| Show IN Attempt to Bring About Rally Fails Call Money Advances Adva f. f By STANLEY W. W Associated ci Press Financial Editor NEW V YORK Sept SO 30 AP Al'- Al' Liquidation of stocks wa resumed on a a. a broad scale icae Ia today's stock market after after- another unsuccessful attempt to bring about a aj general rally in tho tho- early trading Scores ot issues broko 3 to 10 points land nut Auburn Auto broko 38 33 to or just points points- below the recent high Trading was in fairly heavy baVy yol yol- ume Call money advanced to 10 per cent as banks called callet loans In preparation for month end set set- Tile The average renewal rate for oal call money In was Septembers per cent as against 19 per percent cent in in- AugUst and per in September 1928 Time no held bekI firm at to 4 91 per er cent Foreign dispatches dispatches- indicated indicated- l it bankers featured tf t n. n 2 percent 3 per per- percent cent Bank oC of discount rate would prove met because 0 oi the tho wide spread between that rate rata and tho ruling rate for funds In tho New York market From the standpoint ot of operator for the tho advance cnn of this th most discouraging developments O of th the day was the tho weakness of the High grade grado railroad shares which here heren have d strong resistance resist resist- ance anc to selling pressure Norfolk A Western and Ohio each dropped G 6 points points- and Union Pacific New York Central pela Deia i ware Hudson and sold down 4 to C S points point with several others off 2 to 3 points Many be of Issues are now selling at a ratio of only ten times current an annual nual earnings or lea Jo whereas whereas' many Industrials are selling aching twenty twenty- times earnings more cr-more nd several ot of- the tho public pUbiC utilities mo forty times earnings There Ther business hews news over the week end to explain the selling movement which appears to bo be a correction cor- cor of a heavily overbought speculative position Uneasiness over the tho credit situation appears ti to tobo bo be bethe the principal bearish factor although al though the fact that the ho fall x In some of the leading in industries Sn has baa been less marked than usual h has sl aroused r fears that heavy midsummer activity has been at the expense of autumn business Tile The early rally probably was in Ine by commission house nd vices suggest that Saturdays Saturday's selling selling sell sell- ing probably marked the completion of forced liquidation and that a a brisk rally was was In order Renewal of selling pressure against U U. S. S Steel common carried It t. t down nearly 4 points to to a new low ow on tho current decline at nt 2201 1 which contrasts with a record hi- hi hiU U li of 4 3 earlier In the tho month Commercial Solvents dropped 23 points and U. U S. S Industrial Alcohol Atlas Powder Pacific Lighting A J. M. M Byers General Electric Johns Johns- and American Waterworks dropped 7 to 10 points Mormon Motors broke 6 points to a now low for or the year at 45 Extreme dc- dc chines of 4 points or more were regIstered reg- reg by Consolidated Gas Allied d Chemical American American- Can Union Carbide International Telephone and nd Simmons company National Biscuit and an Eastman Kodak hodak recorded early gains of 5 S 1 2 and 4 2 1 points respectively but wiped out in the midday soiling selling movement No explanation was forthcoming for the early adVance ad advance ad- ad vance of 10 4 3 points in Pierce OH OIl preferred on which no dividends have been palo paid since Janu p 1 1 1922 making an aI accumulation of nearly li in back dividends Earn Earnings ings of tile the company have been running about 50 per cent ahead of last year LoS TOS ANGELES LOS ANGELES Sept 30 USDA USDA- flogs Receipts 1200 half of run Just juat arrived fairly active mostly higher top majority mIxed d butcher I 1170 0 car pound butchers and car pound 1110 sows saws Cattle Cattle Receipts 1000 steers sl slow w. w steady other daises classes active steady to to- strong spots several loads me medium Slum steer common steerS steer Including Mexicans Mexicans mostly bulk she aha stock cutter and low cotter cot ter bull Calves Calves Receipt Soo steady stead two loads load good pound Texas calves calve lu-DO lu few Sheep Receipts 1100 lor teady two deck good r pound 80 Oregon lamb iamb 1210 no others sold two decks 7 pound Saturday 1225 with 40 at medium to choice ewes awes quoted a |
