Evening star., 1933-07-22
STOCKS DEPRESSED
/ AGAIN BY SELLING
IrreguIarIy Higher Trend at
Opening Replaced by
Weakness.
By GEORGE I. HUGHES.

Special Dispatch to The Star. 80
NEW YORK, July 22.-Very active,
very nervous and very errstic. today's
stock market was again called upon,
to absorb heavy Liquidation. The task
was accomplished much better than on
any one Of the three preceding sessions,
but there was little opportunity for re-
storative forces to make themselves felt.
The market opened irregularly higher,
but ran into offerings In the first hour
sufficient to turn 1t downward. without,
however. any large losses. It was ap-
parent that there was still much margin
selling to be accomplished. Even trad
ers who were not compelled to tighten
their accounts considered It the wise
thing to do.
The turnover in the first hour ran
to 2,140, 900 shares and the tape fell 8
to . minutes behind, although 1t made
better Job Of 1t than on Friday.
F1uctuate Rapidly.
Prices ductuated rapidly and through
q wide range. This was true Of he
more conservative issues as we'll as
those highly speculative In the rail-
way list, for instance, Northern Pacific
was down 4 points at one time cn
punched offerings Of 5000 shares. New
York Central ran up almost 2 points at
the start, then rea .ted 4 points from
its high. Pennsylvania was more con-
sistently supported and ranged .iigher
through the session. Illinois Central
was another strong stock in the first
hour. but was unable to hold the gain,
Car loadings for the week ended July
10 made new high for the year to
date and, with one exception, since
1881. The increase over the previous
week was l08,983 cars and over the
same week in 1882 it was 144,445 carr.
Some disappointment was expressed be-
cause railway shares did not respond to
the trafnc statistics, but general mar
ket conditions were responsible for that,
Among the larger losses in the indus
trial list was a 5-point drop in ]. I.
Case. That was one of the few stocks
which did not show q loss in Fridays
trading. One Of the larger gains was
in South Porto Rico Sugar. Stocks Of
the grade of General Motors opened a
couple Of points higher fell back under
the preceding close almost as much.
and then rallied -
Gold Stocks Unstable.
The gold mining stocks were as un-
stable as anything else Homestake Min.
ing in the second hour, selling at 200,
was down 80 points on the day, and
the next sale was 20 points higher.
Alaska Juneau was weak but that Is
easily accounted for by the large-scale
speculation for the rise in the stock of
late.
The decision not to open the exchange
until noon on Monday was commended
on all sides. Not only will the hard
pressed clerical forces gain time to put
their books in order, but traders will
have opportunity to reappraise the gen.
efal situation. All the transactions
necessary under the circumstances can
be accomplished in three hours
The dollar rallied in terms of the
foreign exchanges. Sterling in mid
morning was down a fraction over four
cents and the European gold currencies,
except Belgas. were lower
The market rallied toward the cl.-
and left of with mixed price changes,
few of them of any large amount.
Sterling exchange dropped further in
the late trading also.
(Copyright, 1933)