Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-23
STOCK VALUES SOAR
IN BUYING MOVE
Market Apparently Disre-
CARDS Record Total of
Brokers Loans.
BY STANLEY ". PRENoslL.
Associated Press Financial Editor.

NEW YORK. August 23.-The stock
market went forth on another wild
bull" rampage today in the face Of a.
record-breaking increase in Federal
Rc5erve brokers loans. Thirty or more
stocks we're whirled up TO II points
to new high records. he list including
several representative steel, oil. railroad
and public utility shares. Trading waa
in fairly heavy volume. several blocks of
5000 10 $4,000 shares changing hands.
particularly in the oil group.
Jnagmuch a. the sharpeSt gains were
recorded b. stocks of companies re-
porting unusually large current earn
lngs. Wall Street regarded the rally a.
an indicate that large operators hao
disregarded. at least temporarily. the
credit situation and based their cam
pai2n on the excellent character and
prospects of business.
Bear" operators. who have been
selling stocks freely in the last few
DAYS on the theory that q large gan
in brokers loans would cause another
sharp setbacks. were forced to cover
with large losses. or witness steadily
mounting paper losses staring them in
the face.
Call money renewed unchanged at 7
per cent. and it looked as though The
rate would be- maintained over the week
end instead of dropping back 10 as il
has in the two previous sessions. There
vas NO change in other monetary az
commoda tons.
Communications Issues took the lead
in the afternoon. although u. 5. Steel
continued into the new high ground,
touching $50. International Telephone
& Telegraph roGs points. Western
Tell 4
telegraph. 5. and Radio, A. In addition.
Columbian Carbon Jumped lie.
youngstown Sheet &; Tube, 9, and A.
NJ Bvers, 7. Case Threshing Machine.
which had risen points to 356, took
a sudden fall to 335. The closing tons
was strong.
Strength at Opening.
Disreea rding an increase Of s132.-
100000 in Federal Reserve hrokers'
loans 10 another new high record. the
market opened TO-DAY with an impressive
o,itburct of strength The first sale ri
Radio CORPORATION common was block
OF $4,000 shares at 80, up gle. Western
Electric and du Point each opened with
blocks of 5000 shares at pa and 2l21a,
up and 6l2 points. respectively, and
new high records.
Bethlehem Steel. Hershey Chocolate
and Commercial Investment Trust also
moved into new high ground.
The buoyancy of the market IN the
face of the unusually large expansion m
loans confirmed the belief of many
traders that business conditions had
succeeded the credit situation as the
dominating speculative factor. A few
large traders who placed buying orders
at the market" in the belief that they
would pick up some cheap stock we're
surprised 10 discover that their orders
had sent stocks shooting TO new high
records There was little evidence Of
any nervous liquidation at the opening.
indicating that the increase in loans
apparently had been well discounted.
Westinghouse Electric quickly extend
ed its gain &c IL points by touching
new high at 289, which contrasts with
the years low of l37la. United States
Steel common crossed 153 TO new top
and du Pont extended its gain by
points.
Ruying Order. Large.
Euvlng orders were distributed over
bread list with tbs merchandising, pub
tic utility steel oil, railroad, equipment,
motor and copper stocks all presenting
points Of strength. Gains of a point or
two were quite common in the early
trading
Foreign exchanges opened steady With
sterling cables unchanged at s4s4 1886.