RAILS CARRY GARRY r 4 1 SHARES DOWN By ELMER C C. V 1 j United Press Editor r. r c NEW Y YORK Rk Sept 12 of Qt railroad issues unsettled the tho sto stock Jt market Thursday y after an early riy rally ally led by by utility shares Trading rading light lightened ned considerably Jy from the r re recent re recent cent pace t that al a accompanied rising prices Unloading of at the tho railroad iss issue turned that gr group up down after a arise ariu Into nto now new high ground for the year of the railroad average yesterday Th The AlSO un W dip tup wp was waa wat simultaneous simultaneous with wun WatH in in In The AlSO un W dip tup wp was waa wat simultaneous simultaneous with wun WatH in in In formation that J. J P. P Morgan k C Co would a auction tIon its iti holdings of theVan theVan the theVan Van brothers Just Jus What that will mean Rican was not clear but bub many traders trader w were unwilling to hold rails until the situation was was was' straightened out Losses In liz most niost Instances did not run over a a. a point net let net although the fr from tho highs was considerably larger Union n Pacific touched M 04 and then re receded eded to t 1 2 1 2 off oft a point net New York Central fill a a. a point poin from its Us days day high of 26 1 South Southern cnn ern Pacific cased from 21 t to 19 S 4 3 and Atchison from 53 1 2 1 2 to o 51 34 Great Northern preferred a point from its high and vania vanla nearly a a point The early rally in utilities was In response to word ord that the Edison Electric Institute with an an impressive sive array of constitutional at attorn tor n Boys ys would fight the utility hill bill 1 lr In Inthe the nations nation's highest court However the recovery brought out consider considerable able taking profit-taking and utilities dipped from the highs Some o ot them held gains to tho the clos close Steel shares held fairly well bc beIng be- be Ing aided by glowing reports of t further fur fuz ther activity ahead Ludlum Steel made madea a new high and held a gain of more than a poi point t. t U. U S. S Ste Steel l d declined de de- dined more than a point poIn from its Us high and then rallied again N National Na- Na St Steel lost a point Bethlehem was down fractionally American Telephone made a new high in n the e early trading and the then declined to a small loss Joss Other J 1 is issues sues to make ranks new tops for the year or longer included Allied Chem Chemical American Tobacco B B. B Electric Auto Aut Ute lAte Union Carbide and U. U S. S Industrial Alcohol Radio Corporation featured again d dIn In activity but the price slipped sUpped back slightly Motor shares were heavily traded at slight concessions Late Lato in the tho day the silvers silvera made mad a recovery somewhat similar to yesterdays yes American Smelting rose roso more than a point to a new high forthe for forI the year and others were up frac Losses throughout the list wert relatively small and near the cl Sc the market steadied st a in Iii light turnover turn i I over overT i f