Show WAll STREET TRADERS WARY VARY Price Movement Spotty As Fears of Reaction Reaction tion lion Prevail NEW YORK Aug 18 By By The As M- Associated Press The The main price movement In today's stock market con con- continued continued Untied upward but considerable spot pot Uness developed particularly In the early trading Fears of a secondary reaction such as ordinarily follows the first recovery after a sharp break brcak undoubtedly kept many traders out of the market and accounted for the small volume of business FUNDS FU DS IN SUPPLY Easy S money rates continued to pro pro- provide vide ide the main groundwork for the ad- ad vance Nance Call loans renewed at i 3 3 per percent percent percent cent the lowest of the year ea and the Ule lowest mid August rate since the war While the plentiful supply of funds testified to the general ease of credit conditions there was as a disposition In some sote quarters to regard It as bearish business on the theory that the huge surplus of funds were due In part to the relatively small commer commer- commercial commercial cial dat demand Rails flails shook off Iff the sluggishness which develop clop 1 l as a result of the dis dis- disappointing disappointing dis- dis disappointing appointing freight traffic reports and started upward around midday under the leadership of the eastern castern carriers Nickel Plate Lehigh Valley Dela Dela- Delaware Delaware Delaware ware Hudson Baltimore Ohio and Atlantic Coast Line all sold 2 to nearly 4 points above e yesterdays yesterday's fi final ui- ui final nal quotations Further strength developed In the oil group oil ou the theory that the th In Industry in- in industry industry would be helped by the seasonal curtailment of 01 drilling operations par par- particularly particularly particularly In new fields One block of shares of Phillips Petroleum changed hands at It 45 45 Houston extend extend- extended ed ro its gain to more than 5 points and Atlantic Refining to 3 3 MOTORS l SPOTTY Motors were spotty with speculative e Interest centering largely in Hudson on rumors of an increase In dividend at Saturdays Saturday's meeting of the board Resumption of the advance in the merchandising issues was accomplish accomplish- accomplished ed by heavy profit taking The closing was irregular Resumption Resumption tion Uon of selling pressure pre sure against U. U 9 S. Steel General Motors Hudson and andR Radio R was opposed in the final hour by bullish bum h demonstrations In Brooklyn Manhattan Transit Rapid Transit Manhattan Modified Gard International Business Busin Machine and Warren Brothers in which ad ad- advances vances varces ran 2 to 3 points Brooklyn Union Gas fell 6 G points Total sales approximated shares shares' |