Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-04
BEARS ARE ROUTED
|NSTOCK DEALINGS
Bullish. Operation Again Cen.
Z tiers in UtiIities-MetaIs
"a f,@ .~ =
, =. u" and Motors Active. Il
BY CLAUDE A. JAEGER,
= Associated Press Financial Writer

Associated Press Financial Writer.
NEW YORK, August 3.--Aggressive
bullish operations in selected issues In
today's stock market sent shorts to
cover who had been expecting . week
end reaction and sustained the general
upward trend of prices. Trading was
moderately active, 1,842,080 shares
trading. 4,
Operations for the advance again
centered in the utilities, but notable
assortment Of rail, metal, motor and
miscellaneous shares Joined in the for
ward movement. Week end liquidation
was for the most part quickly abSorved,
although gains were reduced somewhat
during the last half hour. The market
took but passing notice Of the over
proximately $400,000,000 In stock ex-
change member borrowings during July,
making q gain Of more than $500, 600
600 In the past two months.
Pc; Endured To Loan Gains. r..
Wall Street is becoming Injured to
sharp gains in brokers' loans. AS long
as there seems to be no general agree
ment among bankers as to whether the
absorption OF funds by the stock market
reduces or lberates funds for the use
of business. Wall Street looks for no
more restrictive measures on the part
Of the Federal reserve system.
Although call money was q little
easier yesterday, holding at 10 per cent
all day, which rate carried over the
week end, comparatively tight money
is expected next week, as August ]
dividend and interest checks return to
the banks for collection. Also borrow
ingS. Traders, however, are not IN
clined to worry about high money rates
as long as price trends continue upward
There was nothing In the days
meager industrial news to influence the
market. Week end reviews reported
little change In the generally pleasing
conditions. Commission house advices
to customers were varied. many IN
creaSing their buying recommendations,
while some regarded the present nid-
ding up of high-priced issues as forming
a screen for extensive distribution and
continued to advocate extreme caution
Utility Index Rises.
The further bidding up Of the util.
ities carried the index OF 20 leading
utility stocks up points to another
record level. Laclede Gas, which scared
50 points yesterday, mounted IL more
today. but lost much of its gain In
realizing. Consolidated Gas, Columbia
Gas a. Electric, General Public Service.
Pacific Lighting. Southern California
Edison and Peoples Gas sold up to
points to new peaks. Stone d Webster
sold close to its record price.
Westinghouse Electric displaced Cen
eral Electric as a market leader, while
the latter was depressed by profit-
taking. Westinghouse was bid up 10
points to a record price at 23l, In
. response to rumors Of q split-up, an
excellent first half earnings report. ana
plant expansion plans. American Tele-
phone mounted point to 292, new
TOP. then encountered realizing, closing
with a small net loss. American Can,
International Telephone, Chicago Pneu.
matte: Tool, Hollander d Son: ana
Phillips Jones reached record nigh ter
ritory In moderate gains, and Crown
Cork & Seal was sent up points TO
new top.
Metals and Motors Revived.
Revived interest in the metals and
motors was again apparent. 1nterna.
tional' Silver and International Nickel
rose 8 and 4 points, respectively, whle
American Smelling, Greene Cananea
and Kennecott were well. bought. Nash
was a leader Of the motors, rising
points. Auburn shot up 10 points. re-
gaining most of yesterdays loss, then
,feu back from the top. Some Of the
rails made good headway, ncWdlnS
Delaware & Hudson, New YORK CentraI
and Union Pacific. Pennsylvania, now
ever, sagged more than q point.