.
with current earnings running at the
rate of around $50 share annually
Auburn Auto and Frank G. Shattuck
also moved into new high ground.