Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-06
TREND IRREGULAR
ON STOCK MARKET.
Drop in Call Loan Renewal
Rate Later Serves to
Harden Values.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, July 6.-Governed by
conflicting developments In the news
overnight the stock market assumed
a highly irregular movement OF prices
in today's session. Prices opened lower
all around, losses in the prominent IN
dustrials ranging from fractions TO
more than points.
The accumulation of selling orders
at the outset was in direct response "
the Unexpectedly large increase IN uie
latest weekly Federal Reserve staee
ment on brokers' loans. coming do :.
did after three successive decreases, ~
encouraged liquidation on the theory
that distribution had been carried on
to large degree during the period COW
cred by the latest figures.
Prices Harden All Around.
The drop in the call loan renewal
rate. however, served to some eXtene
as an offset to this unfavoraole ols,
closure, and prices hardened all AROUND
after the first hour or so. The rate OH
renewals was dropped to SIG per cent,
the lowest since June 10, after having
loaned as high as 10 per cent at the
outset of the week. Although 1unos
were in plentiful supply, indicating q
return to midyear dividend and inter
est disbursements for employment III
the stock market, they failed 10 nave
a lasting impression upon speculative
sentiment and prices throughout tne
remainder of the session moved WIN d
good deal of indecision
Efforts to stimulate public partlcipa-
ton in the railway section proved only
temporarily successful Shares OF Inc
Southwestern carriers gave the best ac-
count of themselves notably Missouri
Kansas-Texas and Kansas City South
ern, but the old line dividend payers
were in supply whenever bids were raised.
Although taking up of the rails was
logical move in an endeavor to MAIN
tain speculative confidence, the market
had to contend with the latest weekly
carloadingS statistics, which made the
poorest showing of the past four years.
General Motors Rallies.
General Motors. after opening down
over points. rallied to the previous
closing, but did little more. Packard
appeared to have discounted declara-
ton of an extra 81 dividend in addl-
ton to the three regular monthly pay
ments and the stock was in supply De-
low 49,, Chrysler was freely offered
and Nash went to lower levels.
A sudden demand for Wright Aero
nautical and Curtiss Aero, which car
ried both issues some 4 points above
yesterdays highs, was evidently due to
nothing more than the technical posi-
ton of the market for these stocks.
That the buying represented for the
most part the covering in of short con-
tracts was testified to by the fact that
f-~ ,k-1& tell fe-k
the improvement.
Radio Corporation at 1856 was down
4 points. General Electric reacted
more than a point, the coppers lost the
buoyancy that characterized operations
in this group earlier in the week and
the steels were left to drift.
List Backs and Fills.
In the afternoon the main body of
stocks backed and filled, with little
progress being made in either direction.
At times trading came to standstill.
Simmons Co. was feature among
specialties, responding to estimates of
increased earnings for 1928 Midland
Steel Products preferred extended yes
terday's gain of 534 points more than
Is points further.
AS a group the oils were well MAN.
tanned and were thought to be in
stronger hands because of definite signs
of improvement In the statistical posi-
ton In the industry. Marlafd Oil,
Standard of California, Standard of
New Jersey. New York and Tex&s Cor
poration were taken at higher prices.
The late liquidation was due for the
most part to the calling of loans to the
extent of $l5.00o,00o, although funds
for stock market purposes were avail
able at the renewal rate of 5l2 per cent
throughout the day.
Radio Corporation shares were under
pressure in the last hour and General
Motors was selling down several points
from the previous final. Montgomery
Ward. which had been an outstanding
strong spot yesterday, felt the effect
of heavy profit-taking.