Evening star., 1929-06-07
STOCKS IRREGULAR
IN SMALL TRADING
Many Operators Await Clear.
ing Up of Credit
Situation.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, June Efforts to ex-
tend the recovery in todays stock mar
ket met with increasing opposition,
giving price movements an irregular
trend. Trading continued largely pro-
fessional in character, with the out
side public still on the sidelines pend
ing a further clarification of the credit
situation.
Call money renewed unchanged at Z
per cent and appeared to be in rather
more plentiful supply at that figure.
Time money rates showed no change,
although an increasing volume of
funds is reported as being loaned just
above the per cent level. Wall Street
still fears a series of call money fur
ries later in the month, and this prob
ably is keeping many spectators out
of the market until after the turn OF
the month.
Closing Irregular.
Liouidation of radio sent that stock
down close to 81. Commonwealth
Power f1uctuated within 5 to 6 point
range and United Fruit sold at 1l6, the
years lowest figure. Later buying OF
the utilities and the renewed strength
of commercial solvents, which touched
1913, caused SoHle AlesuIdllVJ az tilV
close.
One of the most important news de-
yelopments of the day was the decision
of the New York Stock Exchange to
admit Investment Trust Securities 10
trading, General Electric declared the
usual regular and extra dividends, the
stock rising about 8 points in expecta-
ton of new business through the re-
cent announcement OF new electrifica-
ton projects.
The line of least resistance was still
upward at the opening. Air Reduction
opened 134 points higher, at 1874, new
high record and General Railway Sig
nal showed initial gain OF points.
Initial gains of point or so were
recorded by American Water Works,
Columbia Graphophone. Gold Dust,
National Dairy Products, st. Joseph
Lead and Real Silk Hosiery. Mack
Trucks was one of the few soft spots,
dropping 15s points on the first sale.
Bullish Factors.
Retention of the per cent redis-
count rate by the New York Federal
Reserve Bank, coupled with the drop Of
s4O0O,O00 in brokers loans, was off,
set to some extent by the relatively
high coupon rate of SIS per cent on
UIle new 1OVeEIIncIlL llildIlClIlS 4blS
marked the first time that a Govern
ment loan has been fioated at higher
interest charge than the discount rate
and probably was necessary because
other short-term Treasury notes are
selling around that yield basis.
Public Utilities continued in the fore
front of the early advance. American
Water Works ran up points to within
a fraction of the years high. Standard
Gas & Electric crossed 10l to a new
peak, but Commonwealth Power ran
into some profit taking after an early
gain of l point.
United States Industrial Alcohol.
which is reported to be showing large
current earnings. was quickly marked
up points. Frank G. Shattuck, Mccall
Corporation, and Continental Baking B
sold at new peak prices. American Can,
Bethlehem Steel, General Electric and
CurtisS Aeroplane also we're m brisk de-
mand.
New Haven sold up to 109s4. the
highest price since 1918, when the stock
touched 129as. and Erie common cross
ed 81 for the first time. Chesapeake &
Ohio advanced a point, but Missouri
Pacific common was again reactionary.
Foreign exchanges opened steady,
with sterling cables unchanged at
$4.84 1915.
Buying Gains Momentum.
The buying movement gained vigor
during the morning. When United
States Steel was sent up 2l2 points
above III in response to record May
ingot production. A number of the
high-priced issues developed exceptional
buoyancy. Commercial Solvents Jump
ing nearly 20 points to a record price
at 800 Utilities were again rushed up,
American Water Works soaring 7A
points to a new peak at 1907. General
Electric jumped points on declaration
of 81 extra dividend, and Allis Chalm-
ers climbed 9la points. Call money re-
newed unchanged at per cent.