Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-16
LATE RALLY SENDS
STOCK LIST HIGHER
Market Regains Strength
After Early Period of
Selling Pressure.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor-

NEW YORK, July 16 Cp.-High call
money rates had restraining effect
on speculation in today's stock market
but prices moved irregularly higher
under the stimulus Of pool operations.
Call money renewed at IL per cent. but
there was relatively little calling of
loans, and the rate was not expected
to work higher.
Revival Of activity and strength IN
the steel shares. inspired by the an
nouncement that a special meeting CT
United States Steel common directors
had been called after the close Of the
market, vas one Of the features Of the
days trading. Wall Street is looking
Tor special dividend distribution on
steel. United States Steel common was
run up 7K2 rolnts to new high record
at 2O5. Republic, Ludlum and Crlc.Lle
advanced to 312 points. but Younos-
town Sheet q Tube fell back more than
points.
Profit Taking.
Heavy prof1t-taking in some of the
recent faVoriteS brought about consid-
cradle 1rregularity in the railroad group.
AtcnlSon dropped more than 5 points.
Union Pacific 4 and st. Paul preferred
and New York Central about 2 each.
Meanwhile, Atlantic Coast Line, Lacka-
wanna, Kansas City Southern and a
few others moved into new high ground,
the gains ranging from fractions to
points.
New high records also were estab-
Ilshed by FleiSchmann, Detroit Edison,
IneerSon Rand and American Ioconno-
tive. the last named climbing more than
5 points to 1853. Ward.
which has been under pressure recently.
ran up nearly 4 points on buying in
fiuenced by the recent improvement in
wheat prices. American Can, Allied
Chemical, General Electric, Commercial
Investment Trust and BROOKLYN Union
Gas also were prominent on the Up
side
The market gathered strength In The
last hour. several utilities selling up
points and more to new highs, including
Western Union, Consolidated Gas,
Standard Gas Sc Electric New York
Central rallied and regained its early
loss and Lackawanna advanced points
Allls Chalmers mounted II points 10
equal its previous peak. American Tele
phone, however, sagged a couple Of
points. The close was steady.
Opening Is Irregular.
Further irregularity developed at the
opening, with the rails still pointing
upward. Pan-American opened with a
block of 1880 shares at 81, up u.
Reading opened point higher at l25,
new high, and Kansas City South
ern recorded a similar gain. Columbia
Carbon dropped 3la points and Gen.
eral Electric y.
Marking up of the call money rate
from 9 to u per cent yesterday, with
indications that the stringency would
continue for few days, tended to re-
strict bullish operations in the indus
trial and public utility shares. Some
profit-taking also developed among the
recent railroad leaders. particularly
New York Central. Atchison and Ca
madam Pacific, but the general rail
group Surged forward.
New high records for the year. or
longer, were established in the first few
minutes of trading by Texas & Pacific,
Pennsylvania and Southern Pacific.
Lackawanna, Reading and Illinois Cen
trail all advanced a point or more. High
current earnings. coupled with the
prospect of special dividend distribu-
lions before the end of the year. pro-
vided the background for the advance
in the rail shares.
Revival of activity and strength IN
the oil shares also attracted attention
in the early trading. Pan-American
changed hands in large volume. and
General Asphalt crossed SO to new
biol1 RECORD