Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-19
STOCKS SUBJECTED
TO HEAVY SELLING
BuIlish Operations Center on
Utilities, SpeciaIties and
Rail Issues.
BY STANLEY w. PRENOsIL.

Associated Press Financial Editor.
NEW YORK, August 1s.-The stocs
market. having advanced rapidly into
new high grounds last week, today ran
into some selling, particularly In the oil .
shares, but this was offset by a resump-
ton Of bullish operations In a select
assortment Of public utility, steel, cleo
trio equipment and railroad stocks. The
selling was inspired largely by the be-
lief that the technical position Of the
market had been weakened and that a
corrective reaction was in order.
Credit Situation.
Call money opened unchanged at 7
per cent and was in scarce supply for a
time. but new funds made their appear
ance around midday and there were ill.,
dications that the rate might be main
tanned. There was no change in time
money and commercial paper rates.
Except for reports of slight falling
of in steel output in the Youngstown
district, most of the days trade news
was favorable. With the United States
Senate reconvening today, attention was
again directed to the possibility of
congressional inveStlgG..1n of Federal
Reserve policy and securities trading,
and this tended to cause some liQuida-
ton by nervous investors and specula-
tors. Little attention has been paid by
the financial district thus far to the
war-like preparations In the Far East
Stimulated by the advance in Steel,
which reached 246l2, a rise Of points
to a new high, wide assortment Of
stocks developed marked buoyancy in
the afternoon. Commercial Solvents
ran up Il points to 496, American &
Foreign Power ia to $50 and American
Can to 1871. all record prices. Amer
lean Tobacco. Fox Film, International
Harvester and Philadelphia Co. all adj
vanced between 4 and points. The
close was irregular.
Opening Is Irregular.
Prices moved irregularly higher at the
opening, with rails, oils and public
utilities again in good demand. Atchi-
son opened points higher, Westing.
house Electric, 2: General Electric, 1s4
and standard Oil of New Jersey and
Gillette Safety Razor about point each.
International Telephone crossed 100 ia
new high record. North American Co.
and Union Pacific we're heavy.
Wall Street apparently was not dis.
turbed by reports of military disturb.
ances in the Far East. Most of tbs
week end trade reports were optimiStia
in character and had a cheerful effect
on speculative sentiment. Some sellin.
came into the market, however. as q
result of the cautionary advices of SONS
of the conservative commission houses,
which advised their customers to tighten
long commitments.
Westinghouse Electric, which Is expect
ed to benefit materially from the rail-
road electrif1cation projects under way,
was quickly marked up nearly S points
to new high record of 252h. Inter-
national Telephone, which is plannin:
further expansion of its facilities.
crossed 122 to another new high for
the present stock. Paramount-Famous- .
LaSky and Packard told stock) also
reached new high ground.
Recent Leaders Heavy.
Rails made further response to re-
ports of record-breaking car readings
for this season Of the year. Southern
Railway and Great Northern preferred
recorded early gains of 2 points and
New Haven, Frisco common and Nor
folk & Western recorded early gains of
a point CT so.
Heaviness cropped out in several of
the recent leaders, such as U. S. Steel
common, American Can, Simmons Co.
and National Dairy Products, all of
which yielded a point or so in the first
half hour.
Foreign exchanges openetd steady,
with sterling cables unchanged az
$4.8434.