Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-28
STOCKS IRREGULAR
IN PROFIT TAKING
Bull Party Tries to Maintain
Advantage Despite
Realizing Sales.
BY CLAUDE A. JAEGER.
Associates Press Financial Editor


NEW YORK, July 28.-The forces
working for higher prices struggled with
considerable animation in today's stock
market to jack up prices above the
resistance levels of the rally from the
June lows, established on July IL.
Their work was hampered by rather
tempestuous fiurries Of selling, but the
list worked irregularly higher, several
issues selling up about 2 to points,
and recording new high levels Tor the
movement. Trading was fairly active,
based on the reduced standards of these
DAYS. There was a notable shit OF
bulliSh operations from industrials INTO
the utilities. as the latter group was not
so thoroughly exploited during the past
week. Oils were later punished up.
Earnings Reports.
News of the day and the week emu
still failed to present any palpaole eVI-
dence of the expected Autumn improve
ment in business, but out OF the ratner
gloomy flood of earnings statements APP
peared a gratifying number OF bright
spots, OF more than score OF nrSt-
half statements appearing over the
week end about half of the Individual
companies showed gains over last year,
although the aggregate earnings OF al
companies so far reporting shows a loss
from the like period OF last year con-
siderably in excess of 20 per cent ana
about per cent from the like period
of 1928. -,
Early indications are that steel mill
operations this week are little more
than holding their own. From the
YOUNGSTOWN area came an estimate in
dicating that operations had been re-
duced from so to So per cent of ca
pacity. Reports from representatives
Of some of the industries which have
suffered least in the current recession
were gratifying. George Washington
Hill, president Of American Tobacco,
told stockholders that 1880 earnings
promise to exceed for the first time
those of the original company, dis
solved under antitrust proceedings In
1911. The management of Beatrice
Creamery announced that earnings had
expanded each successive month this
year. Ambitious foreign expansion
plans for American Can and Proctor &
Gamble were disclosed. Farm imple-
mentS turned upward on disclosure of
another large order from Russia for
International Harvester.
Warner Bros. broke points in a
new low, to the accompaniment of I'M
settling runorS regarding rapid expan-
sion, large bank loans and the security
Of the dividend, but Albert Warner, vice
president, told the Associated Press that
unsettling rumorS were untrue. This
break unsettled the entire list for a
time. The action of this stock has been
disappointing in view of the optimistic
forecasts made some months ago for
that supposedly depression-p proof indus
try. United States Steel was under
considerable pressure. evidently reflect
ing growing doubt that the 81 extra,
rumored some time ago, would be de-
clared tomorrow.
Late Changes.
Such shares as American Telephone,
American Can, Columbia Gas, Electric
and National Power & Light, North
American, American Water Works,
Standard Gas. Westinghouse, Atchison,
American Tobacco B, Union Carbide
and Woolworth gained to points or
more. Oils turned upward in the early
afternoon, with good buying of standard
of New Jersey, Barnsdall and Phillips.
The last named had sagged a point
earlier with a transaction of $4,000
shares. During the morning, Radio
Keith, International Telephone, Vana-
dunn and Johns-Manville Sagged mod
erately. Transamerica was q soft spot,
losing more than points.
Call money was again at 2 per cent
on the floor and "a outside. CONNER
cial paper was firmer at 3 to 34,
against 3 fiat late last week.