Evening star., 1937-09-26
Total issues
BY FREDERICK GARDNER,
Associated Press FIN pria Uritar

by FREDERICK GARDNER,
Associated Press Financial Writer.
NEW YORK. September 25.-Profit
selling halted a modest stock market
rally today and many leaders, higher
for while, finished with losses rang
ing from fractions to around a point
or more.
1t was the fastest half days session
since last March 6, with the ticker
tape frequently as much as two min
utes behind the floor. Large blocks
changed hands in brisk opening that
sent some issues up fractions tc
around points
Gains held we'll into the second
hour when offerings increased AND
prices dipped an eighth at. a time. In
the final selling furry most remain.
ing gains dropped into the loss column
with many shares at new two-year
lows.
Brokers ascribed tho rally to an
oversold condition and the subsequen,
sag to profit selling by traders who
bought at the opening. This was
little in the news OF significance mar
ketwlse. Houses with foreign connec.
tions reported additional moderate
selling from abroad, with some buy.
ing also in evidence.
Average 1t New Low.
AT the close, the Associated Press
average OF so stocks had dropped 3
OF point to 53.7, the lowest level
since December 20, 1885. Transfer,
totaled l,469,52 shares compared with
707,370 last Saturday.
Steels. motors and rails were act,ve
IN the stock markets upswing as well
as in the subsequent dip. U. s. Steel at
one Time up IA, was y net lower at
~. Others down fractions to around
points included Bethlehem. s7H .
Chrysler, 81; General Motors. ASS. .
santa Fe, 54la; Southern Pacific. 29K,
Pennsylvania, Is; Baltimore & Ohio,
1873; Consolidated Edison. 2eN: North
American. 1912; Anaconda. 37h =.
american Smelling, 67la Sears Roe
DUCK 72ha; Montgomery Ward, 44s.;
Loews, 65A; Douglas Aircraft. 32is
Case, l26; Deere, 98, and Standard
OIL OF New Jersey, 54s4.
Few resistant shares MANAGED IN
hold gains. Advances of as much as
q point were registered for Allied
chemical. 1885,; International Har-
vester, 8Ss4; Phelps Dodge, 1914: In
ternational Nickel, 505s, and Ameri.
can Tobacco "B", 731a.
Railroad Bonds Ease.
Lower priced railroad liens dropped
fractions to around points in a
sagging bond market. Most of m.
corporate list tended lower on III.
heaviest volume for Saturday since
last April.
reoeral loans gave ground with de-
ciines in some Government guaranteed
issues ranging as high as 1892 of
q Point. Losses in Treasury loan,
Were confined to around 9-32 of a
point. Turnover in Governments was
approximately s35O,0Oo par value
Carrier obligations ran into in
creased offerings after early siens of
hardening and were pushed down tn
new lows for a year or longer The
associated Press average for 20 rail-
road bonds fell S of a point to 83a
tne lowest level since November 90
1888, when 1t stood at 81.
Among the larger losers were New
orieans Great Northern SIS of 1883
on 6 at 30, Katy" Is, of 4 At 20
New Haven Consolidated As. of 3 AT
1S. Missouri Pacific Refunding S. OF
!S7S, on 2 at % and PENNSYLVANIA Az
oebentures, of l at 975a.
industrial and utility liens followed
similar trend but losses generally
wese confined to fractions.
Turnover for all bonds totaled ss
so,oOo, par value, compared with
$3,357, $50 last Saturday.
Curb Prices Decline.
Rallying tendencies in the curb
market faded under an increased fiov
OF selling just before the close.
Early gains disappeared and many
leaders closed lower. However. it wa
an orderly retreat in comparison with
Fridays sharp break.
Fractionally lower were American
Cyanamid "B" at 25M, Electric Bond
g. Share at 1112, United Gas. 5h;
Carrier Corp, 361a; Cities Service
2h; Gulf Oil, 1921; Fisk Rubber, 734
Newmont gave up s at "a and Jone.
d Laughlin Steel declined 3 to 4s
Humble OIL lost q point at SO.
American Gas g. Electric. Eagle
Picher and Hudson Bay Mining
closed little higher.