Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-24
STOCKS ARE F|RMER
AFTER SHAKE-0UT
Market Steadies in Late
Trading Following Re-
neWed Liquidation.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor.

NEW YORK, September 24.-The
stock market had a few nervous mo-
ments today when a sprinkling of high
priced specialties broke S TO rearly 80
points, but steady accumulation of the
h~igh-grade industrials and public util-
tiles, coupled with favorable trade news,
restored confidence, auj prices general
ly displayed a strong under.one in the
early afternoon trading. Trading was
fairly heavy in volume, indicating in
creased public participation.
Call money, which advanced from 8
to 10 per cent yesterday, opened at 8
again today, with indications that the
rate would not be exceeded. ard might
work lower. Time money and CONNER
cial paper rates held firm, with the
peak of the Fall credit demands APP
preaching.
The days news developments includ-
ed the publication of a series of I'M
usually favorable August railroad earn
ings statement, reports Of a drop in
crude oil production last week, he Of
fering Of new North American Co. stock
at 500 a share and the announcement
OF merger terms between Electric Bond
& Share and Electric Investors.
Renewed liquidation of the motors.
many of which fell to new minimums
for the year, started a general selling
movement which sent United States
Steel and Simmons down S points from
the days peaks. Radio broke to 3d.,
the lowest price of the current decline.
The loss in j. I. Case reached 80 points,
and Columbia Carbon, after making the
new peak of 137, turned downward. The
closing was heavy.
IrreguIarity at Opening.
Further irregularity in price move
ment developed at the opening, but
the main trend appeared to be upward.
Initial gains of a point or so were
recorded by Standard Oil of New Jer-
sey, Radio, International Telephone,
American Can, Commercial Investment
Trust and Radio-K eith- Orpheum.
Packard Motors new opened with a
block of 10000 shares at 29l4, UP q,
but Chrysler dropped a point. General
Electric yielded 2 points and Mont
gomery Ward, l..
The more optimistic tone of several
OF the overnight commission house let
tiers, which suggested that the recent
reaction had gone far enough to correct
the technical position of the market,
helped to revive speculative confidence.
Pools again resumed operations on a
broad scale. with the oil, railroad, pub
lie utility, business appliance, steel and
automotive groups all presenting sew
eral points of strength.
ADAMS EXPRESS, directors OF which
meet tomorrow. ran up "a points on
rumors of a stock split-up. Timken
Roller Bearing advanced 61a points to
a new high, at 1872. 500" railroad
common and Atlantic Gulf & West
Indies also moved into new high
ground.
Eastman Kodak wa again heavily
I bought. quickly moving up more than
5 points. Hayes Body. Simmons, CO.
lumbia Graphophone. Vanadium Steel,
North American. St. Louis-San Fran
cisco, Atchison. Houston Oil. United
Aircraft and United States Steel all
extended their early gains to from 2 to
80 points before the end Of the first
half hour.
There were a few soft spots, Mathie-
son Alkali. Columbia Gas. Louisville
Gas & Electric. Westinghouse Electric.
American Locomotive and Frank G..
Shattuck falling back l to 2 points.