Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-11
STOCKS IN UPTURN
| AFTER EARLY DROP
Trading Volume Continues at
Small Figure-Higher
Money Expected.
BY STANLEY w. PRENosTL.


NEW YORK, June 1.-THE stock
market turned upward after an early
sinking spell today, but trading con-
tinued rather dull. Fears of a mid
month credit stringency kept small
SPECTATORS out of the market, and
tended to postpone operations of pro-
feSSional traders except in a few issues
in which special developments are
pending.
Call money renewed at per cent.
as against yesterday. Banks called
about $20,00o,000 in loans during the
morning. but new funds quickly APP
rate was looked for during the day.
Money Is expected to go to 10 or IL per
cent later in the week.
While reports Of Premier MacDonald's
proposed visit to the United States
were not a market factor, bankers
unofhcially expressed the opinion that
an exchange of views with President
Hoover would be helpful to both coun-
tries. Business news generally con-
tinue favorable. Burroughs Adding
Machine directors announced a 5-to-I
stock split-up, and the stock broke
nearly IL points on the traditional
selling on the good news" The quar-
terly dividend on American Brake Shoe
& Foundry was increased from 40 to
so cents.
A better tone developed in the late
trading when Chemical and Public
Utilities shares were in demand Com
mercial solvents rose IL points to a new
high at 410. Allied Chemical advanced
8 points and Commonwealth Power
touched EOS, having sold 10 points be-
low that figure in the morning. The
close was steady.
Opening Is Lower.
Stock prices drifted lower at the OPEN
ing, with selling pressure presumably
Influenced by the recent stiffening OF
cali money rates. Air Reduction dropped
8 points, General Railway Signal 2 and
United Aircraft /. Most of the popular
industrials and rails showed irregular
fractional changes on opening sales.
Buying operations were again re.
sumed in the public utilities, but the
volume of trading was relatively small
Commonwealth Power was quickly
marked up more than points, and
American Water Works and North
American advanced a point or so on
the first outburst of buying.
Failure of the oils to make more oil
a response to the opening of the oil
conservation conference was attributed
in brokerage circles to the fact that the
public already is heavily loaded with
those stocks and apparently more anx'
ious to sell on the rallies than to make
new commitments. Sicily, which is ex.
pected to show earnings Of more thar
50 share In the second quarter, sold
off more than point. Rio Grande Oil
sank 212 points to a new low for the
year at 20.
General Electric quickly dropped "a
points, Auburn Auto 2, and Frank G
Shattuck, Bendix Aviation, Gold Dust
Borg Warner, Radio and several othei
leading induStrials sank point or mort
on the renewal of selling pressure
United Fruit, Mullins Body and Genera
Railway Signal sold at their loves
prices of the year. Sparks Wilmington
Gold stock broke points.
Specialties in Demand.
A few specialties moved against thu
general downward trend America1
sugar Refining, Allied Chemical ana
Timken Roller Bearing all recorded
early advances of point or so.
Foreign exchanges opened steady
with sterling cables unchanged a
4.847s.