Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-29
STOCKS ARE LOWER
IN SELLING MOVE
Leaders Decline on Liberal
0fferings-SpeciaIties
Lose Ground.
BY CLAUDE A. JAEGER,

Associated Press Financial Editor.
NEW YORK, July 2e-Bulls fortified
themselves behind important industrial
and utility shares, while bears played
havoc in todays stock market in the
merchandising and rail issues.
Losses in most of the pivotal issues
we're held to a point or two, but among
the carrier, chain store and speciality
issues there we're numerous breaks OF
several points.
Trading was light, and it was esti-
mated in commission house circles that
as much as rs per cent of the business
was for the personal accounts OF floor
traders. Most important banking in
terests appear to regard these hand
made fluctuations of the market as In
consequential.
News Is Bearish.
On the whole. the days news IA
vored the bear cause. Spectators for
the decline were quick to place an
unfayorable Interpretation on the VIC
tory of the high tariff party in Canada,
estimating that retaliatory schedules
NAV reduce our export trade TO the
extent of a few hundred millions an
nually Also, Amtorg's threats TO take
its business elsewhere hold proSpect
of a further reduction Of $lO0OOO'ooO
Much of the selling of the merchan-
disine shares was evidently based on the
New York Federal reserves estimate
showing a drop of 81 per cent In whole
sale business in this district In June
but wholesalers point out that they nave
slashed prices drastically since May ano
that the reduction in the actual volume
of goods from June of last year was
probably not more than 10 per cent.
The fact that the first 60 ROADS re-
porting June net not only showed =
drop Of about "a per cent from June
1923. but more than IS per cent from
1928, accounted for heavy selling OF the
carrier issues. A few earnings state
ments which Wall Street was glad tc
have out of the way made their ap-
pearance. AS expected, reports OF South
ern Railway and National Cash Regis
ter showed dividends unearned. On
the whole, however, earnings statements
have not been as bad as anticipated.
Technical Conditions.
Standard Statistics Co. has completed
a compilation for the first las reports
for the first half, and while the aggre-
gate shows a drop of 16 per cent from
last year, it is slightly above 1928.
The markets inability to break deci-
sively through the resistance points
reached on the rally on July 10, evil
IDENTIFY has convinced the bulls that they
must 60 slowly. The July 18 level was
approached last Wednesday and slightly
exceeded yesterday, but each time heavy
selling has appeared at that point.
General. Motors was well supported,
selling fractionally higher, and Dupont
which has % per cent interest in 1t
sold up points for a time. Losses In
Radio, United States Steel Ind General
Electric were held to narrow margins
During an intermediate rally in the
morning Coca Cola sold up 3 and East
man more than 4.
In the rails, such issues as Rock
Island, Union Pacific, Atchison, Atlantic
Coast Line, Southern, and Louisville
g. Nashville dropped 4 to nearly 10,
the last two reaching new lows. Says
of to 8 were numerous In the chain
store group, Safeway Stores dropped
several points to a new low. Gillette
reacted sharply. Bethlehem Steel wa:
under considerable pressure, bear:
claiming that stockholders Lad been I'M
favorably impressed by recent disclos-
ures of large bonuses to officers.
American Can, American Telephone
Westinghouse, American Power & Light
and Johns Manville lost 2 or more.