Evening star., 1929-06-26
STOCKS CO HIGHER
| IN BROAD ADVANCE
Rail and Utility Issues Lead
in an Active, Rising
Market.
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE SON
BY STANLEY w. PRENosIL.
Associated Press financial Editor.

NEW YORK, June 26.--A broad up
ward movement of prices took place in
today's market with the railroad and
public utility averages reaching record
high levels. While the industrial aver
age was still few points under the
years top. the recent advance has prac-
tically wiped out all of the ground lost
in the May reaction.
Call money renewed unchanged at 10
per cent, with an apparently sufficient
supply Of funds attracted to keep the
rate at that level all day. There was
no change in time money on COM
mercial paper rates. Wall street Is
looking for another large increase Ia
Federal reserve brokers loans this
week. due not only to the revival of
bullish activity in the stock market, but
to the expiration Of stock purchase
rights"
Merger Rumors.
Strength of the high grade railroad
public utility and industrial shares,
more than a score of which established
new high levels, testified 10 strong in
vestment demand. Professional opera
tors also were reported to be heavy
buyers of those stocks on an apparent
effort to revive speculative confidence
in the general market. Trading
showed q moderate expansion In vol
urne, but public participation was still
on a much smaller scale than it was
before the sharp break in prices last
month.
Merger rumors continued to play an
important part in market operations.
Wright Aeronautical, which Is expected
to enter into some form of a cornbina-
tion with the Curtiss group OF COM
panies. ran up 7ls points, and Cur
tiss 8.
public utilities were again heavily
bought. New high records for the year,
or longer, we're registered by Interna
tional Telephone, North American Co.
American Power a. Light and Public
Service of New Jersey, the gains rum
ming from 3h2 to Z points American
Water Works advanced 5. Standard Gas
& Electric 4 and American Tele-
phone 81.
Important stocks maintained leader
| ship of the market in the closing hour
when a number of favorites were quot
ed from S to 10 points above yester-
| days close United States Steel
brought 1904 and Public Service OF
| New Jersey 1922. Burroughs Adding
| Machine, Auburn Auto and Motor
| Products were to 10 points, while
| Warner Bros. Pictures, Illinois Central
and Bornwarner advanced 70 8.
| The close was strong.
Recovery AS heSumcus
Prices resumed their recovery at the
opening. Missouri Texas opened
with block of $4,000 shares at So, up
l1Ss, and U. S. Steel common opened
| with block of $500 shares at 1855, up
H. Allied Chemical advanced 2l2 points
/ to new high at 319 Early gains of
to 2ka points also we're recorded by
/ Anaconda, Radio-K Keith-O Orpheum, Coz
lumbia Graphophone and Childs Co.
| Commercial Solvents dropped 2 points.
| Establishment OF new high levels for
the year yesterday BY the public utility
| and railroad averages in the face of 10
per cent call money rates had bullish
effect on speculative sentiment. Trad
ing continued largely professional IN
character, but with nearly 5000, 900 900
| to be distributed In the form of dividend
and interest payments around the first
of the month, operators for the advance
| were counting on a heavy reinvestment
| demand.
While call money is expected TO 60
above the 10 per cent rate before the
mid-year credit stringency Is over, no
repetition of the 20 per cent rate reached
| In March is expected in banking and
/ brokerage circles.