Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-09
ADVANCE IN STOCK
PRICES CONTINUES
Market Again Turns Upward
After Bear Drive Against
Motors.
BY STANLEY w. PRENoSIL,
Associated Press Financial Editor.

NEW YORK, July 9.-After moving
irregularly higher in the early trading
today, the stock market ran into a
brief furry of selling, only to head up
ward again In impressive fashion by
early afternoon.
Call money held firm at per cent,
and there was some calling Of loans,
giving rise to fears that it might 20
higher.
1t was rumored that some Of the
larger banks were endeavoring to pre-
vent any further increase.
The wave Of selling appeared to have
been set in motion by a bear drive
against the motors, based on predic-
tionS that production during the last
half would decline from the heavy out
put of the first half Also the liquida-
ton was swelled by fears that the mar
ket was due for corrective reaction.
An important item in the days news
was the Automobile Chamber of Com
merce'S figures on production during
the first six months Of the year. While
output reached a new high record at
3,380,0S8 units, Sc per cent of the total
was supplied by two largest low-priced
producers, so that the dollar value OBJ
viouSly showed a much smaller gain
than the unit output.
The American Iron g. Steel Institutes
estimate Of June ingot production was
regarded as highly favorable, showing
operations maintained at 1886 per cent
of rated capacity, negligible decline
from the $3.50 per cent of May. The
days news also included an increase Of
10 per cent in American Telephones
operating income for the first five
months of the year.
s.f 81 II
in the final hour when a number of
shares made sharp advances. Column
bian Carbon jumped II points to POT,
a new high, while American Telephone
& Telegraph established a new high
when 1t touched 240a4. United States
Steel reached 20l again. Southern Rail-
way. National Cash Register, Midland
Steel Products preferred, Montgomery
Ward and Abraham & Strauss were
up from 3 to points each. The clos
ing was strong.
Profit taking at Start.
The market ran into proflt-taking in
opening transactions. United States
Steel, Radio and Coty sagged y to Y
of point, while Western Union slipped
back Is and General Electric 2l2
sent up 3i2 points and May Depart
ment Stores Safeway Stores, Allied
Chemical and Michigan Steel rose
point each, the last named reaching an
other record price at 1905.
There was little in the overnight news
to influence the price trend but many
traders seemed to feel that the techni-
cal position of the market had been
weakened by recent advances and pro-
ceeded to tighten their holdings.
Also, the rise in the call money rate
to 9 per cent yesterday, while not wholly
unexpected, tended to make traders
rather more cautious. An increase Of
1921 100000 in loans on securities by
reporting Federal Reserve member
banks, as shown in the condition state
ment as of July 3, also caused mo-
mentary uneasiness.
In sympathy with the drop in Cen
eral Electric, Westinghouse Manufacture
ing quickly lost 23i points, while Radio
extended its loss to more than a point
and BendN Aviation. International
Combustion Engineering. American
Power & Light and Gillette Safety
Razor lost about point each.
Other Issues Taken Up.
Operations for the advance were
pushed IL other sections of the list. how
ever, particularly in the merchandising
shares, which were helped by the gen.
orally favorable character of June sales
reports. Sears Roebuck and Mont
gomery Ward mounted a point each
| in the early trading. National Bellas
Hess, however, was an exception, slipping
| back a point.
Missouri Pacific preferred was again
buoyant, rising 2 points to new peak,
and food shares received good support,
| Snider Packing preferred selling up 2la
| points to peak price. Goodrich. Hud-
! son. Lambert, United Fruit. Borden's
! and American Bank Note were among
issues mounting a point or SO.