Show STOCKS sr Y KS-Y YIELD HELD f TO j NEW Bullish Trad Traders rs Discouraged as List Proves Vulnerable to Bear Attacks By CLAUDE CLAUE A. A JAGGER JAGGE Associated Press Financial Editor Edior NEW NW YORK YORK April Apri 14 1 Thc Jt-Thc The k market lost courage and yielded yield yield- o cd ed to fresh selling selig in the electrical I equipment and motion moton picture issues i Tuesday af after r. r a display of oX strength In the Initial transactions j i te The vulnerability of the list af atI afI after at- at I ter Its it best rally raly In nearly a month i was wa discouraging to in inclined f- f ui- ui dined traders Its It inability to carry cam Mondays Monday's Mondays upturn utu beyond the early trading Tuesday was as accepted in brokerage circles circle as an a indication that there thera had been ben no fundamental tal change in i the wobbly character of or the market market REPORT HELPS The quarterly report of ot American l the Telephone helped early advance carrying that Issue isue temporarily up more mor than 2 points point but the general tenor of news of ot corporate profits proms II remained uninspiring Net et losses of ofa ofa a a point or two were numerous by I early eary afternoon embracing such Is Issues Issues Is- Is sues ues as a General Generl Electric Westinghouse house Electric Paramount Fox FImI I Warner Bros North American Ra Radio Ra- Ra R- R RI I dio dlo United States Steel Bethlehem Bethlehem Consolidated Gas and Standard Gas GM I J Air Mr i Reduction tumbled 4 points point The selling sli of at electrical equipments I vas wa coincident with the appearance of ot an unofficial report that General Genral Electrics Electric's first frt quarter statement ex expected ex- ex d to t appear next week will wl show how that its 40 per cent quarterly dividend dl was wa not pr fully covered by Jy for the first time in earnings several sev sev- eral erl years It I has previously been I rumored that Westinghouse ran Inthe in inthe the red red ree during that first quarter The motion moton pictures picture were selected by I bear traders as a a likely group because became theater theater attendance is i Inclined to fall falloff falloff fal off or when hen warm arm weather arrives I f j PHONE paON EAR EARNINGS INGS The Te American Telephone report I was as cheering In that It showed that quarterly dividend earned ered with wih a fair margin to spare and that the decline In jn the number of telephones in service service ser ser- vice Iee early in the year ear had ha been I checked in March Furthermore It I was as announced at the annual meetIng meetIng meet- meet I in Ing of Eie Erie railroad that that March pulled that company o out t of at the red canceling losses of the first fist tw months monts of ot the year ear earTh The Th news o of the th change chanse of government govern govern- gover- gover I ment In Spain was largely a negative negative nega nega- tive the Influence since rince ice Spanish securities It Ues are not traded in this mar mar- ket let It is i not known what the effect may be on the recent reent stabilization may Joan loan made macIc by International bankers but in any case cas the total amount was only ony The Spanish peseta of or course coure declined declied I Credit conditions remained un un- un- un changed The weekly condition statement statement state state- state state- ment of federal larger reserve memI member member mem mem- I ber banks bank was wa favorable showing a drop of in loans on se se- se Credit conditions were unchanged unchanged unchanged un un- un- un changed with wih call caU money at 1 2 11 2 1 per cent I pr |