Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-27
STOCKS IRREGULAR
ON PROF|T-TAk|NG
Bull Party Encounters Selling
Drive as List Scores
Advances.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.

NEW YORK, August 7.-SpeeulaboFS
for the rise found the stock market
still determined today to take admin
istrations of bullishness in small and
cautious doses.
After a substantial extension Of yes
terday'S gains dubing the. first hour
profit taking cropped out in consider
able volume, and bears unsettled the
list by searching out weak spots. Oper-
atoms for the advance were stFenu-
ovlsly pressed forward, but the price
movement became somewhat irregular.
Trading was in the largest volume IN
several days.
After advancing point United States
Steel attracted selling and sold OF o
point or 80 under yesterdays close,
but was supported WELL On the whole,
pivotal shares moved narrowly. During
the early rise, IN which utilities and
specialties were prominent, Allied
Chemical rose 8, Delaware q Hudson,
6, and Atehison, Eastman, Worthing-
ton, Safeway, American q Foreign
Power, Electric Power g. Light, Stone
g. webster, New Haven, Sears-Roebuck
and American Tobacco B, 2 to 8. THESE
advances were reduced later, although
good buying reappeared in some of the
merchandise, amusement and manufac-
turing shares.
Selling Appears.
Vanadium was heavily sold, breaking
more than 4. Oliver Farm common
and Bohn Aluminium dropped Z to new
lows and Oliver Farm preferred sold
OF about Z before rallying.
Professional operators appeared de-
termined to make the most Of the more
cheerful tenor Of business and trade
news. Although the indicated improve
ment thus far is slight, and few bank
ers or statistical services are predicting
any spectacular acceleration Of business
in the Fall, the fact that the tide APP
peared to have turned inStilled renewed
bullish enthusiasm.
The days trade reports were not In
agreement as to the extent of the I'M
provement In business evident since
August /. The weekly steel trade re-
views were a little contradictory.
Iron Age estimated that steel mill
operations for the country at large had
improved in the past week but per
cent, placing products at 81 per cent OF
capacity, against So q fortnight ago.
Steel agreed with Dow, Jones 81 Co,
which yesterday placed operations at SO
per cent against 541a per cent a week
previously. American Metal Market
said that operations now approximate
the weekly average of July, which was
calculated by the Iron and Steel Insti-
tUte at slightly above Sc per cent. The
steel trade reviews indicated that con-
sumers are now willing to buy well into
the future, evidently feeling that prices
have touched bottom, while producers
are reluctant to sell much at the cur
rent low levels.
Improvement in Building.
An encouraging development was an
improvement in building operations,
F. w. Dodge Corporations daily aver
age for the first three weeks of August
showing a slight increase over the ex-
tremely low levels of July Freight car
loadings for the second week of the
month showed a gain of about per
cent over the previous week, a little
more than the normal seasonal adj
vance, but the total was still the low
est since 1922. The American Fedora
ton of Labor estimated that unemploy-
ment in August had been cut down
three-tenths Of 1 per cent from July
Credit showed slightly firmer un-
dertone, perhaps the first reflection Of
the month-end and holiday require
ments. Call money still held at per
cent.