Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-23
STOCKS IRREGULAR
IN HEAVY SELLING
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE TSIOW
Market Trend Uncertain.
Trading Is Largely of Pro-
fessional Character.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor.

NEW YORK, September 23.-Nervous
trading again characterized todav's
stock market, which bounded upward
at the opening, turned reactionary be-
fore midday, when heavy selling devel-
oped in some Of the public utilities. and
then headed upward again in the early
afternoon under the leadership of the
steel shares. Trading was largely pro-
1eSSlonal In character, due largely to
commission house advices suggesting
that small investors and traders re-
strict their commitments until a more
definite trend was established.
compilation showing that nearly
seven billion dollars in new Securities
had been sold in the first seven months
OF the year was cited to explain. In
part, the huge increase in brokers loans
this year. Business and trade news
continued favorable, the recent cold
weather having given special impetus
to retail buying. Directors of the Cen
eral Gas & Electric. Co. announced a
5-for-1 stock split-up, and Wall Street
heard reports that the annual rate on
Anaconda would be raised from So to
SO before the end of the year.
Zen per cent call money and 6-point
crop In Radio had an unsettling eff
feet on the market in the last hour as
traders fastened to take profits on
n
points under the previous close. United
States Steel. Anaconda and several 9TH
er important issues. however, received
effective support. The closing tone was
irregular.
Opening Is Higher.
Prices moved irregularly higher at the
opening as result of strong buvinp
support supplied over the week end
Atchison jumped 634 points on the
first sale, United States Steel common
z and Montgomery Ward l. United
Corporation opened with block of
10000 shares at the spread price of
74!2 to rs, an extreme gain of pa
points, and United Gas Improvement
opened with block of 10000 shares at
80, up "a. American Bank Note and
United Aircraft each dropped about 10
points.
The recovery received some stimulus
from the statement of Charles E.
Mitchell. chairman of the National CITY
Bank. on the eve of his departure fer
Europe, expressing confidence in the
business and credit outlooks. Traders
also look for lowering of call money
rates this week as a result of the
passing of the midmonth credit strin-
gency and the sharp liquidation in
stocks.
Public utility and allied issues con-
tlnued in the forefront of the advance.
Adams Express jumped 10 points. Gen.
eral Electric 5, American g. Foreign
Power and United Corporation gig.
Public Service Of New Jersey crossed
1877 to another new high record.
better demand also developed for
the rails as a result of the excellent
August earnings statements now being
published. Texas g. Pacific ran I'D 4
points and Allegheny Corporation l.
Pools Are Active.
Pools resumed operations in a select
list of specialties, early buying centering
in such issues as Kroger Stores, Re-
public Steel, United States Industrial
Alcohol. Otis Elevator, National Cash
Register Loose Wiles Biscuit and Mont
gomery Ward. all up ! to 3 points be-
fore the end of the first half hour.
Selling pressure was renewed against
Radio, which quickly dropped 2 points
to SO. Western Union and Sears, Roe
buck also were heavy in the early
trading.
Foreign exchanges opened firm. with
sterling cables quoted Is of a cent
higher at $4.e434