Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-11
STOCKS SUBJECTED
TO PR0F|T-TAK|NG
Utilities Continue en- Up
swing Carrying List IT.
regularly Higher.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, July 1l.-PerSiStent
selling for both accounts again de-
pressed wide range of issues in today's
stock market. but operations for the
advance, centering in the utilities. car
ried the general list irregularly higher.
Failure of the call loan rate to go
below 9 per cent, and uncertainty as
10 what may be expected from the
weekly brokerage loan statement, due
to appear after the close of the market,
caused some uneasineSs and induced
profit-taking and tightening of COM
mittments.
Demand for utility stocks continued
during the last hour, but late quota
tons registered the lowest figures of
the day for some of the oils and
motors, Atlantic Refining losing 5
points. Chesapeake & Ohio was up Z
TO new high at PSI, with Midland
Steel products preferred up 16 TO 294,
while gains Of from 3 u 5 points were
made by United Corporation. United
Gas Improvement. Public Service of
Amrican Power & Light. The closing
was irregular.
Irregularity at Opening.
Some irregularity persisted at the
opening, but the main trend was up
ward. United States Steel sagged a
points. but Pere Marquette and Amer
lean Rolling Mills each mounted more
than 4 points. the latter to a new high
record at 1872. Parity Bakeries gained
2 points and Pullman, Pacific Lighting
and Kroger Groceries each sold a point
higher.
Pressure against radio was renewed,
the issue sagging points in the open
ing deals, and American Radiator and
l.
recently reached new highs, Sagged u
and points, respectively. in realizing
Montgomery Ward and CRANKY Copper
each lost point.
Sentiment appeared to be predoml-
nately bulliSh, however, and about A
score of issues were sent up to points
in the first half hour. Credit was ex-
pected to improve. although the banks
are still understood TO be heavily in
debted to the Federal Reserve Bank No
great change is looked for in the brok-
erage loan total, to be announced after
the close, although with last weeks
total within S24000,000 of the record of
March 20, there is a possibility of
new high record being recorded. Wall
Street, however, is more inclined to look
for a small decrease rather than an in
crease in loans.
Early Features.
Auburn Auto was tossed up points
on top of yesterdays gain of nearly ID
and Eastman Kodak was quickly bid up
more than s. National Biscuit and
Remington Rand rose a point and more
to new high ground. United Corpora
ton mounted more than a point in re-
spouse to the huge gain in the market
value of its treasury holdings. as dis
closed In its application to list more
stock
Among other issues rising 1 to IL
points were American Telephone, Beth
lehem Steel, Wright Aero. Air Reduc-
tion, Mathieson Alkah, Ludlum Steel,
Sears Roebuck. Real Silk Hosiery. Union
Carbide and International Match pre-
ferred.
Foreign exchanges were inclined 10
ease, with sterling cables lie lower at
s4.85 LIS. again getting down toward
the incoming gold point. The Bank of
England, however made no change IN
its discount rate and il is expected that
the rate will be pegged at point which
will protect the banks gold reserve.