Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-23
STOCKS RISE AGAIN
AFTER EARLY DROP
Market Points Upward ID
Later DeaIings-Many
issues Participate.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor.

NEW YORK, July 23-Reversins
their trends of yesterday, stock prices
moved higher today, while grain prices
declined. The rally in stocks, which
came after an opening period of irregK
larity. carried nearly a score of issues
including several public utilities, to new
high records. Gains in the active ISSUED
ran from 1 to points. and were dis1
tributed over fairly broad list.
Call money renewed unchanged at
per cent, with indications that the rau
might be maintained, but time money
was perceptibly firmer, with all matur1
ties again quoted at per cent, al
against IA to yesterday. Calling d
loans was only moderate.
Bullish operations continued vigor,
ouSly during the last hour, with the
steels making notable Roadway. Beth
lehem and Central Alloy reached new
peaks and United States Steel s6:
vanced more than 4 points. Some d
the rails made good progress, ALLEGHENY
rising to its previous peak as severa
blocks of $500 to 10000 shares changei
hands. Baltimore g. Ohio advanced
more than 3 points to record level
Radio, Borg Warner, American Tele'
phone and Bendix Aviation we're aInon&
issues selling up or points. NORTH
American was a soft spot. losing !:
llc ClOoC was obAOIiSs
Opening Is Irregular.
Uneven price movements character
ICED the opening. which was featured
by the renewed demand for the railroad
shares. Initial gains of point or q
were recorded by Erie common, New
York CGs%sral. International Harvester
Columbia Gas and Western Union
General 4aectric, which reached neV
high ground yesterday, and America1
Telephone each yielded more than
point on opening transactions.
With many of the large brokers@
houses urging tightening Of long com,
mitments on the theory that correc'
tive reaction was overdue. the marke,
was called upon to absorb fairly heav!
volume of selling in the early trading
Yesterdays reaction, measured by ting
leading indices, was the worst since
May 81, although a sprinkltng Of
stocks were pushed into new high
ground.
Uncertainty over the Federal Reserv
credit policy also was a disturbing fac
tor Ordinarily, the Federal ReserW
increases the supply of credit in thl
late Summer by purchasing bills ana
Government securities in order to faciR
itate the harvesting and movement q
crops, but with brokers leans at new
high level. it is felt in some quarter
that special efforts will be made u
prevent the stock market from absorb
ing credit intended for agricultural ana
strictly commercial purposes.
Publication Of a record-breakini
semi-annual earnings by the Chrysle
Corporation brought fresh buying int
that stock, which advanced y points
but renewed weakness cropped out IL
General Motors which touched anothe
new low at 663s
Allied Chemical and American Banl
Note recorded early gains Of ant
37s points, respectively, and Unitet
States Steel common. American & For
eign Power, Electric Power d Ligh
and American Brown Boveri advances
q point or so. Several popular indus
trials such as American Can, Sears Roe
buck. Montgomery Ward, Dupont
Bethlehem Steel. Johns Manville ana
Green Cananea Copper sagged to "a
points in the early trading.
Foreign exchanges opened steady
with Sterling Gables slightly hrmer d
S4S5 T-l6