Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-31
UTILITIES GIVEN
WH|RL ON MARKET
Favorable Trade News Has
BulIish Effect on Many
Groups on List.
BY STANLEY W. PRENosu.
Associated Press Financial Ed;,ov

NEW YORK. July 31.-Heavv b,,v,n,
Oh the public utilities, several of which
scared 4 to 22l2 points. featured the
resumption Of the upward price move
ment In todays stock market. Bpv,ny
orders were distributed over a fairly
broad list but the continued strineetcy
OF credit conditions kept down tho
volume OF trading.
Can money renewed unchanged AZ
10 per cent. There was a heavv ca1,ioo
OF loans In the forenoon but fresh funds
came INTO the market around midday
ana money brokers held out hope ~
lower rate within the next dav or
Two. Time money continued firm.
Business and earnings reports con-
tlnue favorable, the United States Steel
corporation making the best peace time
showing In its history during the second
quarter. iron age reports that 1.-THE
emo OF July has disclosed no marked
recession from the high rate of steel
output that has prevailed since early in
the year. Pillsbury Flour directors de-
clared an extra dividend of so cents
ana Libby Owens Glass doubled the
dividend paid on the old stock.
Merger RumOrs Help.
though unconfirmed. contributed to the
rise IN the power stocks Peoples Gas
scared 212 points TO new high at 1856.
Adams Express scared 20l2 points and
American Water Works, American Pow
er, and Standard Gas & Electric sold
er & Light, Detroit Edison. American a.
Foreign Power and Standard Gas e.
Electric sold to 6 points higher. Ma
lonai Power & Light and Utilities Pow
er q Light moved into new high ground.
Some selling came into United States
Steel common at the opening as a re-
suit OF disappointment that only the
regular dividends had been declared,
out strong buying support quickly ap-
peared, and the stock was marked I'D
IN the early afternoon to 2088. General
Electric scared nearly points to a new
high at 1861. American Can, Allied
Chemical. Du Pont. Underwood Elliott
Fisher, Westinghouse Electric, Air Re-
duction, Allis Chalmers and Simmons
Co. sold to 6 points higher CONNER
clal Solvents scared 1872 points and
Adams Express H.
New 1929 highs were registered by
Central Alloy Steel, Remington-Rand,
Poor & Co. and Maytag.
Delaware d Hudson ran up points,
but Union Pacific Chesapeake a. Ohio.
Atchison and Norfolk & Western were
heavy.
Recovery Resumed
The recovery in prices was resumed at
the opening today. Peoples Gas, which
ran up 37l2 points yesterday, jumped
II = points on the first sale. CONNER
clal Solvents advanced 6l2 points Allied
Chemical and American Telephone
pa on opening transactions. Early
gains of a point or two were recorded
by General Electric. International Tele-
phone, Pennsylvania Railroad and Gil
lette Safety Razor. United States Steel
common opened point lower. presuma-
bly, in reflection of speculative disap-
pointment that the directors did not
declare an extra dividend.
Buying of the high priced stocks
brought out numerous new highs during
the forenoon. Peoples Gas reached 385,
as compared with Yesterdays closing
quotation of 362l2. Commercial
Solvents rose 1912 to 1872, where it
equaled its record figure, and General
Electric, at 375i2. Appropriated its best
price on an overnight rise of 8 points
Adams Express scared IA and Auburn
Auto 9. Call money renewed at 10 per
cent.