Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-16
STOCKS IRREGULAR
!. But TONE is FIRM.
Credit Outlook Acts as Re.
striction on BuIIish Senti- !,
ment-Advances Made. -,
By STANLEY w. PKEN0SFT.
Associated Press Financial Editor.


NEW YORK, September 1s.-The
stock market begSn the new week to-day
with such nervousness a. characterized
trading last week still IN evidence ut
times. but the List generally displayed q
nrmer undertone, and operators for the
advance were able to move o fairly
large assortment of utilities, rails and
specialties substantially higher.
The credit outlook was regarded a.
newed little firmer at Tx per cent,
and was in limited supply at that
figure. Bankers generally predicted
firm money during the next few days,
as the full effect of the quarterly in
come tax payments and the Treasury
reflnancing are felt
Pressure against the shorts In the
last hour caused several substantial ad-
vances in the utilities, which were ac-
companied upward by number of oil,
food, rail and railroad equipment is
sues. American d Foreign Power was
run up nearly 8 points to the new peak
of 2s2, Chicago Great Western preferred
rose more than z and advances Of 3 to
points appeared in General Electric,
Westinghouse Air Brake, Air Reduction,
American Power & Light, Hershey
Chocolate preferred and Royal Dutch.
The close was firm.
Business News Scanty.
The days business and industrial
news was rneager and generally not of
a character to influence the market.
The California crude Oil production
figures for last week were somewhat dis
appointing, showing a fairly substantial
increase, despite expectations of salts
factory results from the gas conserva-
ton law, which became effective the
LIST Of the month. The week end busi-
ness reports appearing from various
sections Of the country revealed little
change in the generally satisfactory
conditions.
Renewed pressure against such stocks
as United States Steel, American Tele-
phone and International Telephone.
which sagged couple Of points or so
during the morning, caused consider.
able uneaS1neSS, but they were quickly
taken in hand by the bull faction, and
these losses were wiped out by early
afternoon.
Opening Is Higher.
The market moved irregularly higher
upon the resumption Of trading today,
Stone & Webster mounted 21a points,
Radio IL points, Columbia GRAPHIC
phone, Sears, Roebuck and Western
Electrical Instrument 1 to IL points.
American Telephone was an Isolated
soft spot, sagging 2l2 points.
Industrial and trade news coming to
hand over the week end was generally
reassuring, and bankers looked for
comparatively plentiful call money for a
couple of days, until the Treasury paws
of its overdraft made at the Reserve
banks In connection with its refinanc-
ing.
The nervous liquidation apparent last
week was not altogether absent, how
ever, and some irregularity cropped out
before the end of the first half hour.
BulliSh operations were pressed for
ward with vigor in some of last weeks
favorites. Commercial Solvents, which
has proposed 10-for-1 Splitup; jumped
% points to another record price at
$50, and Columbia Gas rose to q record
price Of 1902.
Stone & Webster increased its gain
to 3 points, and New York Central and
Central American Tank mounted more
new record level. American Smelling,
Johns Manville, U. S. Rubber, Balti-
more & Ohio, Lackawanna, Air Reduc-
ton, Underwood Elliott and Interna-
tional Nickel rose l to IA points, the
last named turning over in blocks Of
5000 to 10000 shares.
Such leaders as q. S. Steel and Inter-
national Telephone, however, slipped
back ~ points. May Department
Stores, which had a violent upsurge
late last week, lost S points. Allied
Chemical Sagged 81, and Pullman,
Anaconda and Republic Steel we're
among issues losing point or two.
Foreign exchanges opened steady to
firm, with sterling cables up Lie Of a
cent at $4.s4 11-16.