Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-18
STOCKS IRREGULAR
IN HEAVY SELLING
Fear of Increase in Brokers'
Loans Brings Out Liqui-
dation.
BY STANLEY w. PRENOSIL.
Associated Press Financial Editor

NEW YORK, July 18.-Uneasiness
over the weekly Federal Reserve state
ment 10 be issued after the close of
today'S market accounted for the wide
spread irregularity in price movement
In todayS session.
Pool operations were resumed In
about a score of speciaIties. which were
marked up to points, but many of
the recent faVorltes, particularly in the
railroad group, yielded l to points
on selling by professional traders who
desired to tighten their long commit
mentS.
Call money renewed at Der cent
ana appeared TO be in fairly plentiful
supply at that figure. Time money
rates held firm around 734 per cent.
The market rallied slightly in the
last hour, after call money was lowered
To per cent. American Telephone
regalned most of a Appoint loss suffered
earlier, and United States Steel was
sent up points. Steels generally firmed,
Bethlehem rising more than a point on
optimistic estimates of second quarter
earnings TO be announced after the
close. United Aircraft jumped 2 points
on announcement of acquisition of
Slkorsky. Weak spots persisted, how
ever, with Auburn Auto down 4 and
atlantic Coast Line nearly points
~~NSN
Loan Increase Feared.
commission houses continue to stress
tne possibility of sharp readjustment
in security values and urge caution m
the making OF new commitments. With
brokers' loans already close to the high
est level in all time, fears were eX-
pressed by some houses that a sharn
increase TO a new high record today
might have an adverse effect on specu-
latlve sentiment
ETatic price movements character
lzed me opening Pan American
opened with block of 10000 shares at
"a, up l point Johns Manville ad-
yanced AS points. Du Pont 244 and
Delaware q Hudson, Columbia Graphic
phone and Atchison advanced a point
or more, the last named touching a
new high. Reading dropped points,
Consolidated Gas and General Railway
Signal 2l2 each and Radio 1l2.
Passing of the midmonth credit
stringency and the recent sharp rise in
commodity prices, increasing the po-
gionS, had a cheerful effect on specu-
lative sentiment. Many professional
traders, however, were inclined to go
slow until after the weekly brokers'
loan figures were out of the way and
the statistics on member bank borrow
ingS were made known.
Consolidation of several large mem
bers in recent months. with rumors of
others in prospect, also helped to gen.
crate bullish enthusiasm. Wall street
has been flooded of late with rumors of
stock dividends and special disburSe-
ments.
Publication Of an excellent quarterly
report by the Republic Steel Co. held
cut high hopes of unusually favorable
statements by the Bethlehem and
common quickly advanced l42 points
and most of the others improved frac-
tionally.
Rails Well Supported.
Strong buying support again devel-
oped in the railroad shares. AtchiSon
sold at $50 for the first time and Great
Northern preferred crossed 106 TO new
peak Southern Pacific, Delaware IL
Hudson and New York Central quickly
moved up a point or more. but Ale
ghany Corporation, which had a sharp
rup-up in the late trading yesterday,
ran into some profit-taking.
Engineers Public Service common and
preferred also reached new high ground.
Oliver Farm Equipment. Wright Aero
nautical, Gillette Safety Razor and
American Wooden all were in good de-
mand American Telephone dropped
points and Greene Cananea sold of 35s.
Simmons and Union Carbide yielded
point or so in the first few minutes OF
trading.
Foreign exchanges opened firm, with
sterling cables unchanged at 81 SO 3-l6.
No change was made in the Bank of
England discount rate of Sl2 per cent.