Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-22
PRICES ARE MIXED
IN STOCK TRADING
List Turns Irregular After
Early SeIIing-Money
Rates Easier. n
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE PM
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.


NEW YORK, July 22-Chief specula-
tive interest shifted today from the
Stock Market, which developed irreg-
ularity, to the grain markets, wheat
advancing 3 to cents a bushel In
Chicago and as much as 6k cents In
Winnipeg. Credit conditions were
slightly easier, call money renewing at
z per cent for the first time in about
two weeks, with a fairly plentiful sup
ply available.
Renewed weakness Of the motor
stocks and heavy prof1t-taking in the
rails contrasted with the strength of
the public utilities and electrical equip
ment issues on the New York Stock
Exchange. In the general list the main
tendency appeared to be downward,
with selling influenced by the specula-
tive belief that technical reaction"
was In order.
Outside the sharp rise in grain prices,
increasing the potential purchasing
power of the agricultural regions, the
days principal business news develop
mentS consisted of another series of
favorable earnings statements. Several
Of the conservative commission houses
urged tightening Of long commitments
and extreme caution in the making Of
new commitments which undoubtedly
brought heavy selling into the market.
General Motors sagged to another new
low level below 81 in reflection of specu-
lative disappointment over the June
sales statement. Packard, Chrysler,
Marmon and Murray corporations also
fell back to 2l2 points.
With the exception Of the utilities
and few specialties, several of which
made new highs, the trend was down.
ward in the last half hour. General
Electric sold at 1862, new high, and
Detroit Edison. Ingersoll Rand, Coca
Cola, Louisville Gas, Westinghouse
Electric first preferred and North Amer
lea, up 2 to 10 points. Selling ap-
peared in some of the oils, with Beacon
and Sinclair down each and Houston
3ai. Allied Chemical dropped Is
points and Johns Manville slumped l..
The close was irregular.
Opening Is Higher.
Prices continued to move irregulaIly
higher at the opening. Public utilities
were the early leaders, Consolidated Gas
and Public Service of New Jersey each
opening more than a point higher.
Bendix Aviation opened with block of
5000 shares at 997s. new high record
Initial gains of point or so also were
recorded by Westinghouse Electric, In
ternational Harvester, American Smelt-
ing and Texas & Pacific United States
Steel common and Montgomery Ward
opened fractionally lower.
Expectations that credit conditions
would remain fairly easy for the rest
of the week and the improved ratio of
Stock Exchange loans to market values
stimulated the resumption Of bullish
activities. While some of the commits
sion houses called attention to the pos
sibility that many stocks were under
distribution, others stressed the fact
that such operations foreShadowed in
creased volume at higher prices.
Early activity centered largely in the
public utilities and rails, several of
which moved into new high ground.
Establishment Of a new low level by
General Motors last week tended to
discourage fresh buying operations in
the motor stocks. Oils showed signs Of
increased activity, but the steels, which
were strong last week. ran into some
rather heavy proft-taking In the early
trading.
Early Leaders.
Brooklyn Union Gas assumed the
leadership Of the public utility group
by rapidly climbing 6 points. Console
dated Gas extended its gain to more
than points by crossing Isl to new
high. General Electric and Westing-
house Electric each recorded early gains
of more than 3 points each. Grant
Stores, Allied Chemical, International
Telephone and United States Industrial
Alcohol also were prominent in the
early upswing
In the railroad group Missouri Pacific
preferred, Northern Pacific. Lacka-
wanna and Union Pacific all sold at
the years highest prices. Atchison was
quickly marked up az points and New
York Central and Southern Railway adj
Vanced about point each
United States Steel common sold of
nearly 2 points, but quickly recovered
most of its loss
Foreign exchanges opened steady,
with sterling cables firmer at $485 3-16.