Show UTILITY TX Sporadic Sporadic- Weakness in Individual Inch Indi vidual Stocks Fails to Af Af 1 feet Entire Market Furnished by Harold It It Smoot Co 1 NEW YORK July 28 The Tho stock market demonstrated quite as much as on any day dayo so o far Its Ita ability to stand up against un urt unfavorable favorable trade news and against sporadic weakness In a few Individual stocks Not only did prices resist In the Ice fee of these tests but ns as a a. rule uk they advanced The steel corporation figures were n a good deal above expectations and this might have havo been beena a superficial explanation for the tho strength of tho stock clock But actually the tho report fo to the second quarter having shown earnings going rapidly down doern bill- bill billand and a a. deficit of after paying dividends dividend could not be construed a as a piece of good news The Tha reason why ihy Steela rere strong today was because they have havo adjusted themselves to trade trado conditions condition and am are looking ahead to better belter things Call money for th the first timo broke through the tho 5 per cent level The Tho quotation of 44 pet per cent made mado In the tha afternoon was wan the tho lowest reached on th the stock exchange wince since the autumn of 1919 This was Interesting as It showed the tho In creating pressure for employment of funds released from various channels Likewise It was waa a mark of the low ebb of speculative operations operations' requiring the u use of this form ol of credit There Them was wait an active demand for time tho leading public utility issues both stock and bond bonds Con Gas Peoples People's Gas ant Pacific Pa Pa- Ga Gas and Electric favorites and Tar bonds were strong American Tel Tel and Telegraph which ha baa been mow ing forward showed a good gain The Tho argument of reduced costs cost for br these thew Companies la is of course well Thi mo Only market for coal has become very touch much I more of a buyers market than It Was v.-as six alx months ago Globe Wall street has ha not been overlooking th the fact that the tho Improvements Improvement which the tho rail rail- have havo been able to show chow in net op operating op- op crating Income In tho timo face faco of a shrinking gross Income have been duo In no small measure to the tho curtailment of expendItures expenditure for maintenance of way and equipment At observers of the railroad situation have ha been mildly apprehensive lest economy In this direction be carried too far But Bui little bit of f news coming out during th the past few days daya suggests that the tho roods were awaIting the wage reduction which went Into effect July l 1 before resuming normal maintenance operations Different road are arc x back shop workers who have havi been tor foa a. a long time Evening Evening Io loet t. t Reduced speculative activity In the tho Mexican can oil issues Is regarded as evidence ol of the tho completion of depressing liquidation to which they had been subjected only re recently re- re coolly and that bear forces have ceased tc to attack them Leas u trading been taking place In both Mexican and Pan American Petroleum this week thin than usual To who hare havo been closely watching the action nf ot the tha stocks the tho cessation of activity In is looked hooked upon as a sign pointing to some somi Interesting market movements when better bettel news new on Mexican Oil situation appears According According Ac Ac- cording to well posted Interests thero therm li La nothing In the tho attains affair of either concern tc to caus cause any of demoralized sellIng of recen recent weeks Mall |