Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-15
STOCKS IRREGULAR
IN QUIET. MARKET
Various Groups Bid Up; Loan
Report Is Awaited
by Traders.
BY STALEY W. PRENOsn,
Associated Press Financial Editor.


NEW YORK, August 15.-Uneasiness
over the weekly Federal Reserve brok-
ers' loan statement, to be issued after
the close of the market, brought about
further irregularity in today's stock
market, although the main tendency
was again upward. Trading turned
rather dull, but there was evidence Of
organized buying in a rather wide as
sortment Of public utilities, rails and
merchandising shares.
Liquidation of the rubbers, Fisk con-
vertible preferred sinking 4 and. Good
year 3, to new lows for the year, and
the selling OF the coppers was Offset in
the last hour by the marking up Of
various speciaIties. Newport Co, Tim
ken Roller Bearing, Gillette Safety
Razor, American Water Works & Elec-
trio and A. M Byers rose 4 to 6 points.
The closing was irregular.
Gold Withdrawals.
Call money renewed unchanged at 7
per cent, after having dropped to 6 In
yesterdays late trading. and there vas
no change in other monetary accommo-
dat1ons. Further Withdrawals of gold
in London for shipment to New York
were reported. but their effect on the
credit situation will not be apparent
until after their arrival next week.
Wall Street guesses on brokers' loans
vary widely, but several brokers ad-
vised their customers that no material
change either way was likely.
United States Steel common duieted
down after its spectacular advance of
the past week. The stock opened I'M
changed at 238. advanced to 239. fell
hnlnuy nKaI tLar@
the days high figure in the early AFTER
noon. Vanadium and Michigan steels
turned heavy. but Otis Steel was
marked up nearly points.
The announcement that freight car
loadingS' in the first week of August
had set new high record for the year
attracted fresh buying to the railroad
shares. Delaware & Hudson ran I'D
nearly s points, New York & Harlem S,
Atchison and New York Central each
and Pennsylvania. Baltimore & Ohio,
Erie, Lehigh Valley. Canadian Pacific
and few others sold or more points
higher. Union Pacific rallied ga and
then fell So.
Public Utilities.
Revival of speculative activity In the
public utilities was based on the belief
that important developments planned
in that field by powerful New York
banking interests had not yet been
completed. and that further combina-
tons and alignmentS would be an
nounced before the end Of the year.
Consolidated Gas was one of the lead
ers, moving up 4 points to a new high
at 171%.
American Can was brought forward
by operators for the advance as the
leader Of today'S market, being pushed
To hirIr nE1
share. which contrasts with the years
low of $10775. Worthington Pump and
Gillette Safety Razor also moved into
new high ground.
Outbursts of buying also took place
at intervals in Radio, Montgomery
Ward and American Water Works.
Case Threshing broke IS points and
Air Reduction 7as, but they recovered
about half their loss by early afternoon.
Allied Chemical, National Biscuit and
Columbian Carbon also showed con-
spicuous heayiness. -~ -.
Opening Is Higher.
Prices resumed their upward move
ment at the opening. United States
Steel common opened unchanged at
238, but quickly moved up a point.
AtchjSon. which fell more than points
yesterday, opened 634 points higher.
American Can showed an initial gain
of "a points at 171l2. a. new high
record. Initial advances of a point or
so were registered by General Motors.
Westinghouse Electric, Hershey Choco-
late and Simmons Co. North American
Co. fell u points and General Elec-
trio 2.
Retention Of the 51z per cent dis
count rate by the Bank of England. and
the announcement Of further gold i'm
ports from London had bulliSh effect
on speculative sentiment. A few soft
spots cropped out here and there as
conservative commission houses pointed
to the possibility of further corrective
| reaction, but pools bought stocks heav-
lily on the strength of the recent lower
ing Of call money rates and the con-
tinued prosperity of most Of the
country'S leading corporations.
Trading was started in Aviation Cor
poration Of Delaware common and
United States Freight, both of which
were transferred from the New York
Curb Exchange. Aviation common
opened with a block of 5000 shares at
10, and the first sale of United States
Freight was at 1919, both up frac-
tionally from their final quotations on
the Curb.