Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-24
STOCKS IRREGULAR
IN TIGHTER MONEY
Boost to 9 Per Cent in Call
Rate Slows Down
BuIIiSh Drive.
BY STANLEY ". PRENOSH.
Associated Press Financial Editor

NEW YORK, July 24-Markins uS
OF The call money rate from z to 8 per
cent turned the course of stock prices
| irregular today after an opening out
| burst of strength. Operations for the
advance were not entirely abandoned,
however, but were confined largely 10
the public utility, railroad and commu-
nlcations issues, several of which reach
ed new high ground.
Inc rise in call money took manv
traders by surprise. as it had been gen
eraliy oelleved that the per cent rate
| would be maintained for the rest of the
week. The Stringency was attributed
10 heaVy out-of-toWn Withdrawals in
anticipation OF month-end disburse-
menus. and also to a drawing down of
foreign balances in the New York
market
Except for the closing of three New
Jersey banks, most of the days business
news continued favorable. Iron Age
reported that signs of a let-up in the
activity OF the iron and steel industry
are not lacking, but there is no indica-
tion OF recession of customary Sum
mer proportions" The Iron Trade Re-
view stated that pipe is supplying one
OF Its periodic impulses to the steel
market. Another flock of favorable
earnings reports made their appearance.
Southern Pacific showing a gain of
nearly $4,700,000 in income for the FIRST
six months over the correspondents
period last year.
Opening Is Strong.
The market encountered considerable
selling in spots during the last hour
when call money was put up to per
cent. United States Steel lost all of its
gain and registered fractional net loss.
OTIS Elevator dropped 10 points and the
air stocks were under pressure, Wright.
Curtiss and United losing three or four
points. American Telephone continued
strong, however, extending its gain IN
more than eight points. The close was
irregular.
Heavy buying orders came into the
market overnight and opening prices
displayed strong undertone Eaton
Axle advanced 2 points and r. H Macy
to new high record. Initial gains
OF point or so were recorded by
American Telephone, International Tel
ephone, Anaconda Copper, American
Can, General Electric, Atchison and
Baltimore 81 Ohio. Bethlehem Steel
advanced to new high ground.
Further short-coyering developed in
the motor shares as a result of the
publication of half-yearly statements
by the General Motors, Chrysler and
Pierce Arrow corporations. Early gains
Of ! to 2i2 points were registered BY
Chrysler. Nash. Marmon. Hupp and
Pierce-Arrow. Motor accessories rallied
in sympathy with Murray and Borg
Warner, the early leaders in that group.
Pools continued their aggressive bid
ding operations in a wide assortment
of issues. New high records were es-
tablished in the first hour of trading by
Allegheny Corporation, Bendix Avia-
ton, General Asphalt, International
Harvester, Inland Steel, Pacific Light
ing and Worthington Pump.
Formation of huge new investment
trust by the Goldman Sachs and Cen
trail States Electric interests stimulated
the buying of public utility shares,
American & Foreign Power. Interna-
tional Telephone, Consolidated Gas and
Engineers Public Service were among
the early leaders.
Steel Group.
Steel shares continued to discount
favorable half-yearly earn
ings statements by the Bethlehem and
United States Steel Corporations with
in the next few days.
There were few soft spots. United
Aircraft. Johns Manville and Crown
Cork yielded point or two in the early
trading
Foreign exchanges opened steady,
with sterling cables unchanged at
1885, London cables reported
further drain on England's gold by
France, which is believed to be trans
ferring part of its balances in New
York by selling dollars in London and
shipping gold to Paris.