Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-03
ADVANCE IN STOCK
/ PRICES CONTINUES
New Leaders Brought For.
ward as Market Resumes
Upward Trend.
BX STANLEY w. RRENOsyL.
Associated Press Financial Hs,tar

NEW YORK, September a-1,he
stock market continued to ride TO-DAY
on the crest Of the bullish enthusiasm
which carried prices to new hish REG
oros last month. Flurries Of selling
swept through the market ut intervals
rapidity Of the upward pace. tooIr
pronts, but new leaders were quickly
Drought forward to stem the selling.
Extreme gains In long list Of active
issues ranged from 2 to 10 points. with
American international Telephone. o.
8. Steel common, Union CarIide and
American Water Works among the long
ist OF issues TO reach new high ground.
Credit Situation.
Call money renewed unchanged ut 9
per cent. A heavy calling Of loans pre-
vented the rate from going lower With.
the return now Of, holiday currency
to the banks.
Two Of the most favorable develop
ments In the days new were the ad-
vance In the price Of domestic copper
70 1914 cents, q pound by. one producer,
apparently setting at rest fears Of a
further reduction, and the publication
or record-bfeaking August sales state
ment by Montgomery-Ward.
Railroad holding company. and nier.
chandise issues were foremost In the
lcts advance, although the general de-
mand was not IS brisk as in the earlier
hours. Safeway Stores rose Q points,
Reading 6A and Johns-ManviIle. Amer
lean Can, Greene Canane& Copper and
Allegheny Corporation between 3H and
AZ. The closing tone was strong.
Advance at Opening.
RESUMPTION of business after the
three-day. holiday found the course of
prices still headed upward. Several
large blocks changed hands at the
opening. General Motors opened with
"a: United states Steel common with
. block Of 10000 shares at 25s1Ia, up 2;
United States Freight with q block Of
$500 shares at 1873. up 2: Continental
Insurance with block Of 500 shares
at 10STs, up 2A and q new high rec
ord. and Radio with q block Of 5000
shares at 100; unchanged. Goodyear
Rubber advanced 3H points, R. N. Macy
crossed ISL to a new peak and CONT
common and Westinghouse Electric
advanced point or two on initial
transactions.
Bulllsh enthusiasm, which swept the
market to new high levels last week,
apparently carried over the week end.
What little business news DEVELOPED
over the holiday was favorable, with
commission houses laying stress on The
Hague reparations settlement as an i'm
portant bullish factor.
Early buying centered largely in the
public utility, copper and investment
railroad shares. several of which moved
70 new high ground. Anaconda opened
with q block Of 10, 900 shares at 1907,
up IN: American Smelling ran UP &
points and Kennecott, l.
American Water Works, which adj
vanced AZ points last week, quickly
moved up S points to q new high at
us. Public Service of New Jersey and
North American recorded early gains
of q points and Radio and international
Telephone point each.
Other Gains.
Chesapeake 6E Ohio was marked up
IN points to q new peak at 27a3z.
Allegheny Corporation opened with o
block Of 10000 shares at 54Ia, up liz.
Union Pacific advanced S% ana Ca
madam Pacific . point. General An1eri-
can Tank jumped ; points to a new
high ut 1871.
Foreign exchanges opened firm, with
sterling cables q shade HIGHER at
$4.e4 25-32. Private London dispatches
reported that half Of the 337, 600 pounds
Of gold available in the London market
TODAY WAS taken for shiFr49enf N. New