Evening star., 1929-06-28
STOCKS co HIGHER
IN BULL|SH DRIVE
Operations for Advance Con-
tinued-EaSier Credit Con-
ditions Are Seen.
BY STANLEY w. PRENosIL.
Associated press Financial Editnr.

Associated Press Financial Editor
NEW YORK, June 28.-Bullish op-
erations were conducted at a vigorous
pace in today's stock market, which
completely disregarded the increase of
1922, 100000 in brokers' loans last week.
Public utility. steel and electrical
equipment shares were in the forefront
of the advance, many OF the gains rang
ing from to 20 points.
Meanwhile, credit conditions showed
signs Of relaxation. Call money re-
newed unchanged at 10 per cent for the
fourth consecutive day; and while the
undertone was firm. the rate was ex-
pected by money brokers to hold at
that figure. Time money was slightly
easier, with the four-month maturities
quoted as low as 71a per cent. This
was construed as an indication that
rates generally would work lower next
month, although fiurries in call money
are likely until around the middle of
July.
Resumption of payments on the Erie
Railroad preferred issues for the first
time in % years was the most out
standing development in the days
financial news. All three classes of
Erie stock responded to the announce
ment by climbing more than 50 a share
to new high records.
new favorltes Sprang up in the lat
ter part of the session. I. T. g. T. reach
ing SO and Katy common 579i, being
among the more active stocks. MANY
hlgh-prlced issues continued to eclipse
their previous best figures. PEOPLES
Gas rose rs to 30412, Commonwealth
Power was up 1412, r. H. Macy 13.
wheeling & Lake Erie 9, Commercial
solvents and Westinghouse Electric
6. The close was strong.
Strength at Opening.
The market opened with an outburst
OF strength. Several blocks of 1000 to
10000 shares changed hands, with
initial gains OF a point or more quite
common. Engineers Public Service
opened with block of 10000 shares at
so, up 1ls ouri-Kansas-T Texas,
with block of 5000 shares at 56, up
l, and new high record; American
and Foreign Power with a block of
5000 shares at 1l58t, up /, and National
Power & Light with block of 5000
shares at 81 u. up 134, and new high
record. Du Pont showed an initial gain
of 3 points Timken Roller Bearing, 2l2,
and Sharon Steel Hoop, IA at Al, a
new high.
Wall Street was not surprised by the
increase of $122,000,000 in brokers'
lOdIlS, WHICH was attributed IN part 10
the expiration OF stock rights. The
expansion of member bank borrowings
helped to relieve the midyear strain,
but reduced the reserve ratio of the
New York Federal Reserve Bank from
811 to 77.2 pr cent
Early buying orders were distributed
over a fairly broad list, but the public
utilities continued to occupy one of the
most prominent roles. Railroad shares
were rather slow in getting started but
! better inquiry was apparent for some
of the equipment issues, particularly
! General American Tank Car which
changed hands in large volume.
Continental Oil of Delaware, trading
in which was suspended yesterday be-
cause of the confusion arising from a
similarity in name with another oil
stock of the New York Curb market,
opened at 35, which corresponds with
the closing price yesterday of Marland
for which it is exchangeable share for
share. Continental closed yesterday at
20 after having sold as much as IA
points below its real market value.