Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-05
STOCK PRICES DROP
IN HEAVY SELLING
Market Leaders Tumble in
Final Trading as Liquida.
ton Increases.
BY STANLEY w. PRENOSIL,
Associated Press financial Editor.

NEW YORK, September 5.-!The>
bull" party regained control of the
price movement in today's stock mar
ket, out signs OF nervousness on the
part OF professional traders, which have
been apparent for the last few days,
have not entirely disappeared.
New soft spots cropped out from
time TO time and some of the rallies in
the pool favorites were checked by
heavy offerings. Speculative interest
shifted from the coppers to the public
utilities and thence to the rails, with
the motor, steel, electric and merchan-
dising shares also presenting few
points of strength.
Pivotal shares were liquidated heavily
in the final hour as traders grew ner-
YOUR over the possible restriction Of
credit supplies. Issues that had been
strong earlier, such as General Electric
and the public utilities, fell back to
IL points from their best prices. Pere
Marquette was down 10 from the pre-
vious close, United States Steel 71a and
du Pont 8. Others. including American
Telephone, Bethlehem Steel, Allied
Chemical, Air Reduction and Midland
Steel Products preferred, showed losses
Of to points. The closing was weak.
London Rate.
Wall Street apparently was pleased
Bank of England discount rate, as 1t
was feared that an increase would re-
suit in a heavy withdrawal of funds
from New York and complicate the al
ready tight credit situation here. Call
money renewed unchanged at 8 per cent
but there was fairly heavy calling of
loans by out-of-town lenders and the
rate threatened to go higher. Nearly
$3.50 .000. 900 in stock subscriptions for
of he nj 1aNOa
vestment trusts has been called for pay
ment tomorrow.
Outside of the credit situation, two
of the most significant developments OF
the days news were the establishment
Of a new seasonal record in freight car
loadings. and the announcement that
copper sales in the first week of Sep
TENDER were the largest in history. This
was reflected in a better demand for
the copper and railroad shares. although
several of the leading commission houses
continued to urge caution on the theory
| that a further corrective reaction was
necessary.
Opening Is Irregular.
Price movements lacked uniformity
at the opening, although radio, Gen.
| eral Motors and the coppers which
were prominent in yesterdays late up
| swing, resumed their advance. Ana
| conda opened with a block of 1900
shares at 1922 and Kennecott with a
block OF 5000 shares at $685., both up
fractionally. Westinghouse Electric,
Southern. Railway and Katy" common
advanced a point or more. Dupont
dropped 3 points and losses of point
or so were recorded by U. S. Steel COM
mon, International Telephone and st.
Paul common
Retention of the 5la per cent dis
count rate by the Bank Of England ap-
parently offset the increase Of more
than $400, 600 900 in stock exchange
member loans to another new high rec
| ord, some nervousness was apparent in
the early trading, but bullish confidence
grew as the session progressed, although
early gains were generally held to
point or two
Revival of activity and strength in
! the copper shares was based on unoffl-
cial predictions of a further increase in
red metal prices within the next fort
quickly extended their gains to point
or more, and the others rallied in
! sympathy.
! Rails were slow in getting started
| despite the establishment of "a new
seasonal record for car loadings. Re-
newed selling developed in the oil group,
presumably on the publication of rec
ord-breaking production statistics. One
block of 10000 shares of. Independent
Oil & Gas changed hands at 80, of 2lz
points.
Early declines of point or two
also were recorded by Underwood,
Elliott Fisher, Nash Motors, American
Brown Boveri and Hershey Chocolate.
American Bosch Magnetic was quickly
marked up points, Columbia Graphic
! phone and Montgomery-Ward. Hud-
son & Manhattan, Consolidated Gas,
Radio and Gold Dust a point or more.
Foreign exchanges opened easier, with
sterling cables shade lower at s48434.
Private London dispatches reported the
sale of 100000 pounds of gold in the
London market for shipment to France.