Evening star., 1929-06-29
ADVANCE IN STOCK
PRICES CONTINUES
Market Closes Strong De-
spite Usual Week End
Profit Taking.
By the Associated Fress.


NEW YORK, June 29,-The stock
market coasted along today on the wave
of bullish enthusiasm created this week
by definite indications of a relaxation
in credit conditions. There were a few
soft spots here and there, but prices
generally moved upward with the pub
lie utility merchandising, chemical and
investment railroad shares all present
ing numerous points of strength.
Operators for the advance resumed
their activities with confidence in the
belief that the worst of the tight-money
period was over While admitting the
possibility of an upward furry in the
call rate before the middle of next
month, they state that any increase is
likely to be temporary and that the rul-
ing rate will be Z or lower before the
end of the month.
Rail Shares Active.
Investment railroad shares were In
brisk demand on the theory that those
issues had not fully discounted the
sharp expansion in earnings in the first
half of the year, and the beneficial
effects OF the st. Louis e. O'Fallor
decision, setting aside the Interstate
Commerce Commissions basis of valua-
ton. Atchison, Chesapeake & Ohio
Chesapeake Corporation and Pere Mar
quette all advanced 2 to 312 points 10
new high records.
widespread belief that two or three
additional large public utility mergers
are in the making helped to maintain
interest in the power and light stocks.
American Water Works, Columbia Gas
g. Electric, Detroit Edison, American
Power SS Light and several others ad-
vanced 2 or more points.
Telephone issues also renewed their
advance, International Telephone cross
ing to a new high for the present time,
while American Telephone was marked
up Az points.
r. H. Macy scared IS points to a new
high record at 217, Abraham .& Strans
ran up points and Woolworth (old
stock, 5. Newport Co. ran up points
to new high at rs. Mexican Seaboard,
which has just opened up a new field in
California, was again in brisk demand
moving up points above yesterdays
close. The closing was strong.
Opening Irregular.
Prices moved irregularly higher at
the opening Auburn Auto showed an
initial gain of 4 points, and General
Electric, Allied Chemical. Westinghouse
Electric and Wright Aeronautical ad-
vanced point or two. American
Power & Light moved into new high
ground. r. H. Macy dropped a point
The first sale of the International Tele-
phone was block of 5000 shares at
999s. of Is.
Absence of many traders from the
financial district over the week end
tended to keep the volume of trading
down, but speculative sentiment con-
tinued bulliSh as a result of the grow
ing belief that credit conditions had
definitely turned easier Wall Street
still considers the possibility of furry
in call money rates next week, but this
may be avoided if banks pursue the
policy adopted last week of enlarging
their borrowings at the Federal Re-
serve banks.
Some irregularity developed as a re-
suit of the usual week end profit taking.
Peoples Gas. which ran up 25 points
yesterday, fell back Az points and
American Tobacco A and 3, Detroit
Edison, Lambert and Union Carbide
yielded a point or two. -.4 80
r. T. Macy quickly made up its ini-
tial loss of point and climbed nearly
points above last nights close to new
high record at 20734. Westinghouse
Electric quickly ran up more than
points to new top at 189ss Trico
Products, Missas-Texss common, New
port Co. and Pere Marquette also moved
into new high ground.
Early Gains.
Allis-C Chalmers was quickly bid up 5l5
points, American Telephone 31a, Brook
lyn Union Gas 215 and American g.
Foreign Power 2.
Foreign exchanges opened steady. with
sterling cables unchanged at $4.84 1915