Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-19
STOCKS IRREGULAR
IN HEAVY SELLING
Difficulty in Obtaining Public
Following influences Pools
to Take Profits.
BY STANLEY w. PRENOSns
Associated Press Financial Editor.

Associated FreSS FlnauClAl
NEW YORK, June 19.-Growing
fears that the Stock Market has been
temporarily overbought as q result Of
the recent series of sharp advances led
to extensive selling in today's session,
giving prices a highly irregular ap-
pearance. Pools conducted their op-
erations with caution because Of thu
dificulty in obtaining q public fol-
lowing and the increasing activities OF
bear" traders, but they succeeded in
marking up about q score Of issues 10
record high levels.
Credit Situation.
The midyear credit strain has not
vet begun to make itself felt, and there
Is a rather widespread hope that recent
gold shipments from the Argentine and
Great Britain, including withdrawal Of
another million dollars from Buenos
Aires today, would alleviate the situa-
ton. Call money renewed unchanged
at Z per cent, and while the supply was
not unusually large, money brokers indi-
Gated that the rate might be maintained
throughout the session.
Except for the increase from SO to a
in the annual dividend on William
Wrigley common and the publication
of the weekly steel trade reviews, which
showed that output was being main
tanned at nigh rate, there was little
in the days news developments to in
fluence the price movement. The steel
shares nevertheless we're inclined to
heaviness, Superior dropping 8 II points
and Michigan 2.
Many of the public utilities reached
their highest prices of the year on the
late trading. despite the severity of
the selling pressure against the oils.
steels radio and other important shares
Standard Gas d Electric, Philadelphia
Co., Pacific Gas 81 Electric and South
ern California Edison rose to points
The close was irregular.
Early Gains Recorded.
Upward price tendencies again pre-
dominated at the opening. General
Electric showed an initial gain Of IA
points National Lead Q and Johns
Manville and American & Foreign
Power a point each. Allied Chemical
and American Can fell back q point on
opening transactions.
Resumption of gold shipments from
Great Britain, which is expected to ease
the midyear credit strain, and the high
rate of employment reported by the
Department of Labor were stressed by
commission houses as bullish factors.
Excessive heat of the past few days has
driven many traders away from the
financial district, with the result that
early trading was relatively light in
volume.
Baldwin Locomotive. announcement
of q stock split-up in which Is expected
shortly, opened at 234 and quickly ran
up to 244, an overnight gain of III
points. Air Reduction advanced 4
points. National Lead 3 and Johns
Manville 2.
Public service Of New Jersey crossed
par for the first time and American
Water Works was pushed up a point
North American fell back points on
profit-taking.
International Business Machines was
marked up to new high record and
early gains Of a point or more were
registered by a wide assortment of
popular industrials. including Lambert,
Mack Trucks, Studebaker, Crucible
Steel Continental Can and American
Locomotive.
Rats and Oils.
Talk of large railroad stock holding
company revived interest In the rail
shares, New York Central and Chesa-
peake 6s Ohio being the early leaders
Houston Oil, which ran up more than
points Monday and did not sell yes
| terday, fell back AZ points. Murray
Corporation, Thinker Roller Bearing.
Warner Bros. Pictures and American
Tobacco B yielded point or so.
Foreign exchanges opened steady,
with sterling cables unchanged.