Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-10
STOCKS IRREGULAR
IN HEAVY SELLING
Bear Attack Fails to Break
Market, HoWever-Money
Rate Firm.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, July 10-Bullish op-
erations were resumed in the utilities in
vigorous fashion In today's stock mar
ket. and the entire list moved irregu-
larly higher in sympathy although
further profit taking in the motors and
some of the important industrials was
again in evidence
Call money held at per cent, but
with an easier undertone, and a good
prospect of its going lower shortly
While banks were bidding as high As
612 per cent for Federal funds yeSttr-
day to improve their positions at the
Federal Reserve, there was little de-
mand today. Time money held at 7i2
per cent.
The days industrial news was highly
favorable, including United States
Steels untitled tonnage report as of the
end of June, showing an unimportaus
decline of 47,257 tons, which was viewei
operations were held at near capacity
during the month. Iron Age stated
that the steel industry will probably
operate through this month and pos
Slbly the next at close to capacity.
Freight car loadings were reported for
the last week of June at 1,095, 724 cars,
the highest SO far this year. and about
9 per cent above the same week OF last
year. Crude oil production again
Jumped TO new high level last week,
but with the California restriction &C
ing into effect in few weeks, the in
duStry continued optimistic.
Trading in the final hour saw ad-
vances ranging from 2 to points made
by Eastman Kodak, Lambert, National
Dairy Products. Gold Dust and Pierce
Arrow, and jump of 10 points to 265,
= scI1 49, Do
number of issues sold of, Underwood
Elliott Fisher sagging 5 points. The
close was irregular
Gains at Opening.
Stocks resumed their upward move
ment at the opening, American Tele-
phone rising q point to record at PAP.
National Biscuit and Standard GasS
and Electric sold up 2 points each,
while gains of a point or more were
recorded by General Railway Signal.
General Refractories and Columbia
Graphophone.
Although there was little in the over
night news to influence the market,
confidence was improved by the resis-
lance which the market displayed TO
bearish operations yesterday. The APP
parent desire of the New York banks to
prevent any further runup in the call
money rate, despite their still heavy in
O6DOSOIlSSS dt lI4C IGSSClNC Ddllhs WOO
also a reassuring influence.
Independent Steels were notably
strong, Bethlehem and Midland Steel
products preferred mounting a couple
of points each, and Youngstown and
Republic selling up point or SO into
new high ground. American Can and
Canada Dry were again strong, mount
ing l and points to new peaks.
Auburn Auto which dropped nearly
| IL points yesterday, regained much of
its loss with jump Of more than 9
points in the early transactions. Elec-
trio Auto Lite, Snider Packing Pre-
ferred. Eastman Kodak. Sears Roebuck
and Union Pacific mounted l to Ia
points. American and Foreign Power
again started forward. with an advance
of 4 points, and Westvaco Chlorine
gained 3 points.
Among the few soft spots. American
Machine and Foundry dropped points
in profit taking on yesterdays wide
gain, and North American Co. sagged
more than point.
Foreign exchanges opened fairly
steady, although Sterling Gables lost
little of the recent advance, being
quoted at S4.85 3-16, of lie.