Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-29
EASY MONEY FAILS
TO BOLSTER STOCKS
Reaction Described as Nat
uraI Correction of Top
Heavy Condition.
BY the Associated Pres.

BY the Associated Pres.
NEW YORK, September 29-Despits
several vigorous attempts to bring about
general rally in prices, the stock
market lost ground this week for the
first time since Midsummer. Curiously.
the decline took place in the face of
relatively low call money renewal rates.
which heretofore had been considered
an important bull factor Trading
was in large volume, the daily average
of sales running we'll over 1000 900
shares.
In the absence of any adverse trade
developments. the reaction this week
was described in brokerage circles as
a natural correction of the top-heavy
speculative position created by the
recent rapid advance in prices. In
general, the decline was an orderly one
There were frequent rallies which car
ried several of the motors. steels, oils
coppers. foods and specialties to new
high records.
Spectators Worried.
With time money loaning at III to
Tl2 per cent and some of the large
banks reported as disinclined to renew
expiring loans, the credit situation was
again source of worriment to the
speculative element. Brokers loans
showed a further increase of $4,000
600, which was less than generally ex-
pected, but which brought the total to
within $40,000000 of the record high
established just prior to the June break.
Sterling lowered around the gold
import point, but no further ship
ments were reported from Great
Britain, where Germany has been a
heavy buyer of gold in the last few
weeks. Wall Street received some en-
enlargement, however, from reports
that Argentina was shipping gold to
New York. The Argentine government
paid off a $12,000,00O loan in New York
this week, failure to renew it being
attributed to the high interest rates
prevailing here
Weekly steel trade reviews reported
that production and consumption were
being maintained at high levels, and
stressed the possibility of heavy rail-
road buying in the near future United
states Steel common crossed 161 to
new high record, but fell back later on
profit taking. Other steels were slug
gish.
Motors FIuctuate.
Coppers ran into profit-taking after
several issues, including Anaconda
Cerro de Pasco and Howe Sound, had
been carried into new high ground on
buying influenced by the recent stiffen-
ing in commodity prices Oils also pre-
sented several points of strength, par
ticularly the refinery issues which are
expected to make a splendid showing in
the last half of the year, but the gains
were not maintained.
Motors fluctuated in rather cratic
fashion. General Motors failed to cross
the peak established last week, but
Chrysler, Packard, Graham-Paige, Hupp
and the Chandler Cleveland issues
moved into new high ground before
the advance was checked by realizing.
Rails showed a much firmer under
tone. on buying, presumably influenced
by the announcement that freight car
traffic in the week ended September
Is had set new high record for the
year, and was 10000 cars above the
| same week in 1927. The figures con-
t1nued to fall below those of 1895.
when there was a heavy movement of
coal to seaboard for export to Eng
land, which was then in the midst of
miners strike.