Evening star., 1929-07-01
STOCKS IRREGULAR
IN CREDIT STRAIN !.
Advance Halted as Money
Rate Goes Above 10
Per Cent Level.
BY STANLEY w. PRENOSTL,
Associated Press Financial Editor.

NEW YORK, July 1.-Stiffening call
money rates checked the resumption of
the upward price movement In today's
stock market Bullish operations
started of at brisk pace, with num-
Der Of the public utility, electrical equip
ment and railroad shares pushing into
new high ground. but reactionary
tendencies developed when call money
became scarce and the rate was boosted
Call money renewed unchanged at 10
per cent and advanced to IL around
midday, with indications that the rate
would work higher within the next day
or two. Upward Of $50, 900 900 in loans
were called during the morning. Time
money turned easier some 30-day loans
being arranged as low as 715 per cent.
High call money rates are likely to
continue the rest of the week, accord
ing to bankers, with possibility that
the stringency may carry over into next
week.
Copper Merger Planned.
There was little in today's news to
influence the price movement. Greene
Cananea Copper ran up more than 6
points on the announcement that Ana
conda directors had made an offer Of
exchange of Anaconda for Greene Cam
anea and Andes Copper stocks. Ana
conda turned heavy after the announce
ment.
Investment rails were in brisk de-
mand, and held their gains fairly well
through the midday reaction in the
general industrial list. Atchison, st.
Louis-San Francisco, Chesapeake a.
poration, Union Pacific and Norfolk 81
Western all moved into new high
ground, the gains ranging from ! to 5
points.
Another boost in the cali money rate
to. IS per cent, the highest in weeks,
took the edge off the advance in STAN
dard railroads, which had been carried
to new high records. Delaware & Hud-
son rose 8Ih to 2071k, with lesser gains
registered by Pennsylvania, New York
Central, Atlantic Coast Line and Kansas
City Southern before they fell back.
International Business Machine jumped
nearly IA points to new high. The
market closed firm.
Opening Is Higher.
Prices moved irregularly higher at the
opening, with the public utilities again
in brisk demand. Standard Gas & Elec-
trio opened with block Of 740o shares
at 1243z, up 23s, and new high rec
ord, and United Gas improvement
opened with a block of 5000 shares
at 49,, up /, and the highest price
since 1t was listed a few days ago.
Radio and General Electric each adj
vanced about point. Case Threshing
Machine dropped 3 points and
Atchison 134.
Bullish enthusiasm was at high pitch
IN the early trading. Most Of the week
end trade reviews were favorable, and
considerable encouragement was de-
rived from the unusually large Gov
ernment surplus reported by Secretary
Mellon.
Columbia Graphophone opened with
block of $4,000 shares at 69l5.
up 5 points. International Telephone
moved up more than 3 points to q
new high at 10834 Detroit Edison
moved up points to new high ct
295. American Telephone quickly ran
up 3 points to within q point of the
record high.
United States Steel common, many
stockholders or which expect an extra
distribution at the July meeting,
crossed 1872 to within 112 points Of
the record top established prior to the
enlargement In capitalization. Bethle-
hem Steel and Sharon Steel Hoop also
were in brisk demand.
Investment rails resumed their ad-
vance under the leadership of Chesa-
peake & Ohio which touched o new
high at 235.
So brisk was the early volume of
trading that the ticker quickly fell 10
minutes behind the market