Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-07
STEELSLEAD BRISK
RALLY IN STOCKS
Utilities Further SoId-Good
News Has BuIIish Effect
on Market.
BY STANLEY w. PRENOSIL.
Associated Press Financial rditor

NEW YORK, August 7 P.-The
stock market rallied briskly under the
leadership of the steels today. when
call money dropped from a renewal rate
OF 10 to per cent. The upturn. how.
ever, was not until after further liuui-
dation Of the utilities The market
turned dull on the decline. but activity
picked up rapidly when the list started
upward.
Speculative confidence in the market
was restored by private London cables
indicating that no change would be
made in the Bank of England discount
rate tomorrow, by the cessation of SELL
ing pressure against some of the public
utility stocks, and by the announcement
that freight car loading in the week
ended July q had set new high rec
ord for the season.
Steel Takes leadership.
United States Steel common regained
its old role as the market leader by
moving up points to new high record
at 2l612. Crucible advanced Az points
TO new peak at 100, and gains of
point or two were registered by some
OF the other so-called independent
steels. Although steel trade centers re-
ported slight falling of in produc-
ton last week, the weekly trade re-
NACNo SOhLhlNCu pointing OUT
that July pig iron output was the third
largest monthly total on record and
that production for the first seven
months also set new high, exceeding
the previous high.
Coppers moved forward under the
leadership of Anaconda, which was
taken In large blocks. Motors and &C.
ceSsories. which are believed to harbor
large short interest. also were marked
up in impressive fashion, Mack Trucks,
Borg Warner and American Bosch Mag
neto advancing 2 to points Adams
Express, American Tobacco and Union
Tank Car were bid up to points, the
last-named touching a new high.
In the early reaction Laclede Gas
broke 80 points. Pacific Telephone III.
and A. M. Byers. Commercial Solvents.
Auburn Auto, Diamond Match and AL
lied Chemical fell to points, but
these losses were cut down in the early
afternoon recovery
Selling Is Renewed.
Renewal of selling pressure against
some of the public utility stocks fea-
tured the irregular opening of todays
market. General Public Service dropped
2 points and Southern California Edi-
son and international Telephone a
point each. Radio-Keith- Orpheum was
down point. Newport Co. opened 81.
points higher at 1914. a new high
record. Initial gains of a point or so
were recorded bv New York Central.
American International, Calumet 81
Arizona and Columbia Graphophone.
Uneasiness over the situation created
by the recent sharp decline in some of
the Middle Western public utility shares
brought further selling into the power
group in todays early trading. Ameri-
can & Foreign Power extended its loss
to 4 points. American Telephone to 81
and American Water Works to points.
Auburn Auto dropped points and
Southern Pacific. American Can, West
inghouSe Electric. Union Carbide, Inter-
national Harvester and Bristol Myers
fell to 2lz points.
Pools Are Restricted.
POOL operations were not entirely
abandoned, however, but were generally
restricted to issues in which special de-
velopments were pending American
Tobacco A, which Wall street expects
will be split up on 2-for-1 basis before
the end of the year. ran up 8 points.
Air Reduction also advanced points and
American metals and Borg Warner 2
each. National Cash Register, Briggs
Manufacturing and Union Tank Car adj
vanced point or so.
Foreign exchanges opened firm, with
sterling cables slightly firmer at s4.S514.
A forenoon rally in the rails sent
Atchison up more than 5 points to the
new high OF 26934 Chesapeake g. Ohio,
New York Central, New Haven, Erie and
United States Steel were also strong.
Laclede Gas fell 30 points and losses in
other utilities increased substantially be-
fore stronger tone developed. Call
money renewed at 10 per cent.