Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-14
STOCKS IRREGULAR
IN PROFIT TAKING
Leaders Feel Effect of Heavy
Realizing as Advance
Slows Down.
BY STANLEY w. PRENOSIL.
Associated Press Financial ra,tnr

NEW YORK, August 14-The wild
Dull movement, which has been under
way IN some Of the high-priced in
ouStIiaLS ana rails since last FRIDAYS
drastic break, showed signs of slowing
up today under the heavy selling in.
spired by fears of another large in
crease In Federal Reserve brokers loans
Cnis week: "A sprinkling Of issues. in
Guiding United States Steel common.
General Electric, WESTINGHOUSE Electric
and Consolidated Gas, were whirled I'm
70 10 points to new high records in
the early trading, but sagged az to 61L
points below their highs in the early
afternoon selling movement.
FavOrites Lose Ground.
Meanwhile, the rapidity Of the recent
advance induced heavy profit taking
and some short selling In other stocks.
giving the general list an irregular an,
pearance. At least a score of the re-
cent favorites dipped 2 to 8 points be.
low yesterdays final quotations. Sew
eral OF the large commission houses
urged extreme caution in the making Of
new commitments, and thus tended to
bring In selling from small traders and
investors throughout the country.
credit conditions showed signs of
further relaxation, despite the buIlish
Stock market activity of the last few
DAYS. CAN money renewed at per cent.
as against 8 yesterday, and dropped to
. IN the early afternoon. This was the
nrSt time in six weeks that call money
mas been quoted as low as per cent.
Time money rates also were shaded
slightly. Meanwhile London cables an
nounced the shipment of more than
So,OOO,OOO in gold to New York. Wall
street ngureS that each dollar In gold
provides the basis for $40 in credit.
Revival Of activity and strength In
the OIL shares, presumably based on the
reduction in crude output reported last
week by the American Petroleum In
sutute, was one Of the days features.
american Can went up points to
1701z and New Haven up 3 to I2r7s
both new highs, before the entire list
turned downward in the last hour.
Westinghouse sold 9Ia points below its
early high, General Electric 8 and
United States Steel s. Union Pacific.
which closed yesterday at $50, was down
10 ITO. The close was heavy.
Strength at Opening.
Prices made further recovery ut
the opening. Paramount Famous-i,a sky
opened with a block of 10000 shares
at 7O%s, up "a; Consolidated Gas with
block Of 9,400 shares at 1867. I'm
3H4, both new high records. General
fuDlc service advanced points and
initial gains of point or so were re-
corded by General Electric, American
Can, Sears Roebuck and Simmons Co.
United States Steel common opened un-
changed at 237, and then advanced
fractionally
Led by the high-priced industrjaIs
and specialties. the market gathered
strength as trading progressed, with
several issues breaking into new high
ground. Wall Street was encouraged by
the lowering of call money rates yes
terday although some selling came into
the market from conservative traders
on the theory that the weekly state
ment of Federal Reserve brokers' loans
might show a substantial increase.
Westinghouse Electric scared Is
points to $50, General Electric 8lL to
397, Consolidated Gas 6l2 to 40, and
United States Steel to 245, all new
high records.
Warren Bros. ran up nearly 4 points,
American Power & Light ga, and earlv
gains OF points or more were recorded
by New York Central, Norfolk g. West
ern, American Can, Allied Chemical,
Houston Oil. May Department Stores
and Fox Films. At least score others.
including Atchison, American Tele-
phone, Kennecott Copper and westing-
house Air Brake, advanced a point
or so.