Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-15
RAILS AND COPPERS
LEAD STOCK GAINS
Market Irregular at Week
End Session Due to
Profit Taking.
BY STANLEY w. PRENOSu.
Associated Press Financial Editor.

NEW YORK, June Is GP.-Exten-
sive week end readjustment of specu-
lative accounts brought about som
irregularity in today's market. but
ma jor activity was again on the upside
with the rails and coppers in the fore
front Of the advance. Extreme gains
in the active issues ranged from to 6
points. with Adams Express making it
flrst appearance on the tape this week
soaring "a points.
Sees Easier Credits.
Wall Street generally looks for fairly
comfortable call money rates until next
Wednesday, when the mid-month dis
bursements are expected to cause
temporary stringency. Recent imports
of gold, though moderate in volume,
and the gradual easing Of time money
rates have helped to revive bulliSh
enthusiasm. Increasing purchases Of
Government securities and commercial
paper by the Federal Reserve banks
also have helped to create more
cheerful feeling despite offlcial init
nations that it indicated no change In
credit policy.
Rails were under fairly steady &C.
emulation In the belief that the ma
jority of the first haf-year statements
would make excellent comparison with
the same month last year. Pere Mar
quette ran up points. New Haven COM
mon, st. Paul preferred and New York
Central about each, and at least q
dozen others advanced a point or more.
Commonwealth Power extended its
gain to 8 points by touching q new
high at 246 Bohn Aluminium, Air Re
duction, Motion Pictures, Inc; National
Distillers common, United Aircraft and
Simmons, sold to nearly points
above yesterdays final quotations.
Coppers continued to respond to the
favorable May statistics Of production
and consumption, Greene Cananea
moving up points and Anaconda 2.
Profit Taking.
Montgomery-Ward again dropped be-
low ITO, or about 8 points below the
high established yesterday just prior 10
the announcement of the Issuance Of
new stock subscription rights. General
Electric and American Water Works
yielded at least points each on PROFIT
taking.
The closing was firm.
Prices moved irregularly higher at
the opening. Auburn Auto opened
points higher. Marn1on and Borg
Warner, Columbia Carbon. National
Biscuit and Howe Sound showed initial
gains of point or more. General Elec-
tric dropped points and Coty /.
Prices were churned about in rather
cratic fashion during the early srsd-
ing. Wall Street found encouragement
in the report of the Federal Reserve
Board that high money rates had not
adversely affected busiI eSs, and also in
the GoYernments cotton consumption
report, which showed unusually heavy
takings by domestic spinners. Irregu-
larity was most pronounced in the pub
lie utility group. Commonwealth Power
dipped 8 points to ass and then re-
bounded to 240. another new high rec
ord. American Telephone and Public
Service of New Jersey each recorded
early gains Of q point Further selling
pressure developed in American Water
Works, and the stock quickly sold down
8 points.
Columbia Carbon and National Bis
cult were in fairly good demand at ris-
ing prices. A. Arm undertonee also was
apparent in Wright Aerorautical.
Kroger Stores and Motion Pictures. On
the other hand Montgomery-Ward
quickly sold down "a points and
Lambert. Greene Cananea and Curtiss
yielded q point or So
Rails showed an upward tendency,
with New Haven and Norfolk 81 West
ern climbing into new high ground.
Foreign exchanges opened irregular.
with sterling cables down slightly to
$4.S4 1852.