Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-24
BULLS HOLD SWAY
AT SHORT SESSION
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE BULLS
Market Maintains Strong Un-
dertone Despite Heavy
Profit Taking.
BY STANLEY W. PRENOSIL,

NEW YORK, August 24.-Rampant
bullish activity centering in the steel,
communications and chemical shares
ragged unchecked In today's two-hour
session of the stock market. Week end
prof1t-taking did not fail to make its
appearance, but for the most part was
readily absorbed.
More than three dozen issues reached
record levels, including such leading
stocks as United States Steel American
Telephone, Bethlehem Steel, Interna-
tional Telephone, American Can and
United States Industrial Alcohol. Gains
ran to a maximum Of 10 points in
Allied Chemical The market wavered
for moment at the opening. United
States Steel slipping back 3 points, but
bulls quickly regained control Of the
situation.
Realizing il the final half hour how
ever, was heavy enough to cause sew
eral receSSionS from the days best
levels and sprinkling of stocks sagged
below yesterdays close.
There was practically nothing in the
days news to affect the market. The
weekend business and trade reviews
tory conditions in most lines and in
general forecast renewed impetus in the
Fall. There was no money market to-
day, yesterdays z per cent call loan
rate carrying over the week end. Some
what f1rmer money is expected next
week, with the approach of the month
end.
Opening Is Higher.
Bullish operations were again pressed
forward vigorously at the opening. A
block of 10000 shares of Republic Steel
was taken at 1905. new high record.
Some prof1t-taking came into U. S.
Steel, Yesterdays bull favorite, however,
the opening transaction taking place al
recession of "a of a point. American
Can and General Electric each rose
about points, r. H. Macy pa and
Lackawanna. Southern Pacific and
Western Union / to 13s points.
Week end proft-taking soon turned
the market highly irregular. U. S. Steel
slipping back 3 points, but the So-called
independent steels we're hurled sharply
higher and powerful buying came into
the communications and chemical
shares.
There was practically nothing in the
overnight news developments TO affect
the market, and what irregularity ap-
peared was regarded as in the nature
of corrective reactions. after yesterdays
startling advances. The week end busi-
ness and trade reviews reported little
change in the generally pleasing condi-
tons Yesterdays call loan rate Of
per cent carried over the week end.
American Telephone was rushed up
51a points to 300, new high, and In
ternational Telephone rose 6i2 points
to a new record at las. Inland Steel
rose 3l2, youngstown Sheet & Tube
nearly and Bethlehem 7l2 points to
record levels Ingerson Rand, Allied
Chemical and u. S. Industrial Alcohol
rose about points each, the last named
to a new peak.
Among issues selling up point or
two were American Smelling, Baltimore
g. Ohio, Johns Manville, Mack Truck.
Standard Oil of California and Atlantic
Refining.
Soft Spots.
Soft spots included Commercial In
vestment Trust, off points; Allls
Chalmers and Union Pacific, down
about 2; National Biscuit Southern
California Edison and Hershey Choco-
late off point or more.
Foreign exchanges opened steady With
sterling cables at s4.84 1882.