Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-22
STOCKS IRREGULAR
IN MIXED MARKET
Uncertainties in Credit Stu
alton Cause Heavy Selling
During Day..
BY GEORGE T. HUGHES.
Special Dispatch to The. s:ar.

Special Dispatch to The star !
NEW YORK. March 22-Sharp re-
action followed by partial recovery
characterized today's stock market. The
combination Of special meeting of the
Federal Reserve Board in Washington
and session of the Chicago bank di-
rectofs at Chicago with the possibility
of an announcement of rate increase
by the latter was TOO much for the mar
ket's nerves, and stocks were offered
heavily, broke substantially and left Off
unsettled. ...,.
Again today volume was largest on
the decline. 1t was plain that the
path of least resistance was downward
for the present at least. The last hour
recovery looked more like short cover
ing than resumption of the main adj
vance, The Chicago meeting was adj
iourned without any announcement on
the rate and that was taken to mean
that there would be no change, al
though it was not conclusive by any
means. However, the news was enough
to persuade bear operators to take. in
their contracts.
The entire list suffered when the
selling was at its height. Motors, cop
pers, steels industrial specialities and
rails gave way. In fact it was the
uniformity Of the decline which was
It's most impressive feature.
The Street was pleased that the New
York discount rate was not raised. It
was apprehensiye over the situation in
Chicago and news that the reserve
board was in session at Washington
was disquieting. Little was said about
the increase in brokers' loans to a new
all-time high. That was something ex-
pected and taken for granted, but there
was continued uneasiness about what
the reserve authorities might do
Industrial News Good.
As far as the industrial news was
concerned. 1t was favorable.
The market for copper metal was
still exceedingly strong, with a price
OF "a cents a pound predicted before
the end OF the week. The copper stocks,
however, paid no attention to the trade
news.
Anaconda was strong in the first
hour as word was passed around that a
new. pool. had been organized in, the
stock. The price ran up or 8 points,
but sold OF again before noon time.
Meanwhile, Kennecott dipped under
500 q share, the lowest in q week.
General Motors, another recent ia
vorite, did Better. It was turned over
in large volume around 90. There was
special buying In Associated Dry Goods
and in Pullman. Railway Equipments,
as a rule, were well supported on the
theory that operating results this year
would be much better than in 1928.
Baldwin. up some points above 270,
was at new years top.
Steel shares moved erratically. United
States Steel swung back and forth in
the early trading within a range of
three points, but with the stock In sup
ply and inclined to give way. Bethlehem
Steel was the strongest of the in
dependents and up on the day part Of
the time.
Oil Group Heavy.
The oils were heavy. The upturn
earlier In the week seemingly was only
another false start.
In brokers' offices the talk was that
speculation for the rise was safer with
the oils than anywhere else In the list
and yet the tape did not reflect this
opinion. The rails acted Disappointing
ly also. These. like the oils, have been
constantly recommended by the con-
sentative element, but today they. sold
on as easily as the industrials.