Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-24
STOCKS IRREGULAR
/. IN LOWER MARKET
Profit Taking and Bear Sell
ing Cause Numerous Drops
in List.
BY CLAUDE A. JAGGER,
Associated Press Financial Editor.

NEW YORK. July 24.-Bull forces
gave the stock market rest today, but
offered sufficient support to hold lead
ing shares at concessions of point or
two from yesterdays final levels and
to discourage any very ambitious bear
ish activity.
On the whole. the list was inclined
TO ease, with few shares losing 3 to
points or more. Price trends changed
frequently in extremely dull trading.
There were fairly substantial dips at
times, followed by moderate rallies.
Trading was in such small volume that
the ticker tape was stationary much
of the time.
The General Motors earnings state
ment, showing net of S1.34 a share for
the first half as compared to $2.ol in
the same period last year, was generally
regarded with satisfaction. The sub
stantial improvement in the company's
cash position since the first OF the year
was also gratifying, and the stock was
firmly supported by its market sponsors.
Steel Report Awaited.
Wall Street is now waiting rather
impatiently for United States Steels
earnings statement, due next Tuesday.
There have been some rumors that oil
rectors would declare 81 extra, but
they have gained little credence.
The results of major corporations so
far reporting for the first half have
been gratifying. but many of the smaller
corporations have not dolfe so well.
F'allonsbee Bros. cut its annual divi-
dend rates from So TO So, the flrst steel
company to reduce its regular disburse-
ments this year. The company showed
a profit in the second quarter, however,
compared to deficit in the first
Among the days none too pleasing
news was announcement of a 10 per
cent wage reduction by National Cash
Register and extension OF Ford Motors
shutdown for another week.
No explanation of the further shut
down was available. Such stocks as
American Telephone, u. s. Steel. West
inghouse Electric, Standard of New
Jersey and Radio Keith, sagged a point
or so at times, but were quickly sup
ported. Radio, General Electric and
General Motors were active features,
but moved narrowly. The last-named
received particularly good support.
Other Changes.
American Can sold a little higher at
times. Allied Chemical, Safeway Stores,
Chesapeake e. Ohio, Western Union and
Columbian Carbon sold off as much as
3 to 6. International Cement was a
strong spot, rising more than 8, and
National Dairy, American Power g.
Light and Coca Cola we're firm.
Credits remained easy, with call loans
officially at 2 per cent, but as low as
Ia in the outside market.
Easier tendencies prevailed in the
late trading when some OF the leaders,
including United States Steel and
American Telephone, off about e each
touched their lowest prices Of the day
United States Industrial Alcohol was
weak, dropping points, while j. /
Case lost nearly as much. Pool opera
lions for the advance were resumed in
few stocks, including Atlantic Rein
cries, Coca Cola, American Power &
Light, Underwood Elliott-Ftsher and
American Chain. up couple OF points
each. The close was easy. Sales APP
proximated 1,800,0 900 shares.