Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-17
STOCKS STRONGER
IN CLOSING HOUR
,Fhmries Of Profit Taking
Hamper Bulls, but Tone
y Continues Optimistic.
By CLAUDE A. jaeger,
Associated Press Financial Editor.

NEW YORK, July 17.-Ambttions
bulitsh operations were pressed forward
aggressively In todayS stock market,
although further fiuIIries Of profit
taking hampered the proceedings at
times.
pairrnent Of confidence although its
following appeared rather nervous and
not averse to deserving the cause At
the hlrst sign Of dimculti.
With business news still failing TO
show anything CONCLUSIVE about the
expected, or hoped-for, recovery, sew
eral commission houses advised their
clients to take profits and await reac-
etions before doing further buying.
Selling Is Absorbed.
The market was subjected to consider
able selling In the first hull hour, but
it was well absorbed, and during the
next few hours Of trading the last
showed considerable buoyancy, rs pool
fa~orites were briskly worked higher.
The market turned duh during the
early afternoon, and further profit-tak-
ing appeared, but an upturm IN the
wheat market ut that time, rejecting
reports Of rust in Manttonh, was
stabilizing development.
David Sarnoff, president OF Radio
Corporation, was mildly optimistlc. ne
said the report for the first half would
not offer much encouragement, but ex-
planned "the radio industry has passed
through q very trying stage and 1t is
lust about able now to sense the turn
toward improved conditions.
Power Use Grows.
The six-month report of power con-
sumption issued by National Electric
Light Association was interpreted favor
ably to manufacturers Of small eleckri-
car appliances. Household consumption
showed O gain of 1877 per cent over
last year and small business concerns
So per cent. Large industrial nSers,
however. took a per cent less and the
gain for the entire consumption was
only 1T per cent, considerably less than
normal.
The utilities encountered some pres
sure, perhaps In reflection of the power
consumption report. Electric Power d
Light Pacin Lighting and Public' Serv-
ice of New Jersey sold of pointer two.
Such important shares as United states
Steel, American Telephone, General
Electric, Radio and Standard at New
Jersey sold OF q point or so at times,
but were firmly supported on slight
says.
The amnsements were well bought,
Loews and Fox rising points or more.
Vanadium was again popular trading
favorite, going up about 8 points.
Wrigley. one Of the few companies to
report higher earnings than last wear,
rose more than 4 to new high for 1890.
Underwood Elliott. Freeport Texas,
worthington and Amerada sold up 2
or more.
High flyers were such volatile issues
as Auburn, Allied Chemical and Vulcan
DEFINING, making extreme gains of Z
to 10.
Can money was plentiful ait 2 per
cent, with some offered at ~ outside
Strong buying came into the market
In the last hour under the leadership
of numerous important shares. tnclud-
ing American Telephone, which con-
verted loss Of q point into net gain
of more than 3. Stocks up 3 to 4
points included Johns Manville, Air Re-
duction, National Cash Register, East
man Kodak, Houston OIL, Vanadium,
Freeport Texas and Simmons. Wrig-
ley showed an advance OF 5. General
Electric remained rather heavy. The
close was strong. Sales Appropriated
100000 shares.