Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-07
STOCKS ARE LOWER
IN MONEY SCARCITY
Trading Falls Off Consider
ably Under ID Per
Cent Rate.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, May with money
holding at IA per cent all the session
and trading in much reduced volume,
today'S stock market drifted irregularly
lower.
During the forenoon the selling pre-
dominated, but losses were never large;
there was no important weakness, and
after midday the list rallied. The
pressure was again in evidence in the
last half hour, when the low prices OF
the day were reached.
The utilities and oils made the best
showing, although they, too, sold OH
just before the end. Recently popular
industrials which gave way more or
less included Radio, American Can,
Kennecott and Montgomery Ward.
Buying in Sugar Stocks.
On the other side were ranged Inter-
national Telephone, By-Products Coke
and General Railway Signal. A feature
of the afternoon was the furry OF buy
ing which came into the stocks of the
domestic sugar producers and of the
cement manufacturers on publication
of the terms of the proposed new tariff
law.
The outstanding feature on the side
of advance was International Telephone
g. Telegraph. Even when the rest OF
the market was heavy, demand for
international Telephone, new and old,
was insistent. The old stock, above $50.
was at a new high for all time and
the new stock above "a at new high
since listing. The advance on the day
on the old stock was more than 10
points and on the new about 4 points.
The chief pressure in the early deal
ing was exerted against Radio. First
quarter earnings amounting to "a cents
share on the present no par common
were evidently a disappointment to the
Street, which had expected something
better. The stock was heavily sold ana
had APPOINT setback before support
appeared. At one time 1t was of more
than 10 points from its recent high.
Minor declines were recorded in many
other industrials. American Can, Gen
eral Electric, Sears, Roebuck; West
inghouse Electric and some of the oils
sold off on IA per cent money. 1t was
still true, however, that activity on the
decline always decreased. Bearishly in
clined professionals operated with ex-
IRENE caution. They realized that any
easing of the money situation would ~
volve danger to short position.
Among the stocks which made good
resistance were Atlantic Refining N
the oils and Consolidated Gas in the
utility group. Each of these issues had
gained following which was not 10 ne
dislodged easily. Columbia Gas was
another strong electric light and power
stock and so was Public Service Of New
Jersey. Commonwealth Power made a
new high at 155, up over s points.
Sparks wilmington sold higher than at
any time since listing. The airplane
stocks were firm and most OF them
higher.
During the forenoon the Advance
Rumley issues broke sharply again, but
without effect on the rest OF the list.
See "ArtificiaP' Stringency.
Mack Trucks responded to the first
quarter income report, showing Sl.89
on the stock compared with $1.01 In
the same period of 1928, with a moder-
ate advance. Chrysler was heavy, but
Packard was higher and General Motors
steady.
The call loan renewal rate was IA
per cent, the highest since April 30
The Street persists in regarding the
money situation as artificial" which
may explain the markets comparative
indifference to the high charge.