Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-10
STOCKS IRREGULAR
IN HEAVY SELLING
Market,Subjected to Persist
ent AttaCk-Some Is
r.
sues Show Gains.
BY STANLEY w. PRENOSIL
Associated Press Financial Editor,

NEW YORK. September 10.-The
stock market alternately blew hot and
cold today as opposing speculative
forces struggled for control of the price
movement, but the list generally was
under pressure despite wild bulliSh
demonstrations in a few high priced
,specialties. fears Of mid-month credit
pinch and renewal Of Federal Reserve
pressure to force reduction in brokers'
borrowings had a chilling effect on
bullish enthusiasm.
The drop of nearly 100000 tons in
untitled orders of the Unites States
Steel Corporation took wall street by
surprise, as earlier estimates indicated
a drop of less than 100000 tons.
Call money renewed at per cent.
advanced to 9 and then to 10 per cent
late in the afternoon. The close was
weak.
Advances and Declines.
Some wide advances took place in a
few issues which have what Wall Street
now characteriZes as "a scarcity value"
J. I. Case ran up IS points to 440,
American Machine g. Foundry ran up
t8l5 to 239 and American Type Foun-
dries IL to 100, all new high records.
Atlas Powder advanced 5 points to
new peak at 1879, but Dupont broke
points. Republic Steel. which Is
expected to show increased earnings
through its new welding process, was
run up more than 6 points to a new
peak at 134K.
Radio returned to the speculative
spotlight, with an early gain of points
Standard Brands, Packard loId stock
and Johns Manville, which led yester-
days late rally, all sold of sharply.
General Electric dropped 81 points, Air
Reduction 8, American Water Works
III. Commercial Investment Trust 6,
Westinghouse Electric 534, United Air
craft So and Eastman Kodak 5. Atchi-
son. Norfolk 81 Western. Illinois Cen4al,
American Telephone, American Can ard
National Biscuit all sold down 3 or more
points below yesterdays final quota
tons.
Pressure at Opening.
Renewal OF selling pressure impaired
a reactionary tone to opening prices.
A few stocks continued to move against
the general trend, American Machine
&, Foundry showing an initial gain of
Az points, International Harvester 1Sa
and Loose Wiles Biscuit !. Pennsyl-
vania Railroad and Commercial In
veStment Trust each dropped 2 points
and Montgomery Ward, Westinghouse
Electric and Missouri Kansas Texas
yielded point or so.
Prices were extremely confused in the
early trading. Several Of the large
commission houses called attention to
the possibility of further corrective
reaction. which might be accentuated
by a midmonth credit pinch. and this
probably accounted for much of the
early selling. On the other hand. a
few pools continued TO mark up their
favorites in the hope of attracting a
public following
n Adams Express. which did not sell
! yesterday, jumped 1914 points above
last weeks final quotation. National
Lead was up AZ points, while Greene
Cananea Copper dropped 81. Bethle-
! hem Steel. which was heavy yesterday
on unconfrmed rumors of new stock
! financing, rallied points, but met
| large offerings on the rise.
There was a fairly good demand for
| the rails at the outset. Lackawanna
ran up more than 3 points to new
high, at 1922. and Chesapeake q Ohio.
Baltimore &; Ohio and Union Pacific
advanced point or so. Reading was
heavy.
Early Declines.
American Water Works dropped ~
points and early declines of 2i2 to 3
points were recorded by du Pont, Refs
first preferred. General Electric, Amer
lean Power & Light and National Cash
Register. At least a score others. in
! Guiding such recent favorites as Amer
lean Telephone. International Tele-
phone, Johns Manville and Simmons.
yielded a point or more. Foundation
Co. sank to a new low level for the
year. q
Foreign exchanges opened steady.
with sterling cables unchanged at
ABA 11-l6. London dispatches re-
ported that more than half of the
nearly i 900 900 pounds of gold avail
able in the London open market today
was taken for shipment to New York.