Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-20
PRICES ARE MIXED
IN STOCK TRADING
Market Shows Uncertain
Trend as Buyers Become
More Cautious.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, September 20-Price
movements on the New York Stock Ex-
change lacked a definite trend today,
but major speculative operations were
again on the upside. Weakness IN
some Of the recent industrial leaders
tended to dampen bullish enthusiasm
and, while score or more issues were
pushed into new high ground, at least
half a dozen, including Chrysler, sank
to new low levels for the year.
The market turned heavy in the late
afternoon trading, with U. s. Steel and
Radio selling and points, respectively,
under yesterdays close. Radio, at IS.
was down nearly 20 points from its
recent peak of 1l4%. United Aircraft
slumped points and Otis Elevator was
down II.
Effect Of Loan Report.
Fears that the increase of S95 ,OO0. 900
in brokers' loans last week in the face
of declining stock prices indicated that
stocks were passing from strong to
weak hands naturally brought words of
caution from several of the conserva-
tive commission houses and tended to
restrict the buying operations Of small
investors.
On the other hand, Wall Street was
pleased with the improvement In the
weekly Federal Reserve statement, show
ing q reduction in member bank Dor
rowings and the volume of Federal
Reserve credit in use.
RumorS of further bank mergers,
stock Split-upS and dividend increases
were widely circulated in the financial
district. Erie, one Of the first large
railroads to report its August earnings,
showed net operating income Of $2,-
304, 093, as contrasted with $780,, 753
In the same month last year. Indus
trial corporation reports also made
favorable comparisons with last year.
Opening Is Irregular.
Prices moved irregularly higher at
the opening. Radio and General Mo-
tors each opened with blocks of 5000
shares, the former dropping q point and
the latter "a. Columbia Gas opened
with a block of 10000 shares at 100,
up 8. American Telephone, selling ex-
dividend. IA. opened at 30434. net
gain Of 3 points. American & Foreign
Power showed an initial gain Of az,
Sears Roebuck 2 and American Can,
Montgomery Ward. Southern Pacific,
United Fruit 81 Drug, Inc, about a
point each.
Wall Street was surprised by the in
crease Of sos 100000 in Federal Re-
oCINc OIUAcIS lOdLlo 10 dK1OlIIcT new.
high record, but this was partially OFF,
set by the improvement shown in the
Federal Reserve ratio. In view of the
fact that the general level of stock
prices declined in the period covered
by the loan statement, many observers
expressed the opinion that heavy dis
tribution had taken place. Others were
inclined to regard the increase in loans
as due to the heavy volume of new
financing.
Renewal of selling pressure against
United States Steel common, which
quickly Cancelled its early gain Of 134
points, and sold a point below last
| nights final quotation, brought fresh
selling into other stocks and turned the
course Of prices increasingly irregular
before the end of the first hour Radio
dropped 3la points, and Chrysler fell
back more than to a new low level
for the year at IS.
Early Gains.
Commercial Solvents, which scored
! net advance of 81 points yesterday.
quickly rallied IL points. Columbia
Gas extended its gain to 534 by touch
ing a new high at 1929. New peak
| prices also were established by Republic
| Steel, Frank G. Shattuck. Kraft Cheese
| and United States Industrial Alcohol.
! Worthington Pump was marked up
! Az points in the first outburst Of buy
| ing, American & Foreign Power ex-
I tended its gain to 31a, and Johns Man
VILE North American, International
| Combustion and General Electric sold 2
or more points above yesterdays final
quotations
Foreign exchanges opened steady, with
sterling cables a shade higher at
81 ~ 21.32