Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-13
STOCKS ARE SENT
TO HIGHER LEVELS
Favorable Business News
Results in Continued
Advance Today.

BY the Associated Press.
NEW YORK, July 13.-Operations
for the advance we're pressed with vig3r
during today's two-hour session of the
Stock Market. Week end profit-taking
did not fail to make its appearance.
but was readily absorbed at moderate
concessions from the days best prices.
The extraordinary optimism of the
week end trade reviews, which stressed
the unparalleled vitality of several
major industries for this time Of year
and pointed out that only slight recess
SONS are In prospect before the sea-
sonal acceleration of activity in the
speculative fires.
Yesterdays call money rate OF per
cent carried over the week end and al
though Wall Street still persists in its
belief that better credit conditions can
not be far away, bankers held out little
hope of substantial improvement for
several days. as New York banks appear
to have made little Roadway in paving
of the heavy borrowings from the Fed
eral Reserve which were necessitated b.
the July l credit requirements.
Opening Is Higher.
The market continued its upward
course in the opening transactions to-
day, American Telephone, Columbia
Gas, Westinghouse and General Amer
lean Tank Car moving up "a to 70 of
point. The opening was less violent
than yesterdays. however, and gains
more moderate. Walworth was consplc-
uCus with jump Of nearly points
United States Steel mounted "a OF q
point Little irregularity persisted, with
Columbia Graphophone and General
Railway Signal sagging about u point
each
The highly favorable character Of the
week end trade and business reviews
and optimistic estimates of second
quarter earnings prompted continued
energetic operations for the advance
Although yesterdays per cent call
loan rate carried over the week end an6
the continued high Indebtedness Of the
Few York banks at the Reserve Bank
held little prospect Of easier money early
next week. Wall Street persisted in the
belief that credit must improve before
many days pass.
Heavy buying Of the utilities con-
tinued. a block of $4,000 shares OF
United Gas improvement changing
hands ar $40. a new high, and block
Of 10000 shares of United Corporation
being taken fractionally higher. West
ern Union mounted fraction further
into new high ground, and Interna-
tional Telephone sold up about a point
Rails were in demand Baltimore 4,
Ohio and New York Central selling up
l and IL points and block of 10000
shares of Allegheny Corporation selling
at 4aia. up 3ls. The advance was
quickly extended to 50. record price
Air stocks Joined the movement. United
Aircraft mounting liz points and
Wright pa
Z. s. Steel Higher.
United States Steel quickly extended
its gain a full point, selling at the I'M
precedented prices of 204 Republic
mounted about a point and Bethlehem
fractionally. American Petroleum 3
and Sin1ms Petroleum each gained
about point.
A little week end profit taking was
in evidence, Commercial Solvents losing
Az of yesterdays 24l2 Jump and Pere
Marquette sagging 3 points. CopperS
were again under pressure, Kennecott
losing nearly a point
Foreign exchanges opened steady,
with Steging cables at S4a5.