Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-12

Buying Support Appears as
Mid-Month Credit Strain
Is MinimiZed.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, June 12.-quiet strength
characterized today's stock market.
Prices slipped off moderately in the
early trading in sympathy with the de-
cline in wheat futures, but fresh buying
support quickly appeared, and the
market rallied again under the leader
ship of the alcohol. public utility and
railroad equipment issues. Trading con-
tinued extremely dull due to the absence
of public participation and the restricted
activities of professional traders.
Call money renewed unchanged at 8
per cent with small volume of offer
lngs reported available in the outside
market" as low as re. Indications of
a gradual easing of the general credit
situation, and the likelihood that the
mld-month stringency will not be as
bad as previously expected, have helped
to revive bullish confidence in the
market. Except in few public utili-
ties and spec1altieS, show little inclina-
ton to resume operations, however.
until after the June credit strain Is over.
Public utility and several high priced
shares moved up during the last hour
In contrast with the liquidation in other
sections OF the list. Auburn Auto rose
is points to new high, while Midland
Steel Products preferred gained IL, Al
disclaimers and American Water
Works g. Electric EACH On the other
hand, Universal Leaf Tobacco lost ia
points to II, and National Bellas Hess
pa to 48, both new lows for the year.
Allied Chemical was down points,
while Commercial Solvents was of 10
POINTS. New York Central and South
orF1 10 nff rtal&~ til
close was irregular.
Opening Is Higher.
The market opened sharply higher
under leadership of a number of re-
cent bull favoriteS. American Water
Works mounted 1 " points and Air Re-
ductlon q of a point to new record
prices. Sparks Wilmington (old stock
jumped points and Warner Bros. add
ed 212 points to yesterdays gain of IL.
Greene Cananea, Westinghouse Electric
and Motion Picture climbed u to IL
points.
With the mid-month credit strinpen-
cy likely to be less severe than previ-
ously expected and "bear" traders ap-
parently unable to dislodge any large
volume of investment holdings. oper-
ators for the advance resumed opera
tons on a fairly broad scale in the
early part of today's market There
was some profit-taking in some of the
recently strong specialties, particularly
American Can and Fleischman, and
renewed selling pressure against a few
recent weak spots, particularly Nash
Motors, but offerings generally were
well absorbed.
Public utilities were again in brisk
demand despite recent warnings that
some issues in that group had over-dis-
counted the normal growth of the in
dustry. Commonwealth Power quickly
ran up Az points and American Water
Works and Federal Light and Traction
moved into new high ground at 1913 and
LOG, respectively.
New High Recorded
Auburn Auto jumped 51s points to a
new high at 2571a, National Distillers
Products preferred advanced 5 points
to new peak, at 81, and Crucible and
Youngstown Sheet & Tube registered
new highs on early gains of about a
point each.
A. M. Byers. Yellow Truck, Erie first
preferred, New Haven, General Asphalt,
Electric Auto Lite Coca Cola and Gen.
eral Electric also pointed upward in the
early trading
Foreign exchanges opened steady,
with sterling cables still quoted at
4.84 1916. the lowest level since last
February.