Evening star., 1929-06-27
RECOVERY IN STOCK
PRICES IS RESUMED
Market Is Apparently Unaf-
fected by Prospect of
Loan Increase.
BY STANLEY w. PRENOSIL.


NEW YORK. June 27.-Disregarding
the prospect of large increase in Fed.
eral reserve brokers' loans, the stock
market today continued its recovery
Buying orders were distributed over a
fairly broad list, but the public utili-
ties, chemicals, electrical equipment,
merchandising and rail shares presented
the most outstanding polnts.of strength.
Revival of activity and strength in the
oil shares was one of the interest fea-
lures of the session.
Call money renewed unchanged at 10
per cent and although the supply at that
figure was relatively small. the rate was
expected by money brokers to hold
through the day. Offerings of time
money were more liberal, but there was
no change in rates. Importation of an
additional S5,000,00 in gold from Enc
and was announced during the day By
the Irving Trust Co.
Buying Is Active.
Except for the declaration of extra
dividends on the Barnsdall issues. and
the announcement of the Wright-Cur
tiss Airplane merger. and another series
statements
there was little in the days news to
influence the price movement. Per-
sistent buying of the high-grade rails
and Industrlals was attributed, in part
10 puy1ng by investment trusts AMI
large insurance companies.
commercial Solvents was again a
spectacular feature, soaring 81 u points
to a new high record at 438l2. OTIS
Elevator jumped 1434 points to a new
top at $685.. Allied Chemical, r. H
Macy, Underwood El1iott-Trisher, Con
solidated Gas. Public Service of New
Jersey General Electric, WESTINGHOUSE
Electric, sAtchison and New York Cen
tral also reached new high levels for
the year. Wall Street heard reports
tnat the United Corporation would Of
Ter two shares of its own stock for each
share of Public Service OF New Jersey.
National Cash Register, Conde Mast
Brooklyn Union Gas. International
BUSINESS Machines, American Bank
Note. Peoria g. Eastern, Motor Products
ana Houston Oil all sold to 6 points
higher.
There were few soft spots. Auburn
AUTO broke Is points, but quickly recov-
cred most OF its loss. United Aircraft
issues continued under selling pressure.
Wright Aeronautical dropped s points
New high ground was reached by
Katy" common and various utility is
sues before the market settled back on
ilquldatlon IN the aviation, steel and
motor issues. United Aircraft dronped
Is points, Superior Steel 4 and CONT
mental Motors sold at 14,14 the years
lowest. United States Steel yielded .
points On the other hand Motor Prod
ucts rose 114 Lambert 8. Detroit Edi-
SON 6 "a and North American 4. The
closing was irregular.
Rally at Opening.
Faiiying tendencies again predomi-
mated at the opening, although the
tendency to take profits was more pro-
nounced. Westinghouse Electric ad-
vanced "a points on the first sale. IN
itlal gains of point or more were re-
corded by American Telephone. Dupont.
Mlssouri-Kansas-Texas, Johns Man
vile and National Dairy Products. the
iast-named crossing rs to a new high
record. Consolidated Gas opened with
block of 5000 shares at 1851. IN s.
and the new United Gas Improvement,
when issued, stock opened with a block
OF 10000 shares at 48.
some uneaSlneSS was apparent In the
early trading over the possibility of a
large increase in Federal Reserve
brokers' loans after the close, but the
peak of the milyear credit strain
was noC expected before next week. The
Bank OF England retained its So per
cent discount rate despite the heavy
withdrawals of gold in recent weeks
Tor shipment in the United States and
Germany.
Public utilities were again In the
forefront of the early advance. United
corporation. which was heavily bought
Yesterday on the prospect of a stock
spIit-up. opened with block of 5000
Snares at 6554 and then advanced to
66h, up l Il points. American g. For
eign Power opened with a block of .1lO
shares at 1095s. up 25s. Public Service
OF New Jersey moved to a new high
record at 1l07s. International Tele-
pnone and Consolidated Gas also
touched new highs
Commercial Solvents was quickly
whiried up IA points to another new
high record at 43l.