Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-18
STOCKS IN RALLY
after EARLY DROP
Outlook for Easier Credit Re.
stores Confidence of Bull
Traders.
BY STANLEY w. PRENOSIL.
AagnnNoknG H.


NEW YORK, September 1s.-Nervous
trading again characterized today's
stock market, but indications Of easing
credit conditions strengthened bullish
confidence, and the market headed up
ward in brisk fashion in the early after
noon. Many of the early declines of
l to points were cut down, or wiped
out, and a long list of issues were
marked up / to 6 points, with a few
high-priced specialties whirled up 70
nearly Is points. Commercial Solvents
scared 81 "a points to new high record
at COL.
United States Steel got well across the
241 mark in the final hour, and there
were big jumps also IN number Of
other trading favorites. Foster Wheeler
preferred rose 90 points to 1854 and
American Telephone & Telegraph was
up Is points to 30712, both new high
figures. Auburn Auto climbed 14lz
while American & Foreign Power, Sim
mons, Newport Co. and Electric Auto
Lite were up from to 6 points. The
closing tone was strong.
Trade News Mixed.
Call money renewed at 8 per cent, as
against renewal rate OF ne, and a
closing rate of 10 yesterday. In the
afternoon the rate was marked up
to 10 per cent. Money brokers reported
an easier undertone in the market, and
expect the rate to work lower later in
the week. There were no changes In
other monetary Accommodations.
Trade news was mixed in character
Weekly steel trade reviews reported q
further recession in output bringing II
about in line with the rate at this
period last year, but pointed out that
there had been marked increase IN
railroad buying. Car loadings in the
first week of September fell below the
previous week, due to the observance Of
the Labor day holiday, but we're nearly
3 per cent above the corresponding week
last year.
Opening Is Strong.
Strong buying support came into the
market overnight, giving opening prices
today q strong undertone. Stone &
Webster, advanced 81 points in re-
spouse TO the announcement that for
nation of billion dollar bank mer-
ger was under way. General American
Tank moved into new high ground
Initial gains of a point or two were
Simmons Co., American Bosch Mag
neto, Magma Copper, American Tele-
phone. Southern Pacific and Public
Service of New Jersey. Standard Oil
Of New Jersey opened with a block of
10000 shares at 10, of 81, and Allied
Chemical, dropped a point
Renewal of selling pressure against
some of the electrical equipment and
oil shares brought about some trregu-
larity in the early dealings, but the
main trend continued upward, with the
Public Utility shares again in the fore
front of the advance. Uneasiness over
the credit situation was reflected in
the cautionary advices Of several Of
the large commission houses. and the
restricted operations of large profess
sional traders.
General Electric and Allis Chalmers
each dropepd 5 points and Westing-
house Electric, 34, in the first out
burst of selling. Houston Oil sagged
2 points and Standard Oil of New Jersey
and Sun Oil, extended their declines
to point or so. Underwood Elliott.
Johns Manville, Rossia Insurance and
Western Union also showed signs Of
heaviness.
Public Service of New Jersey again
! assumed the leadership of the Public
| Utility group by quickly moving up
| more than points to new high
record at 1925. American & Foreign
| power rallied 3 points, American Power
| & Light 2, and Columbia Gas /.
Merchandise Group.
A firmer undertone was apparent in
| the merchandise group, with Woolwortn
and May department stores the early
! leaders. Fox Film, American 1nterna-
tional, Union Tank Car and General
Railway Signal also showed signs Of
organized buying operations.
Foreign exchanges opened steady,
with Sterling Gables unchanged at
| $4.84 11-16.