Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-26
STOCK PRICES GAIN
DESPITE SELLING
Rails, Coppers and Utilities
Press Forward in Active
Buying.
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE S0
BY STANLEY w. PRENOsIL.

Associated Press Financial Editor.
NEW YORK, August 26.-The bull
movement on the stock market en-
countered considerable resistance today,
as the prospect of tighter money over
the month end and fears that the rapid
advances late last week may have weak
ened the markets technical position.
prompted profit taking. Operations for
the advance were pressed forward ag-
gresSively. however, particularly In the
rails, coppers and some of the utilities.
and the general price trend was main
tanned on the sharp upgrade.
Trade News Favorable.
The days news continued reassurinp
further reports of railway July net
operating income were particularly
favorable, notably International Tele-
phone and Western Union again reached
record levels the former on rumors of a
new concession in France.
stone q Webster was a feature of
tne utilities, selling up nearly Z points
70 oupncate It's previous high, on rumors
OF important developments to be an
nounced shortly and the recent appre-
citation Of its treasury assets. BROOKLYN
Union Gas again reached new high
ground with wide gain.
chemicals were buoyant, Allied
chemical jumping IL points and United
states industrial Alcohol to new
peaks Other strong points included
Eastman Kodak. Warren Brothers.
Onlteo States Freight and General
Gable. United States Steel was under
pressure for a time, but soon rallied.
ana Inland, Crucible and Republic rose
points and more to new tops.
STRENGTH bv,
rails accelerated the late rise, in which
utilities and specialties rose substan-
italy. Midland Steel Products pre-
1erred was up Is points to q new ton
at sos, while United States FREIGHT
touched 1926. new high, on a gain
OF ll12 points. American Telephone A.
Telegraph gained AZ to 303I5. also a
new high. There was some selling Of
United states Steel in the final hour.
Inc closing tone was strong.
Opening Is Strong.
The market began the new week with
Heavy buying came into several of the
utnltles and coppers at the opening. A
block OF 5000 shares of Southern Cali
fornia Edison was taken at q record
price OF S834, up 37s. and a block of
1000 shares of American Smelling ut
100, up IA points. r. H. Macy
mounted zig points, American Can /
point. and New Haven Railroad "a to
a new high at 124%. Some profit
which slipped back "a of point. Radio
opened frm. up ! of a point.
=. considerable profit-taking came into
the market In the first hour, but the
ouy1ng OF the coppers and some of the
utliltleS and rails gathered force. News
OF the week end was generally salts
factory, including favorable trade and
industrial reviews, and further good
July railway earnings reports. The
prospect OF furry in call money at
the END OF the month, however, In
spired caution
The operations for the advance in
the coppers were based on rumors of a
prospective increase In the red metal
prices. Greene Cananea Ieapt forward
8 points. American Smelling "a and
Anaconda 212.
Communications shares were again
strong. International Telephone,
helped by reports Of negotiations for
important concessions in France, rose
nearly points to a new record price
at 147A. after block of $500 shares
had been taken at 147la Western
Union slipped back point. then
quickly rallied 8 points to a new peak
at 232. Brooklyn Union Gas sold up
over 8 points to a new peak at 245, and
Stone & Webster again reflected strong
buying.
Other Gains.
Other shares to reach new high
records included Crucible Steel. U. S.
Industrial Alcohol. Warren Brothers
and Woolworth r. H Macy extend
ed its gain to ga points, and New
York Central. Underwood Elliott Fisher,
st. Joseph Lead. Prairie Oil. Corn
Products and Pennsylvania Railroad
moved upward.