Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-14
STOCKS IRREGULAR|
IN HEAVY SELLING
Evening Up OF Accounts and
Fear of Credit Strain
Cause Liquidation.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, September II R.-
Extensive week end readjustment of
, speculative accounts impaired q decid-
edly irregular trend to price movements
In today's stock market. although major
activity appeared to be on the side of
rising prices. Some Of the selling
which came into the market was based
on fears Of a credit stringency next
| week when the midmonth and Federal
income tax payments become due.
Fall Trade Outlook.
Week end mercantile reviews indi-
| Gated that Fall trade was off to a good
start and that there were no signs of
a major recession in any of the leading.
| industries, with the possible exception
of building, which is still hampered by
the high cost of new financing. The
fact that several large new investment
trusts are in the process of formation
was construed in some quarters as an
indication that no major stock market
decline is contemplated by bankers
sponsoring the same.
Commercial solvents led today's rally
by soaring l6 points to a new high
record at SIS presumably in response
to the overnight announcement Of a
10-for-1 stock Split-up, American Ma
chine & Foundry ran up to 1921 points,
Stone & Webster, 81; Thinker Roller
Bearing to new high at 1143z, Sea-
board Air Line preferred to a new
high at IS and Underwood Elliott
Fisher S.
American Waterworks, Norfolk L.
Western, Louisville & Nashville. U. S.
Rubber and American Power & Light
all sold to ~, points higher. Grigsby
Grunow, responding to reports of rec
ord-breaking sales, climbed 8 points 70
70. new high for the present stock.
Republic Steel and International Hy-
dro-electrtc aPo reached new high
ground.
Opening Is Higher.
Prices moved irregularly higher at the
| opening. American Machine & Foun-
dry advanced 81 points on the first
| sale, American Can 2 and National
| Bellas Hess, National Cash Register.
American Bosch Magnetic, Simmons and
American Power & Light moved up
| point or so. May Department Stores.
| which recorded an extreme gain of
| nearly Is points yesterday, fell back
| "a, Bethlehem Steel yielded IL and
| Atchison l.
| While the market still showed signs
of spottiness in the early trading. the
main trend was Enthusiastically upward
with selected group of railroad. equip
ment, public utility and automotive
/ shares leading the advance. The sharp
up turn late yesterday apparently en-
| couraged a resumption of pool opera
! tions. and checked the selling of small
/ traders and investors
| American Machine & Foundry extend
! ed its gain to 81 points, Auburn Auto
advanced 54, Stone & Webster and
| Thinker Roller Bearing each, United
/ States Rubber and Public Service of
! New Jersey. Commercial Solvents and
| Johns Manville points or more. Pull
! present stock.
Baltimore & Ohio. which is reported
to have been heavily bought by the
| Cutten-Fisher interests. assumed the
| leadership of the railroad group by
! quickly moving up 2 points to new
| high record at 145. st. Paul preferred
and Frisco common each advanced more
| than 2 points and Seaboard Air Line
preferred and Louisville & Nashville
{, point each. Missouri Pacific common
was heavy.
Other Gains.
! Mack Trucks. United Corporation
United States Steel common Underwood
Elliott, Sears Roebuck and Gold Dust
! were among the many other issues In
brisk demand in the early trading.
| Worthington Pump. which scared 10
| points yesterday, fell back on profit
taking. Air Reduction. General Electric,
Commercial Investment Trust and Lam
/ bert yielded point or two and Founda-
ton Co. eased fractionally TO new low