Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-17
STOCK PR|CESF|RM
IN PROF|T-TAK|NG
Oil, Utility and Rail Issues
Featured in Buying
Operations.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor.


NEW YORK, August 17.-Heavy
week end profit-taking retarded the re-
sumption Of the upward price move
ment In today's brief session of the
STOCK market. Buying operations cen
tered largely In select group of oil,
public utility, railroad, aviation and
motor shares, with some sharp gains
also recorded by few high-priced spe-
cialties. Despite the absence of many
large traders on extended week end
trips, trading was fairly heavy in
volume.
The establishment Of new high levels
OF the popular industrial averages so
soon after the drastic break of a week
ago yesterday tended to revive specula-
tive confidence. Wall Street also was
pleased with the announcement Of fur
Their gold imports from London, as it
is generally agreed that each dollar in
gold provides the basis for $40 in credit.
In view OF the 6 per cent rediscount
rate by the New York Federal Reserve
Bank, the rate for call money during
the next few weeks is expected to be
stabilized just above that level.
Favorites in Trading.
Standard Oil of New Jersey touched a
new high at 1874 and then sold off a
few points from the top on official init
nation that there was no foundation
for rumors of merger with Standard
Oil of California. General Asphalt.
Pan American A, Continental Oil and
Indian Oil Refining and Certificates
also moved into new high ground
American Telephone was brought for
ward as the leader of the public utility
group, climbing 10 points to a new high
at 29312. New peak prices were estab-
llshed by American Machine & Foundrv,
Worthington Pump, Packard new and
Follansbee Bros, BendiX Aviation, Cur
tisS Aero, Commercial Investment Trust.
International Business Machines and
Allis Chalmers sold 3 to 62 points
higher.
Southern Railway, with a gain of
more than points. was one of the
leaders of the rail group. Other strong
spots were Atchison, Union Pacific,
Southern Pacific and Canadian Pacific
The closing was firm.
Rally at Opening.
Rallying tendencies were predominant
at the opening. Atchison and Southern
Railway each opened 212 points higher,
and Thinker Roller Bearing showed an
initial gain of points Packard Motors
(old) and American Can each opened
about point higher. The first sale of
Standard Oil of New Jersey, yesterdays
individual feature, was block Of 1900
shares at 70, off p.
With no change announced in the
Chicago and San Francisco Federal Re-
serve rediscount rates and reports OF
further gold Withdrawals in London for
shipment to New York, operations for
the rise were resumed with considerable
confidence in today's market. Oils were
again heavily bought in expectation of
material benefits to the industry from
the California restriction law which be-
comes effective next month Standard
Oil Of New Jersey was the leader, run
ming up from 70 to new high record
at 70. Texas Co. and Mexican Seaboard
each advanced about point in the
early trading.
Rails Featured.
Rails also pushed forward as a result
CT the excellent earnings and car load
ings reports now being published. Union
Pacific was quickly marked I'D about .
points to new high record at 2887s.
and st. Paul common, Lackawanna and
Norfolk 81 Western recorded early gains
of to l 4 points. Public utilities moved
forward urder the leadership of Con-
solidated Gas. which crossed 181 to a
new high record American Power &
Light, Public Service of New Jersey and
Standard Gas & Electric moved up a
point or two.
Foreign exchanges opened steady.
with sterling cables unchanged at
S4.8424.