Evening star., 1929-06-25
ADVANCE IN STOCK
VALUES RESUMED
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE TWW
Market Shows Strong Under
tone Despite Higher Rate
for Money. al /
By STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, June 25.-Stock prices
showed a decided inclination to ad-
vance today despite the stringency in
cali money. Early losses of to nearly
5 points were largely wiped out by
early afternoon and long list Of issues
sold / to ii points higher. New high
records were established by at least a
score individual stocks, including Amer
lean Can, General Electric. Allied
Chemical, North American, Atchison
and Pennsylvania.
Call money renewed at 10 per cent,
and there was further calling of loans
which threatened to send the rate to
IL within the next day or two. The
time money market was dull, with no
change in rates.
Business news continued favorable in
character. AS generally expected, Ana
conda Copper directors voted to con-
tinue the 81 dividend rate on the in
creased capitalization. Libby Owens
directors authorized a for ! stock
split up, and doubling of the annual
dividend. A series of excellent indus
trial and railroad earnings statements
also helped to create more Cheerful!
speculative feeling.
See Easier Credit.
While some of the conservative COM
mission houses continued to urge eau
ton In the making of new commitments
because of the possibility of another
drastic money pinch" in the next few
days, there was a rather general feel
ing that the stringency was temporary,
and that easier credit conditions would
prevail before the middle of July.
Despite recent unofficial intimations
that there had been no change in
Federal Reserve credit policy Wall Street
believes that a relaxation Is inevitable
before the crop harvesting season ID In
full swing.
While the days buying operations
were rather selective in character, the
chemical, public utility, merchandising,
can and railroad shares all gave fairly
good demonstrations of group strength.
Profit-taking developed in some of the
recent strong spots, but there were no
outstanding points of weakness.
Demand for such leaders as United
States Steel, American Can and New
York Central, which advanced 334 to 5
points. was an influence in raising the
general market to still higher figures
in the final hour. Allied Chemical and
Allis- Chalmers gained 8 points each,
while Baldwin Locomotive, Electric
Auto-Lite. Motor Products, F. G. Shat
| tuck and Pittsburgh Coal advanced
| from to S points. The closing was
strong.
Irregularity developed at the OPEN
| ing as result of the furry from Z to
10 per cent in the call money rate
yesterday Goodyear Rubber. which was
| under pressure yesterday, rallied 21s
points, North American advanced and
Radio Corporation three quarters. Sell
i ing pressure was resumed against An
aconda Copper, which opened L q points
lower. Allis Chalmers dropped points
and Columbia Graphophone !.
Early Selling.
While most commission houses point
| ed out that stiff money rates were
| likely to be temporary. several of them
| urged caution in the making of new
! commitments until it could be deter
| mined how severe the midyear credit
| stringency was likely, to be. 1t is esti-
mated that $so,0o0,0O0 in loans were
| called yesterday.
Early selling centered largely in the
| public utilities. Declines of a point or
more were registered by Consolidated
Gas, Standard Gas & Electric, Amer
| lean & Foreign Power and American
Telephone. Reading dropped 2 points
and New York Central Ia.