The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-07-08
PRICES STRENGTHEN
WITH MONEY HIGHER
Profit. Taking Sales Cause Early
Morning Losses, Which Are
Made Up in Rush

New YORK, July 6.-fPo-A slight
firming Of money rates prompted con-
siderable profit taking on the stock
market IN the early transactions to-
day. but the market strengthened by
midday with vigorous bullish opera
tions in the investment rails and some
Of the sp~ecialties. Early losses were
reduced as practically the entire list
turned upward, a wide assortment of
issues reaching still higher record
territory.
Call money renewed at Z per cent.
unchanged from Friday. but oon rose
to 8 as banks called loans, presumably
to meet midyear settlement checks re-
turning for collection, and to pay off
borrowings at the federal reserve,
which were heavily increased during
the strain incident to the turn of the
half year. The undertone of time
money was slightly firmer, but
bankers acceptances moved readily,
despite the recent cutting Of rates.
A firmer tone in credit had been
widely forecast for early this week,
| so 1t wa not particularly disturbing.
Bankers look for improved conditions
before the end Of the week. and ex-
pect them to be maintained for sew
eral weeks. A humber Of traders.
however, regarded the time as ripe for
profit taking. owing to the sharp adj
vances Of recent weeks, which has
carried several high-priced issues up
from 80 to 100 points since early June.
and the consequent weakened techni-
cal position.
There was little In the days news to
influence the market. although the
news coming to hand was generally
favorable, including lor June sales
reports and a few first half earnings
statements. Nash Motors reported
earnings for the first half equal to
$4.25 per share, as compared to $1.96
In the corresponding period of 1923.
In the rails. Pere Marquette was
sent up is points to $50. a new peak.
and nickel plate, New York Central
and Norfolk and Western mounted 3
to 5 points to new tops.
Farm implement and mail order
shares were strong in response to the
recent rally In grain prices. Case
Thrcshing scared more than 80 points
to another record price. and Oliver
Farm Equipment. Sears Roebuck and
Montgomery Ward climbed about 4
to 6 points.
Union Carbide. Michigan Steel,
American Bank Note, and Underwood
Elliott Fisher were among issues
reaching new high ground. General
Electric sagged a little at the opening.
b t quickly sold up S points. U. s..
Steel mounted 3 points in response to
unconfirmed run1ors of favorable div
idend action at the meeting this
month.
Among the soft spots were Auburn
and International Silver which sold
down about 10 and Z points. But soon
made up much of its loss. Eastman
Kodak dropped more than 1 points In
realizing on last weeks advance, and
radio sagged more than 3 points on
unofficial second quarter earnings
estimates.
Although call money mounted to 9
per cent before the close. U. S. steel
got above 200 for the first time to a
record price at zoos. and some of the
independent stecls, notably Youngs-
town and Newton, made substantial
gains. Several industrials including
Wick Chemical, Snider packing pre-
ferred, Mullins, American Telephone
and National Cash Register were sent
up 3 to 6 points in the last hour. The
closing tone va strong. Total sales
Appropriated 3,500,00 shares.