Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-21
STOCKS IRREGULAR
IN HEAVY SELLING
Speculative Favorites Are
Whirled Up to High Records
Despite Realizing.
BY STANLEY w. PRENosIL,


NEW YORK, August 81 lR).-The
Stock market, having experienced an
almost perpendicular advance since the
drastic break of August 8, showed signs
OF firing today under the steadily ex-'
banding stream of profit-takins and
short selling. Pools succeeded in whirI-
ing up about a dozen high-priced in
United States Steel common, Union
Carbide, Westinghouse Electric and
Bethlehem Steel, to new high records,
but other recent favorites lost ground,
giving the market an irregular appear
ance.
Despite the fact that the bulk of pro-
fess1onal speculative activity was in the
high-priced issues beyond the reach of
many small traders. the volume of bus
mess was relatively large.
Weekly iron trade reviews continued
optimistic. Iron Age reported that "a
tapering demand for steel is yet to be
renected definitely in mill operations,
which are still at near capacity rate in
most districts" 1t points out that Ship
ments are cutting heavily into backlogs
in some lines.
Real Silk Hosiery resumed dividends
on the common stock after a lapse of
TWO years. and there were a number
OF favorable earnings reports.
Call money was in plentiful supply
and the rate dropped from z to 6 per
cent. the lowest rate since August Ia.
This had bullish effect on speculative
sentiment. There was no change in
other monetary accommodations.
Inc market turned heavy in the last
hour. with renewed selling of the pub
lie utility and related issues. General
Electric and American Telephone each
lost more than points. Powerful bull
ISM operations in the motors failed to
reverse the trend. General Motors was
sent up more than points on sales
OF more than 100000 shares and Du
Pont. which holds 20 per cent inter-
est in the corporation, rose nearly 8.
The close was heavy
Inc market opened with an impress
SlVe demonstration of strength TODAY.
The first sale of Radio was a block Of
$4,000 shares at 92h2, up 2. CONNER
clal Solvents ran up 5 points, to 5O2;
Westinghouse Electric, 3, to $50, and
Commercial Investment trusts, Ii, to
1884, all new high records, Union Pa
cif1c opened Az points higher and
initial gains of l to 2la points were
recorded by United States Steel COM
mon, Atchison, Montgomery Ward,
General Electric, International Har-
vester and Eastman Kodak.
Wall Street apparently was pleased
with the announcement that the ratio
OF Stock Exchange member borrowings
to listed share values dropped from els
per cent on July l, to 887 per cent on
August /, when the market value of all
stocks totaled $83,232, 1872 ,O83. The an
nouncement that total legal reserve life
insurance in force in the United States
had reached the S100. 900 900 900 mark
several months sooner than expected
also had bullish effect on sentiment.
Rails came to the fore in the early
trading as result of the unusually favo-
rable July earnings statement now be-
ing published. Baltimore & Ohio, Erie
common and Pennsylvania all moved
into new high ground for the year.
Commercial Solvents quickly extended
its gain to points by touching 5O4
and Eastman Kodak to 434 by touch
ing 20934. both new high records.
United Aircraft moved up 81 points
and Radio advanced to SO. One block
Of 10000 shares of Standard Oil of
New Jersey changed hands at 7O7a.
of 1s. "'
International Telephone. which ran
up more than 10 points yesterday, fell
back points on the first wave of real
iz1ng. Columbian Carbon. Allis ChaI-
mers and General Railway Signal also
yielded l to 2 points.
Foreign exchanges opened firm. with
sterling cables ruling "a higher at
$4S47s.