Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-21
ADVANCE IN STOCK
PRICES CONTINUES
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE A
Trading Shows Considerable
Expansion in Volume and
Breadth Today.
BY STANLEY PRENOSII.,
Associated Press Financial Editor.

NEW YORK, June 21.-A brisk de-
mand for United States Steel COM
mon and Anaconda Copper, coupled
with the buoyancy of few high-priced
industrials, featured the resumption of
the upward price movement in today's
stock market. Trading showed mark
ed expansion in breadth and volume,
which was construed as an indication of
increasing public participation.
Call money renewed at per cent,
but the supply at that figure was small,
and there was a possibility that the
rate might work higher. There was no
change in time money and CONNER
cial paper. Despite the recent easing
of of time money rates, Federal Re-
serve officials insisted there was no
change in its credit policy, calling at
tention to the reduction in holdings Of
bills and Government securities.
Bullish Factors.
Merger of the Fleischmann, Royal
Baking Powder and E. w. Gillette COM
panies, the third consolidation effected
by the j. p. Morgan g. Co. interests
within the past week. was widely in
terpreted as an indication that leading
prosperity. Wall Street also derived en-
couragement from the substantian in
crease in tobacco sales in May. and in
the high volume of freight car loadings.
Investment railroads and Sirplane
shares spurted up in the final houf
and number of issues reached unpre-
cedented heights. United Aircraft
Jumped Z points, New York Central 5
to 20412, a new high, and Union Pa
m oil II
Atchison was up points, while Ca
madam Pacific and Wright Aeronauti-
cal were UP around 4 points each. The
close was strong.
Disregarding the increase Of $685.
600 900 in brokers' loans, prices bound
ed upward at the opening. Brooklyn
Union Gas. Baldwin Locomotive and
Allied Chemical quickly advanced
points, National Biscuit 124 and Atchi-
son 13s.
Some irregularity developed after the
opening on selling inspired by fears of
furry in call money rates. Commits
sion houses. while calling attention to
the possibility of a technical reaction.
laid considerable stress on the gradual
easing of basic credit conditions as re-
flected In the lowering of time money
rates.
The traditional Selling on the good
news" followed the announcement of a
plan for merger of the Fleischmann
Co., Royal Baking Powder and e. w.
Gillette. Royal yielding fractionally,
while Fleischmann fell back more than
point.
Utilities Again Active.
Bullish operations were again resumed
in the public utility shares, Brooklyn
Union Gas quickly running up more
than points to a new high at 211t4,
while Electric Power & Light climbed
212 to 1914, or just 80 points above the
years low Underwood, Elliott-Fisher
and Childs Co. also moved into new
high ground.
Anaconda Copper was again heavily
bought. moving up 2 points to ia, in
the first half hour, the highest price on
the current recovery. Baldwin extended
its gain to more than points. and
early gains of point or so were record
ed by International Telephone. New
York Central, International Combustion
| and Mexican Seaboard.
Foreign exchanges opened steady,
with sterling cables unchanged at
| $4.847s.