Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-13
STEEL IS LEADER
IN STOCK ADVANCE
Market Shakes Off Irregular
ity at 0pening-Many
Issues Gain.
BY STANLEY w. PRENoSIL.
Associated Press Firs,.,.,


NEW YORK, August 13.-1ed nv n
.. SteeI common, which scared more
tLlan lO points to another new high
record at 2391s, the stock market SHOOK
on Hs early trregularity TODAY and
pressed forward to the accompaniment
OF q series of bullish DEMONSTRATORS
IN the steel. public utility, Investment
IAN! anloao, electrical equipment and avia-
tlon shares. Laclede Gas, which broke
90 points last week, rallied 40 points
ano scores OF others were run up / to
10 points.
The spectacular rise in Steel revived
rumors Of stock split-up and higher
cash dividends but such action is not
generally expected until the end of the
year. Members of the finance com
mittee meet this afternoon and the
regular monthly meeting Of directors
will be held on the 9th, but the cor
poratlon ofdces report that only rou-
Tine business" is scheduled for consid-
eration. Steel broke to 21312 last Fri
day. The floating supply in the hands
OF brokers at the end Of July was
about IS per cent Of the total shares
outstanding.
Other steels followed in its wake to-
day, Bethlehem and Crucible moving
up IA and 8 points to new high
records at 1882 and 1925, respectively.
High current earnings, coupled with a
continuation of unusually heavy Sum-
mer output. have encouraged buying
OF this group.
When U. S. Steel broke from 24o,s,
us peak for all time, to around 237,
bull operators rushed I'D the conner
chemical and local gas issues to main
tain the forward trend. Allied chemical
gained 9l2 points. Consolidated gas
5H2 and Anaconda crossed 121 on big
buying. Call money dropped to per
cent in the Afternoon. The market
closed strong.
Credit Strain Eases.
The credit situation showed signs OF
easing today despite the bullish activity
OF the last three sessions. Call money
renewed unchanged at per cent, but
was quoted at per cent In the out
side market in the early afternoon. An
easier undertone also was apparent for
time money. Bankers report that the
Federal Reserve system already has
placed substantial sums in the credit
market by the purchase of bills at the
reduced buying rate announced last
week.
Opening Is Irregular.
The market developed irregularity at
the opening as result of profit-takine
inspired by yesterdays brisk rally. u
OF 10000 shares at 2297s, I'D Il and a
new high record. Sears Roebuck adj
vanced pa points and New Haven /.
Westinghouse Electric dropped 2as on
the first sale. and New York Central,
Frisco common and Atchison yielded
point or so.
Selling pressure increased as trading
progressed, with the result that many
of the early gains were Cancelled, and
number OF issues sagged l to 4 points
below yesterdays final quotations. The
rapidity of the rally, which followed
Fridays sharp break, led to the belief
that some Of the stock bought for sup
porting purposes would again be pressed
for sale
U. S. Steel common set new high rec
ord at 230 and then slid of nearly
points from that level before the end Of
the first half hour. General Electric
dropped 312 points. American Can
and American Water Works, Interna-
ttonal Telephone, Standard Gas &
Electric, Radio, Johns Manville, Amer
lean Locomotive. du Pont and General
Refractor1es yielded point or more.
Oils in Demand.
Oils were in fairly brisk demand on
unofficial midcontinent adviceS that
the proposed decrease in crude oil in
that territory had been delayed for at
least 80 days. Pan-American B opened
with block Of 5000 shares. and Stand
ard Oil Of New Jersey with a block Of
5000 shares, both up fractionally.
Houston Oil quickly ran up more than
2 points.
Simmons Co., Crucible Steel, Column
bian Carbon, Columbia Graphophone,
Wright Aeronautical and Hartman Cor
poration extended their recent gains In
the early trading.
Foreign exchanges opened steady.
with sterling cables unchanged at
S4.84 1916.