Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-20
STOCKS co HIGHER
At SHORT SESSION
Rails Feature Upward Move
ment-Motor Group Is
F." Under Pressure.
= BY STANLEY w. PRENOSII.
Associated Press Financial Editor.

NEW YORK, July 20.-A selective
bull" market developed in todays brief
session OF the Stock Exchange in which
number Of rail, public utility, steel
and merchandising Shares were pushed
into new high ground, while heaviness
developed in some of the motor issues.
Despite the absence of many traders
on week end trips. trading was fairly
heavy for Midsummer half holiday
session. ..a-
Reduction in call money rates this week,
with indications that no further stiff
ening is likely before the end OF the
month, coupled with an unusually large
quota of favorable trade and earnings
reports, provided the background for
the upward movement. -'
Railroad shares were heavily bought
in the belief that consolidation plans
will be advanced materially by the re-
ported decision of the Interstate Com
merce Commission to present a revised
plan as basis for a final grouping OF
the leading carriers. New peak prices
were established by New York Central,
Illinois Central, Erie common, st. Paul
common, Southern Pacific Great North
ern preferred, Chicago Northwestern,
Colorado & Southern, LackaWanna,
Delaware & Hudson and a few others,
the gains ranging from fractions to
nearly points. One block of $500
shares of st. Paul common changed
hands at AZ.
Other Changes.
Establishment of new low level for
the year by General Motors at 6314, off
! * points, aroused some misgiving as
TO the 1929 earnings of the motor COM
panles which are becoming increasingly
competitive. Auburn dropped nearly
TltI Don't Tnt ionI
Consolidated Cigar also were heavy. the
last named touching a new low record
United States Steel sold at new
high close to 210 and most of the So
called independents advanced point Or
two. Best & Co. and r. H. Macy were
the leaders of the merchandising group
the former touching new high.
The closing was strong.
Rails In Demand.
A brisk demand for railroad shares
featured the opening. LackaWanna
opened 22i points higher, at l54l2, q
new high record, and New York Central
showed an initial gain Of nearly point
at $40 Is, also new top. Opening gains
of point or so also were recorded by
Consolidated Gas. Montgomery Ward
and American Can, Reading and
Canadian Pacific yielded ! and IL
Unconfrmed reports that the Inter
state Commerce Commission would
soon present a revised plan of railroad
consultations attracted fresh interest TO
the carrier stocks. New high records for
the year. or longer, were established in
the early trading by st. Paul common.
Erie common. Southern Pacific and
Delaware & Hudson. New York Cen
trail extended its gain to nearly points
by touching new peak at 2445s.
Steel shares which were in brisk de-
mand in the closing part of yesterdays
session, again were turned over in large
volume. United States Steel common
moved up to new high at 209l2 and
Bethlehem crossed 100 for the first time
since the war bride" days. Bethlehem
directors meet Thursday. and are ex-
pected in Wall Street to declare an
extra dividend of 81 on the common.
Republic, Central Alloy and Colorado
Fuel advanced a point or two.
International Telephone resumed its
advance BY touching new high ct
2I3l, for the present issue. BendiX
profted through its General Motor af-
ternational Harvester, Lambert and
General Electric also were strong.
Motors Under Pressure.
Motors were again under selling pres
sure. One block of 10000 shares Cf
General Motors changed hands at 10.
off fractionally, and within a point of
the years low.
Foreign exchanges opened firm. with
sterling cables slightly higher at
485 l-16.