Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-11
STOCK PRICES GAIN
ASCRED|T EASES
Bull Party Resumes Opera
tons on Large Scale.
Market Firmer.
BY STANLEY w. PRENOSIL,


NEW YORK, September 11.-Bullish
today's stock market. Lowering of the
call money rate from 9 to per cent.
coupled with the announcement of the
formation of several new large invest
ment trusts, which Wall Street regard
ed as an expression of confidence by
the bankers in the general outlook,
formed the background for the advance,
which ran from / to points in most
Of the active issues, and 10 to 20 points
in a Sprinkling Of high-priced special
ties.
Pool operators resumed buying on q
large scale on the theory that the re-
cent reaction had sufficiently corrected
the top-heavy speculative position Of
the market. More activity also was
apparent on the part of small traders,
much of the buying from this source
coming over the brokerage wires from
the Middle and Far West.
Oil shares attracted the bulk of the
purchasing orders in the late afternoon.
Standard of New Jersey reached 80K,
One block of 10000 shares changed
hands at 80. Royal Dutch also was
marked up to a new peak at 81 Il.
Gains of 10 or IL points were recorded
by Simmons, Auburn Auto and National
Lead, while American & Foreign
Power and Standard Gas & Electric
were up points each. The rate for
call loans dropped to per cent in the
afternoon. The market closed strong.
Trading Favorites.
One Of the interesting developments
of the day was the heavy buying OF
Standard Oil of New Jersey. which was
marked up 31a points to new high
at 70 on buying believed to be for the
account of investment trusts General
Asphalt rallied points in sympathy
with the gains in other oils OF more
moderate proportion.
Stocks which have a so-called scare
ity value were marked up in rather i'm
pressive fashion. American Machine d
Foundry, J. ]. Case. Commercial Solv-
ents, Johns Manville and Anchor Cap
common and preferred were whirled up
10 to 20 points, several of them to new
high prices. Foster-W Wheeler Simmons,
Jersey Central, General Electric and
Columbian Carbon sold to 812 points
higher. A few soft spots cropped up
here and there, but except for few
minutes at the opening there was little
evidence of any concerted selling pres
sure.
Weekly steel trade reviews stressed
the revival of railroad buying, but ex-
planned that consumers were in no ap-
parent rush to place fourth quarter
contracts. Two of the leading building
statistics organizations have reported
falling of in new construction. Oil
output continues in excessive volume.
Common stock of the Standard Brands
bCo., the new food products combine re-
Gently organized by the j. P. Morgan
interests, was placed on an annual divi-
dend basis of $3.50; Air Reduction di-
rectors declared an extra dividend Of
81 so, and Union Carbide stockholders
were offered the right to subscribe to
new stock at $50 share on the basis
| of one new share for each 1912 held.
Opening Irregularly Higher.
Strong buying support came into the
market overnight, and opening prices
were irregularly higher. United Air
craft, General American Tank, West
inghouse Electric and Consolidated Gas
showed initial gains of 2 to 3la points.
General Electric, Atlas Powder and
Radio advanced point or so, and
Union Tank Car moved into new high
ground. Reading and Simmons Co.
! each fell back about a point.
Prices were somewhat confused in
the early trading, although the ad-
vantage rested on the side of operators
to 10 per cent in call money yesterday
and the further withdrawal of British
gold by New York bankers have
caused some uneaSiness, as reflected in
the cautionary advices of several of
the leading commission houses
Pool operations we're again resumed
in some of the high priced specialties.
American Machine & Foundry, which
was one of the few issues to show a
large gain in yesterdays session, ran
up points to another new high at
$40. Johns Manville was marked up
points, American Bank Note and
General Electric quickly extended its
opening gain to more than points.
Buying operations also were resumed
in the public utility group. with Public
Service of New Jersey. Standard Gas
& Electric, American & Foreign Power
and international Telephone the early
leaders. United States Steel moved up
more than a point after opening UNI
changed