Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-05
UTILITIES FEATURE
TRADING IN STOCKS
Soft Spots Occur in Several
Sections OF List During
Today's Dealings.
BY STANLEY w. PRENOSTL.
Associated Press Financial Editor.

NEW YORK, August 5-Call money
advanced from 10 to IL per cent TODAY
and the stock market turned distinctly
heaVy, although sprinkling of public
utilities maintained their early gains
and closed around the years high
prices. Persistent selling of such re-
cent favorites as American Can, U. s.
Steel common and New York Central.
which dropped to to Az points. had
depressing effect on speculative senti-
ment, and resulted in a virtual aban-
donment of pool operations in many
specialties.
The stringency in call money was at.
tributed to the semiweekly adjustment
of the banks positions at the Federal
Reserve and the calling for payment
OF some of the recent stock offerings
later in the week. Time money ruled
around 834 per cent and prime COM
mercial paper was quoted at 6a6l4.
Fears of an increase in the Bank Of
England discount rate this week were
held responsible for much of the days
selling. A rise in the London rate, it was
pointed out. might mean the withdrawal
OF foreign balances from New York and
have direct bearing on our own credit
situation, which continues tight at
period when normal conditions would
call for relatively easy rates.
Except for another batch Of favor
able earnings statements, there was
little in the days news to influence the
price movement Chain store COM
panies, reporting seven months sales.
made particularly good comparison
with the corresponding period last year.
Wide fluctuations took place in some
OF the public utility stocks. Laclede
Gas sold of 5la points to 30412, scared
to a new high at 325 and then fell back
to $40 by early afternoon. General
Public Service ran up 10 points to a new
high at 95.
Pacific Lighting, Brooklyn Union Gas,
Pacific Gas & Electric. American &
Foreign Power and Southern California
Edison ran up to points to new peak
ard Gas & Electric, Utilities Power &c
Light. General Gas & Electric A and
Consolidated Gas also moved into new
high ground. Peoples Gas, North
American Co. and Public Service of New
Jersey sold off 2 points or more, on
profit taking.
Westinghouse Electric continued its
spectacular advance by climbing nearly
/ / points to new high at 240. and the
first preferred jumped Is points to 230.
General Electric dropped GA points.
Hershey Chocolate common and pre-
ferred, International Silver, American
Shipbuilding and American Can also
topped their previous high prices Of the
year the gains ranging from l to sl2
points.
Bullish at Opening.
Bullish price tendencies prevailed at
the opening Of today's market Radio
opened 21s points higher and initial
gains of about a point each were re-
corded by International Telephone and
American Locomotive. American Can,
T@fN Do, =
Studebaker improved fractionally. At
lantic Refining dropped point
Despite the many cautionary advices
sent out over tho week end as result
of the establishment of new high
records in Federal reserve and New
York Stocl: Exchange member loans
last week, bullish enthusiasm was I'M
dimmed Several blocks of 5000 to
$4,000 shares changed hands at the
opening, with the early demand center
ing in the public utility, copper and
motor shares.
Rumors of a big motor market this
week looked as though they might be
confirmed when General Motors, Pack
ard. Chrysler and Hudson were eagerly
bid for, and marked up point or so
in the first few minutes of trading
Auburn Auto jumped 612 points. APP
parently, the announcement of the price
cuts by Packard and Studebaker last
week caused no serious concern.
Brooklyn Union Gas Up.
Brooklyn Union Gas was one of the
early leaders in the public utility group,
jumping points to new high record
at 241. Pacific Lighting and Inter-
national Telephone also moved into
new high ground.
Westinghouse Electric was again in
brisk demand. quickly running up 4
points to another new top at 1881.
General Electric fell back pa points.
United Aircraft was marked up 81,
points on the announcement of the &C
QUESTION of the Stearman Co. Radio
keith-Orpheum issues. in which new
pool is reported to have been organized,
were turned over. in large volume at ad-
vancing prices American Can sold at
ITO for the first time.
A number of weak spots cropped out
before noon, although selected shares
continued to advance rapidly. General
Electric lost points, and United States
Steel. American Can. New York Central.
International Harvester, Public Service
of New Jersey and Columbia Graphic
phone were among those down l to liz
points. General Public Service ad-
vanced 10 points to 95. Westinghouse
Electric ga to 239, and Pacific Lighting