Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-26
ADVANCE IN STOCK
PRICES CONTINUES
Favorable Earnings Reports
Offset Uncertainty Over
Credit Conditions.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor.

Associated Press Financial Editor,
NEW YORK, July 26.-Stock prices
continued to move irregularly higher
today with the excellent character of
the current railroad, industrial and
public utility statements. apparently
offsetting the stringency in credit
conditions. Trading was largely pro-
1esslonal, small spectators generally
showing little inclination to add to
their commitments with the prospect
OF another money squeeze" around the
end of the month.
Call money renewed at per cent, as
against 3 yesterday and the day be.
fore. There was only a moderate SUD-
ply OF funds available because of the
heavy Withdrawals of interior and for
elgn banks within the last 10 days.
Time money continued firm
Resumption OF bullish activities in a
select assortment of steel, copper, public
utility and electrical equipment issues
Is believed to have been inspired, in
part, by the absence of any extended
distribution on the decline In prices
earlier in the week There is a rather
general belief in Wall Street that any
major reaction will be preceded by one
or more 5000 000-share sessions and
until this increased activity develops,
pools are showing an inclination to
hose in which the floating supply is
small.
Heavy Selling in Last Hour.
Heavy selling came into the market
during the last hour which reduced early
gains and carried a wide assortment Of
issues lower. notably among the motors
and rails. Several Of the utilities also
ran into profit-taking. Radio was de-
pressed more than 5 points. Operations
for the advance were pursued in isolated
sections of the list, however. Baldwin
Locomotive rising about 9 points, Otis
Elevator 7, National Cash Register and
Columbian Carbon, 4. National Power
& Light was sent up points to new
peak in heavy buying.
The close was irregular. Total sales
appropriated 100000.
Opening Is Strong.
The market opened active and strong,
favorable earnings reports and dividend
actions evidently offsetting the inf1u-
ence of the jump of S95 100000 in
with block of 10000 shares at 122,
up points to record price, in re-
Spouse TO the 81 so quarterly dividend.
u. S. Steel and General Electric each
mounted points, American Telephone
1I2 and several of the rails, including
Baltimore g. Ohio, Pennsylvania and
Southern Railway. mounted nearly a
point each. Columbia Graphophone
was soft spot losing 2 points.
The unexpectedly favorable Bethle-
hem Steel quarterly report, coupled
with the increase in the annual divi-
dend from 81 to Sc. apparently offset
the rise of sos 100000 in brokers' loans
to a new high record as a market fac
tor. Buying operations were vigorously
resumed in a wide assortment of
issues current earnings of which give
promise of special dividend develop
mentS.
Steel shares continued in the van
guard of the advance. Bethlehem
crossed l22 to a new high and United
States Steel common, which is also eX-
pected to make a fine showing in its
quarterly report next Tuesday, was
quickly marked up 2l2 points.
CopperS showed flrmer undertone on
reports of a steady increase in the for
eign demand for the red metal. Recent
of this group was based on
fears of a further decline in the price
of copper. American Smelling was
marked up more than . points and
Anaconda l in the first few minutes of
trading
American Telephone continued its adj
vance to new high ground by moving
up 81 points to go International
Telephone rallied in sympathy.
Motor Group.
Motors were mixed, resumption of the
advance in Marmon being counteracted
by the renewed heaviness of General
Motors. General Electric and National
Cash Register were again in brisk
demand
Case Threshing broke points and
Engineers Public Service, Canadian
Pacific and Louisville & Nashville
yielded a point or so.
Foreign exchanges opened firm, with
sterling cables SLIGHTLY higher at s4.a5la.