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Show OUTLOOK IS FOR II IRREGULAR STDCKJfflHKET Fixing of Steel Prices Not Regarded Unfavorably; I Bankers Are Against I Speculation. By International News Service. NEW YORK, Sept. 30. Constant offerings offer-ings of stocks for traders often referred to as bear plungers kept the market weak generally during the past week, notwithstanding notwith-standing the fact that Wall street had tho most important development presented pre-sented to it for its consideration that has come as a trading incentive for many weeks the fixing of prices for steel by the government. At first the announcement, announce-ment, which was received during business busi-ness hours on Monday, was construed unfavorably by traders on the floor and they sold stocks down sharply after the news was published. It was soon indicated in-dicated by the larger steel interests, however, that the rates were satisfactory, satisfac-tory, and this was followed by a buying buy-ing movement that caused strength and excited dealings at the end of the day. Definite statements from Washington that steel contracts already made will not be disturbed were regarded as' a bullish factor, and there was urgent coveting of shorts. Many of the specialties that had been subject to attacks for weeks were prominent In the improvement. Money Rates Stiff. Sentiment, however. underwent a change in midweek, with tho final result that many of the gains were wiped out. Rates for money were slff, call funda moving up to 7 per cent, and the bears were able to undersell actual holdings of stock in a number of issues. Th-i bear element renewed its drives at tho railroad group, sending some of the stocks to the lowest figures touched In several years, following heavy buying on t're theory that transportation proo-erties proo-erties would receive great benefits from purchases of supplies under the steel schedules, and the gains that had been made were lost. Pressure sent St. Paul to 541,i- The Baltimore & Ohio statement for August was disappointing and affected the stock unfavorably. Canadian Pa -cific also was weakened by unfavorable earnings. The August reports of the Union Pacific and Atchison reflected increased in-creased expenses and the shares sagged. There was a good demand for Southern Pacific at times, brought about by record gross and net revenues for August. Industrials Irregular. The industrial group- was decidedly irregular, ir-regular, both in movements and "final results. A ' sensational rise in General Motors to 105 was believed to have been due to a campaign against the short interest in-terest in the stock, but a counter ass-'iit sent it down sharply. Distillers' Securities Securi-ties was a strong feature and advanced' to the highest price so far reached on this movement. United States Steel was again the market mar-ket leader and after showing strength receded quite sharply. Bethlehem shares also continued under pressure and Crucible, Republic and Midvale suffered, too. Superior Steel common came into pix-'uinence, following the declaration of an initial dividend of $1.50 a share. American Can displayed strength generally gen-erally on good buying. The outlook is for continued irregularity. |