Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-30
STOCK PRICES GAIN
/. ON EVE Of HOLIDAY
Market Presses Forward
Despite Record Total of
Brokers' Loans.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor

NEW YORK, August 30.-Disregard-
ing the increase of $132, 900 900 in Fed
eral Reserve brokers' loans to another
new high record, the stock market TODAY
gave another impressive demonstration
of strength.
While nearly all the important groups
except the oils presented numerous
points OF strength, the buying centered
largely in select assortment of public
utility, investment railroad farm i'm
plement, food and insurance shares.
At least tWoscore issues sold 4 to IS
points above yesterdays final quota
tlonS with dozen or more in new high
ground for the year.
The late trading saw several Eastern
railroads, such as New York Central.
Reading, Hooking Valley and Nickel
Plate" extend their advances into new
high territory by from to 10 points.
Auburn Auto touched 498, while util-
tiles like General Electric. American
Power & Light and American & Foreign
Power also advanced substantially. The
closing tone was strong.
Wall Street apparently took the at
titude that so long as the Federal Re-
serve system made sufficient credit
available for commercial and agricul-
tural' purposes, the brokers' loan situa-
ton was no cause for worry. Call money
again DIT pei CeHl
with apparently sufficient supply
available TO hold the rate at that figure
despite the heavy month end and holi-
day demand for funds.
Buoyancy of the farm implement
stocks was attributed to the excellent
current earnings and prospects of the
leading companies. international Har-
vester ran up 1914 points, Case Thresh-
ing 1412 and Oliver Farm Equipment.
ch ri
the leadership of U. S. Steel common,
which was marked up nearly points
by early afternoon.
Opening Is Irregular.
The market opened irregular, selling
inspired by the large increase in Fed
eral Reserve brokers' loans being offset
by a resumption of bullish operations
| in select assortment of rails, public
utilities and SpecialtieS General Mo-
tors opened with block of 10000
shares at 71l2, off /, and initial de-
clines of point or more were reg
istered by Allied Chemical, General
Electric and North American. Ameri-
can & Foreign Power opened 2l4 points
higher at 1919, new high record.
Reading, Southern Pacific and United
States Freight each gained a point or
more on openings sales.
Although loans increased $l32, 000,-
900 to a new high record, the gain
caused little surprise as the market has
been heading upward for the past two
weeks and nearly 100000 in stock
subscription rights" had to be taken
| up last week. Market operators found
encouragement in the weekly bank
statement. which showed that the Fed
eral Reserve system had increased its
purchases of bills.
Operators for the advance quickly
obtained control of the price movement
and by the end of the first half hour
at least 40 issues were selling a point
or more above yesterdays final quota
outstanding feature, opening with
block of $4,000 shares at 142, up 1914
points.
American e. Foreign Power quickly
| ran up more than points to 159l4,
Stone & Webster advanced to 1874,
American Water Works 81 to 1922
and Standard Gas & Electric ia to
154, all new high records.
Early Leaders.
National Biscuit was run up points,
/ National Lead 5, Westinghouse Elec-
| trio and Sears. Roebuck, Chesapeake
& Ohio. American Can. Columbian
i Carbon and United States Freight rap
idly extended their initial gains to 2
points or more. Among the many is
sues to. advance point or more on the
first outburst of buying were United
! States Steel common, Montgomery
| Ward, American Locomotive. Atchison
& Lackawanna, Coca Cola. Loose
Wiles Biscuit and Beatrice Creamery
! to new high ground for the year.
| Foreign exchanges opened steady
with Sterling Gables unchanged at
! 484ai. London dispatches reported
! further purchases of gold there by
! France