Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-31
STOCKS IRREGULAR
IN HEAVY SELLING
Persistent Bear Attack d.
rected Against Various
Groups During Day.
BY STANLEY w. PRENOSIL,

NEW YORK, May 31.-Persistent,
but unconfirmed, reports that few of
Wall Streets large operators had taken
terrific losses in the recent decline. and
that at least one of them had been
taken over" in pool specially, brought
about drastic decline in prices in the
early part of today's market. Scores
of issues were hammered down 2 to
nearly 9 points, with such recent IA
VoriteS as General Motors, ChrySler,
Montgomery Ward. International Com
buStion and Wright Aeronautical sink
ing to new low levels for the year.
Extensive buying of the public utility
and investment railroads failed to pre-
vent further liquidation. New York
Central extended its rise to 7 points
and American Water Works & Electric
was up 9 to 40, a new high. Some of
the steel, motor and oil shares con-
tinued to give way Mexican Seaboard
falling to 81. new low for the year,
while Midland Steel Products preferred
lost ~. Case Threshing dropped to
292, a net loss of Is points. The
closing was irregular.
Gains at Opening.
Strong buying support came into the
market over the holiday and opening
prices displayed a strong undertone
Coppers were heavily bought as re-
suit of the more cheerful news from
the Paris reparations conference. Rails
again moved forward under the leader
ship of Atchison, which showed an
Central, which opened 2l2 points
higher. Hudson Motors sank to new
low level for the year.
The market turned irregular soon
after the opening when fresh selling
developed in the motor, farm equip
ment and mail order shares. Rails and
public utilities continued to show in
dependent strength.
Hudson Motors quickly extended it's
loss to nearly 2 points. General Motors
sank 1l2 to new low at 10 and
Nash yielded fractionally to new low
at $685..
bad break in wheat prices in Win
nipeg yesterday probably influenced the
renewed liquidation of the farm i'm
plement and mail order shares. Sears
Roebuck dropped points, Case Thresh-
ing 4 and Montgomery Ward yielded
to new low at 1903. Wright Aero
nautical dropped points to new low
at Ill and International Combustion
also touched new low price.
Rail Group.
In the rail group New York Central
and Missouri Pacific common extended
their initial gains to 3 points each, New
Haven moved up 2 and a few others
advanced a point or more. Missouri
Pacific preferred fell back 25s.
North American and Commonwealth
Power were the early leaders in the
public utility section with gains of
about 3 points each. American Tele-
phone, Columbia Gas and few others
advanced a point or so.
Foreign exchanges opened steady.
Sterling Gables apparently were not in
fiuenced by the results of the British
ELECTION: opening unchanged at
Selling Hits Prices.
Prices continued to fall during the
morning, particularly in the motors,
and a considerable number of inf1uen-
tial shares crashed to new lows for the
year. International Harvester broke S
points to 925s and Case Threshing to
800, both new lows. Montgomery-W
sold below 100 and United Aircraft
and General Electric were down points
each. In the motor group. Chrysler at
6634 General Motors at 68A, Hudson
at 1872. Studebaker at 1915 and Nash
at BIZ were all lower than at any
time this year. Packard was off
points. Call money renewed at per
cent.