Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-02
RAILS TAKE LEAD
ON STOCK MARKET
More Than Score of Shares
Pushed to New Highs in
Bullish Dealings.
BY STANLEY w. PRENOsIL.
Associated Press Financial Editor

NEW YORK, August 2.-Bullish m.
eratlons were resumed with considerable
Vlgor In today's stock market. with
major speculative interest shiftapp from,
Inc pubic utility to the railroad shares
more IMAM a score of issues were pushed
lnto new high ground, many of the
gains running from to Is points.
Gail money renewed at 10 per cent
put the banks appeared to be in a rnore
comfortable position, and a lower rate
Is expected. Time money and com
business light. While many traders ex-
pected a decrease in Federal Reserve
brokers' loans because of the heaxv
iiquldatlon week ago, the increase n
@oZ,UuU,UOO to a new high record an
parently caused little concern. due In
Ihe rather general feeling that the
loan total VIII be much higher before
any major reaction develops.
Weekly mercantile reviews Indicated
| little change in the general business
situation, while the publication of an
oCner series OF earnings statements
testlned to the widespread prosneritv
| OF the first half year. A further i'm,
proVement was noted In the denand
Ior copper, and the introduction of new
lines Is reported to have stimulated the
demand for automobiles.
Earnings Statements Help.
Inc brisk demand for the rails was
lnnuenced by the unusually fayorahIe
earnings and traffic statements now he
ing pupilshed, and rather widespread
| speculative belief that they were bebind
| the general market. Atchison o,JickiV
maze up its early 2-point loss and
moved ahead 5 p points to a nev high
record at 26l p. New Haven also moved
INTO new high ground New York Cen
trai, chesapeake & Ohio and Lacka-
wanna were pushed up points or more
ana Missouri Pacific, Union Pacific,
Sou'iIe!n racine and Erie advanced 3
70 points by early afternoon.
General Electric continued its sensa.
tlonal advance by soaring IL points to a
new high at 1913, which contrasts with
the years low of 219. Detroit Edison
ran up l4l4 points to 385, Peoples Gas
l214 points 10 400l4 and Philadelnhia
Co 8 points to 228, all new high records
american & Foreigs Power. North
AAmerlcan Co. Consolidated Gas and
through to new peak prices.
:, american Telephone ran IN more
snan points to new high at 285I..
Natlonal Biscuit, Allied Chemical .Iohns
ManVllle, du Pont and Bohn Aluminium,
also recorded large gains. United states
aIeel common and Westinghouse Elec-
hi
ords. III" tAsh ieC-
Auburn Auto fell back II noints and
vulcan DEFINING Az on realizing ss1as
Otner motors were we'll bought IN IN
CoIlIiFmed reports of a bullish demon.
SUraelon IN those issues next week.
Advances at Opening.
Disregarding an increase of $50 mn
oOO In Federal Reserve brokers' loans
10 another new high record the noarLet
resumed Its advance at the onenino
several large blocks changed hands in
me early trading. General Electric
opened with block of 5000 shares At
SOY up points and new high rec
ORD and Radio opened with a bloc, of
10000 shares at 87as. I'D /. American
'Smenlng, International Harvester and
GliIette safety Razor opened l to 2
points higher.
Wall Street apparently found some
encouragement in the report that the
Feoeral Reserve had increased its pur-
grasses OF bi1ls. making more credit
available, although the total was rel
atlvely small. While there is little hone
OF easy monetary conditions for some
tlme TO come, money brokers look for
the rate to drop below 10 per cent
within the next few days. as contrasted
with high of II per cent Yesterday,
| Although Federal Reserve brokers loans
| are at new peak just under six billion
dollars, many traders expect the total
| TO be much higher before the bull
movement is definitely lower.
Morgan Shares Strong.
Strength of the so-called Morgan
stocks had cheerful effect on specu-
| latlve sentiment. American Telephone
advanced 212 points to a new peak at
1922 and United States Steel common
| crossed PA for the first time this year.
Westinghouse Electric also moved into
| new high ground.
John D. Ryans optimistic statement
| on the copper outlook brought fresh
buying into the copper stocks Ana
conda opened with block of 10000
shares at 1884,, up /. st. Joseph Lead
advanced 212 points. Allied Chemical.
Pacific Lighting and Columbia GRAPHIC
phone all recorded early gains of 2
points or more. while New York Cen
trail. Radio. Montgomery Ward, Union
Pacific and. United States Industrial
Alcohol advanced point or so.
Atchison was one of the few soft
spots, dropping back 2 points in the
early trading.
Foreign exchanges opened steady,
| with sterling cables unchanged at
| S4851s
The leaders showed no signs Of wa
vering during the morning. Peoples Gas
sold at 400 for the first time on an
overnight advance of IL points. GEM
eral Electric at 392 and Detroit Edison
at $50 also showed new maximums on
10-point advances. American Tele-
phone, Philadelphia Co., Columbia Car
bon and American & Foreign Power
were I'm from 2 tn noirtS Call money