Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-23
.UPTURN IN STOCK
MARKET. RESUMED
Trading Favorites Absorb
Considerable Selling on Way
to Higher Levels.
BY CLAUDE A. JAEGER.
Associated Press Financial Editor.

NEW YORK, July 23.-Having in
effect publicly committed themselves to
advancing prices, the bull forces ap-
piled strong-arm methods to the stock
market today.
An impressive list of important stocks
was bid UP 4 points or more, and timid
shorts hurried to cover at costly levels.
There was no inclination on the part of
the general public, however, to rush
into the market Commission houses
reported only a moderate pickup In
business.
Meehan Statement.
A widely advertised statement by NJ
j. Meehan 81 Co, saying that 1t re-
garded present levels as offering excel
lent opportunities to prudent investors,
was generally regarded in Wall Street
as a public avowal of the bull cause by
the so-called "Meehan group" of mar
ket operators, who are regarded i1
brokerage circles as IMPORTANT engi-
neers in the present market.
While speculative sentiment general
~ has become rather bulliSh over the
more distant future, there is a feeling
that the success of the present move
ment will depend largely upon the ex-
tent OF the seasonal uptllrn in busi-
ness activity as Fall approaches, and
the amount of public participation
which can be attracted
Commission houses find no such in
clination on the part of the public
| to rush into the market as there has
been during recent years, for too many
optimistic forecasts and bull campaigns
have failed. A current survey points
out that the stocks of several leading
80 - a
show sharp losses If held since that
time.
The days business news still reflected
little but seasonal trends. The weekly
steel trade reviews were more optim-
istic, but Iron age still placed steel mill
operations as unchanged at Sc per cent
of capacity, against 95 a year ago, and
70 two years ago. Freight car loadings
as reported for the latest week showed
further seasonal declines, and contin-
ued at the lowest level in recent years
The weekly petroleum statistics, how
ever. distinctly were favorable, showing
further substantial reductions in re-
flners stock and crude production
Earnings statements coming to hand
continue to show few decidedly en-
couraging exceptions to the downward
tendency.
Profit Taking Appears.
The bull movement attracted consid-
cradle profit-taking, and prices wav-
cred considerably at times. For a tint
during the morning and again in the
afternoon recessions of point or SC
from the highest were common. Siren
uous operations for the advance in such
pool favorites as Standard of New Jer-
sey and Radio Keith appeared to meet
some opposition, for advances of only
a point or less were achieved. General
Motors was pushed up substantially
more than point, a fair move for that
stock.
Shares making extreme gains OF
about 4 included United States Steel,
American Telephone, American Can
Vanadium and Dupont. Radio, Gen.
eral Electric and Electric Auto Lite
gained 2 or so. High flyers were East
man Kodak, Allied Chemical, Column
bian Carbon and Peoples Gas, up 9
to 10.
Credit eased. Call loans were re-
newed at 2 per cent and funds were
available in the outside market as low
as per cent Shorter term time
money also showed an easier tendency
Further exports Of gold were without
influence.