Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-29
RAILS AGAIN LEAD =.
IN STOCK ADVANCE
Market Absorbs Heavy Sell
ing in Pre-HoIiday
Closing of Accounts.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, August 29.-The rail-
road shares again furnished impressive
leadership in today's stock market.
with a dozen issues rising l to 10,
points to new high records. Buying
in the; general list was of a rather
selective character, with the food,
showing several points Of strength
while the steels, motors and coppers
made little Roadway.
Merchandise, baking and electrical
shares were in demand in the late
trading. r. H. Macy advanced points,
Simmons. Lcose-Wiles and United
States Alcohol. each; American In
ternational and Atlas Powder, s, and
Westinghouse Electric. 5; Auburn Auto
points. The closing tone was strong.
Selling Well Absorbed.
Selling in advance of the holiday
and the weekly Federal Reserve state
ment was fairly well absorbed, although
one stock dropped Is points, another
6 and a sprinkling of miscellaneous
shares / to 3 points. Pool operations
furnished the chief stimulus for the
advance although there appeared to be
a strong investment demand for the
cellent character of the current earn
ings statements
There was no change in credit con-
oltlons. Call money renewed again at
per cent and there appeared to be
a comfortable supply available at that
figure: Banking opinion is divided as
TO whether the heavy holiday and
month end demands will send the rate
higher or whether sufficient funds will
40 al
the three-day holiday to bring about
recession in the rate
ITegularity at Opening.
Further irregularity developed in the
stock market at the opening today, but
the selling was not as heavy as it was
IN the last hour of yesterdays session.
Adams Express opened 5 points higher
and New York Central advanced a.
to new high record at $50. r. II.
Macy showed an initial gain Of AZ
points, Union Pacific and Utilities
Power and Light /. American Tele-
phone fell back 234 and Canadian
Pacific l.
Some of the early selling was inspired
by fears of another large increase in
Federal Reserve brokers loans. which
would be announced after the close of
the market. The decision of the stock
SASAAoAA5C 6OhCLIlOAS W SuoPtIlU BUSINESS
on Saturday and grant the petition Of
600 members for a three-day holiday
also inspired heavy profit taking. Ear-y
declines as a rule were held to a point
or two, the list including American Can,
Westinghouse Electric, International
Telephone and United States Freight.
Operations for the rise were resumed
with considerable vigor in the railroad
group. st. Paul common and preferred
were pushed into new high ground and
Union Pacific extended its gain to 90
points, duplicating the high of 2e47s
established yesterday. Pere Marquette
jumped 80 points to $50, which con-
trasts with the years low. of 148 Lacka-
wanna. Pennsylvania, Atchison and
Southern Pacific showed early gains OF
to 3 points. -..s
Early Gains.
Stone and Webster jumped SD points
to 1872, new high record. National
Biscuit was again heavily bought,
quickly rising more than 8 points.
National Lead. Standard Gas & Elec-
trio, General Gable A. Fox Film and
American Encaustic Thing sold 2 to 3
points higher before the end Of the first
half hour.
Foreign exchanges opened steady with
Sterling Gables unchanged at 484 1892.
The pound sterling was quoted below
the gold import" point at Paris today.