Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-05
STOCKS IRREGULAR;
TRADING LIGHTER
Leaders Rise Halted, But
Both Sides Seem to Be
Awaiting Developments.
BY STUART p. WEST.


NEW YORK, August 5.-A series
of conflicting price movements char
acGerized trading on the stock ex'
change today. Business fell off In
volume compared with previous SEES
si0ns of the week Indicating that the
element working for higher prices and
the forces favoring a further tecnnl'
cal reaction were awaiting develop
ments within the market itself before
renewing operations in large way
Whenever reactionary tendencies
developed the selling made itself felt
chiefly in the industrials, which have
been the center of attraction through
out the campaign for higher prizes.
Brokerage houses In their adVlces TO
their clients were almost unanimous
in stressing the point that any further
reaction would be merely technical
one and should go long way toward
strengthening the market position.
Throughout the first half of the ses.
sion the general body of stocks dis
PLAYED considerable irregularity, new
leaders being brought forward while
selling was making itself felt in recent
favorites. 1t was not until after mid
dav. however that elements working
for lower prices asserted themselves.
Steel Common Forced Down.
1t was then that United States
Steel common was forced below $50
for a loss of more than a half point
on the day, after having gained we'll
over a point in the early trading.
This unsettled the market for indie
pendent Steels, SlosS Sheffield losing
almost three points and Youngstown
Sheet and Tube a half point or mora.
General Motors, which had resumed
its upward movement, lost its 3-point
gain of the morning, while the decline
in Hudson Motor extended another
points before support was encoun.
tered.
But while the prominent induStrials
were feeling the effect of selling pres.
sure, it was particularly noteworthy
that there was an increasing DISPOSE.
ton on the part of the speculative ele.
ment to extend their buying activities
to other quarters. Accompanying an
other advance in the price of the cop
per metal to 14ia was heavy demand
for copper and smelling shares. II
was natural to expect the market for
the copperS to respond to any further
Improvement in the industry itself, in
view of the fact that they had shared
to only small extent in the recent
upturn. American Smelling and Re.
f1ning was carried well across 140
where il compared with the Wednes
day final of 1879. Anaconda and Ken.
necott bore their share in the improve
ment. while CRANKY Consolidated re-
sponded to the favorable report for the
first half year. which disclosed profit
of 1891 .43l before depreciation and de
pletion, against $465.S2 in the first
half of 1925.
Equipments Rise Hats.
Failure of the recent leaders to re-
sumo their upward movement i'm an
active way resulted in temporary
suspension of operations for the rise
in the equipment shares, which was
so pronounced yesterday. Some slight
improvement, however. took place in
Baldwin Locomotive, New York Air
Brake and General Railway Signal.
The now familiar procedure of tax
ing up new leaders among specialties
when others showed signs of tagging
resulted IN substantial upturns In In.
ternational Harvester, Montgomery
Ward. Pathe Exchange Glass A Wick
Chemical and Allied Chemical. In the
case of the first named, reports were
current that negotiations were under
way for IA merger of this company
with Case Threshing. although moth
ing official along this line has come to
hand.
One Of the most noteworthy Incl
dents about the whole proceedings was
that even at the time when the sell
ing was the heaviest compa ratively
small blocks of stocks were changing
hands. This was a direct contrast to
the excitement which prevailed on
previous days of the week, when enor-
nous blocks of stocks We're taken at
sharply advancing prices. and gave
the impression that most of the recent
buying had been done by those who
were in no hurry to take down profits
and were disposed to hold their com