Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-19
STOCKS co HIGHER
|. ON EASIER CREDIT
Investment Issues Respond
TO Further Drop in Money
Rates.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.


NEW YORK, March 10-Bullish
forces continued to press their advan-
tage in today's stock market as money
rates dropped to the lowest levels In
more than five years. Scores of active
issues were marked up ! to points,
with a few high priced SpecialtieS
whirled up 6 to Is, and with at least
two score stocks elevated to new high
levels for the year. Weakness of the
tobacco and merchandising issues.
coupled with heavy profit-taking,
the mornings high levels in the early
afternoon.
Total sales in the first two hours
ran close to 1000, 900 shares, or nearly
100000 above those during the same
period yesterday, but there were fewer
large blocks today. The ticker ran
half an hour or more behind the
market.
Money ut Per Cent.
Call money renewed at 5 per cent,
the lowest initial change since Febru-
airy, 1925, and then dropped to 2 per
cent. Outside money was again avail
able at II per cent, with q plentiful
supply of funds available.
Business news continued spotty. One
Of the most encouraging developments
OF the day was the weekly Iron Age
report that the downward trend of
steel specifications has been to a large
extent arrested. but, with buying at
close range, mills lack their customary
backlog OF orders as the second quarter
approaches"
r. w. Dodge reported an increase of
- per cent in building contracts above
the week before, but the 1880 total to
date is running about 10 per cent below
IL Ne
tonal Bellas Hess, one of the largest
nnail-order organizations, omitted the
quarterly dividend due at this time.
Considerable progress Is being made
In merger developments. Consolida-
ton of the Chase National, Equitable
Trust and Interstate Trust into the
worlds largest banking institution was
effected yesterday. International Tele-
phone announced the acquisition of q
Turkish company. American Hawaiian
Steamship and Dollar Line officials are
reported to be near an agreement. A
merger of Stutz, Gardner and Moon
Motors Is reported to be under discus
sion.
Renewals Of selling pressure against
Simmons Co. carried that issue down 4
points to 50A, the lowest price in sew
eral years. The stock sold as high as
1ee last Autumn. National Bellas Hess,
01O1b8O4uCAy WAI0 anu n. Macy bO4Q
down q point or more.
Other Changes.
American Tobacco issues broke about
8 points, Liggett g. Myers asa. and
Reynolds and Lorillard about a point
each. U. 8. Industrial Alcohol and
Patino Mines sank to new low levels
for the year.
Peoples Gas was the outstanding in
dividual feature, soaring 1914 points to
q new 1880 high at 304. Sloss Shefield
preferred scored an extreme gain of
1917 points. Numerous advances Of 2
or more points were scattered through
out the list
The aggressive leadership Of United
States Steel, which crossed 1873 In the
flnal hour, pulled many stocks higher
despite the resistance of the selling
movement in the tobacco and merci1ar-
dising groups Fox and Gillette were
weak, losing between 2 and 8 points.
Bethlehem Steel, above los; New Haven,
above las, and American Can, above
14e, we're all in new high ground for
the year. The closing was irregular.
sales appropriated 4,150,000 shares.