Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-15
STOCKS IRREGULAR
AFTER EARLY GAIN
Trading Assumes Cautious
Trend-Heavy Selling Re-
suits in Reaction.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.


NEW YORK, February ia higher
rate for call money and renewed ner-
vousness over the credit situation
brought about reaction in today's stock
market. The opening had been mod
erately higher and for time the mar
ket seemed to be forging ahead, but by
midday the trend had been reversed,
and in the afternoon prices were lower
all around, even the copper stocks,
which had been early favorites, coming
down with the rest.
OF the standard stocks, U. S. Steel
and General Electric were under con-
sistent pressure. General Motors, al
though lower, made a better resistance.
The rails sold of easily, and so did
most of the industrial specialties.
Money renewed at 612 per cent. The
banks called $60,000,000 in loans and
the rate was advanced to 7 per cent
shortly after / o'clock and to per cent
half hour later.
The first reaction of the street to the
fact that the directors of the Federal
Reserve Bank Of New York took no ac-
ton on the rediScount rate was of re-
lief. Together with the reduction in
brokers' loans and the good showing of
the reserve ratio in the reserve system
as q whole, the overnight developments
were held to be favorable. Then there
was an advance in bankers acceptances,
realization of the possibility If not prob
ability that raising of the rate had
been only postponed and the belief that
brokers' loans would turn upward again
next week, and the optimism was dis
sipated.
Coppers Show Strength.
The early strength showed itself
chiefly in the copper stocks. Andes was
the favorite, with Anaconda not far be-
hind The talk was of an offer by the
latter for the minority stock of the for
mer. Predictions of further increases in
the price of the metal were renewed.
Aggressive operations for the rise went
on in the public utilities. American and
Foreign Power, which has been such
spectacular performer in recent sessions,
jumped points more to another record
high North American was in urgent
demand, also at the best for the pres
ent stock Utilities Power and Light
and American Power and Light were
strong.
United States Steel continued heavy.
The action Of steel is one of the myS-
teries of the market. It was down to-
day some 20 points from the top made
earlier in the year. There has been no
change except for the better in the out
look for the steel industry and the time
is approaching when the annual offer
of stock will be made to employees.
Moreover, the report Is heard in quar-
tiers usually we'll informed that there is
TO be split-up. The stock, however,
performs very disappointingly on the
tape.
Rail Shares Drag.
More attention was paid to the oils,
with varied results. Underwater ASso-
ciated was up point on the highly ia
vorable report. There was large turn
over in Sinclair in connection with the
dividend announcement. The stock was
down, but not Importantly, showing
that the news had been well discounted.
Railroad shares dragged. Here, too.
there was nothing unfavorable in the
situation, but the rails have no short
interest on which to fall back, and when
the general market runs downward
they are allowed to take care Of them
selves.
Call money renewed at 6i2 per cent
the rate that prevailed yesterday.