Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-30
BUYING RESUMED
ON STOCK MARKET
Bears Stand Aside-PooIs
Once More Take Up Opera
tons on Large Scale.
BY STANLEY w. PRENoSIL.
Associated Press Financial r5,,or

NEW YORK, JULY ao-"se.r,
traders, apparently having failed In
tneir efforts to force heavy LIQUIDATION
OF stocks, stood aside today and the
market rallied In brisk fashion under
the leadership of the public utility
shares. A few weak spots cropped mt
mere and there, but they were disre-
garoed. Pools resumed buying opera
ions on a broad scale, lifting scores
OF issues to points and sending
lew Specialties soaring 10 to rs points.
Can money renewed at 10 per cent as
against 9 yesterday, but there appeared
to be sufficient funds available to hold
the rate at that figure until the MONTH
END credit stringency had passed Time
money developed a firmer undertone.
Ihere was no. change in commercial
paper rates. -
Little Hope Of Easier Money.
Little hope Of easy credit conditions
IS held out, however, unless there Should
be a marked change in Federal Reserve
pollcy which has been directed against
securities speculation.
expectations OF an unusually favora-
pie quarterly report by the United
states Steel Corporation after the close
OF the market, coupled with the pros
pect OF an extra dividend. helped to
IL.
expects that the countrys largest steel
company will show earnings Of around
80 share in the second quarter. In
ternational Business Machines reported
large increase in earnings in the first
half OF the year, as did General Asphalt
and flock of smaller companies. Di-
rectors of Frank G.. Shattuck 81 Co.,
operators Of Schraft's Stores, recon-
mended a 200 per cent stock dividend,
IN, no
rate on the current stock from 50 to So.
Lower at Opening.
Prices drifted irregularly lower at the
opening of today's market. Yesterdays
reaction, the Sharpest since the Nav
break, brought fairly large volume of
selling orders into the market overnight
by traders who were out of touch with
the market yesterday. Commercial In
vestment Trust dropped ga points, New
York Central 2 and American Telephone
l. Allied Chemical advanced "a points
and Bethlehem Steel l.
A sudden reversal in speculative Senti-
ment took place shortly after the open
ing, when a brisk demand developed for
the public utilities and few specialties.
The selling quickly dried up, and
sharp recovery was under way before
the end OF the first half hour
Maytag advanced points to a new
high at 265s, one block of $4,000 shares
changing hands at 26 Allied Chemical
quickly extended it's gain to 6 points.
and Newport Co., Gillette Safety Razor
and National Cash Register 10 points
or more. American Can, General Elec-
trio. Atchison, Radio, Public Service of
New Jersey and r. H. Macy recorded
early gains of 2 points or more.
Pools Are Encouraged.
Wall Street apparently construed the
fact that yesterdays sales ran below
5000 900 shares as evidence that no i'm
portant liquidation had taken place.
This gave fresh encouragement,to pools.
which had been proceeding Slowly on
the theory that powerful financial In
terests might suddenly decide to start
liquidating their holdings and bringing
about sharp reaction.
Montgomery Ward. selling EEK rights"
which closed yesterday at Is, opened at
1063s, which contrasts with yesterdays
final price of 1929. Publication of the
July sales statement is expected to show
a large increase over the same month
last year because of the change in policy
whereby the company pays the parcel
post charges on merchandise sold
Foreign exchanges opened firm, with
sterling cables slightly higher al
Despite the fact that call money re-
newed at 10 per cents the morning saw
heavy buying. particularly in the public
utility shares, many of which rose 3 to
4 points. Allied Chemical jumped 9
points. General Electric. 5. and Ameri-
can Power & Light, Baldwin and Ma
tional Cash Register, 4 each. Midland
Steel products preferred, however,
dropped 17s4 points.