OCR Text |
Show I ACTIVE SHARES SUFFER LOSSES I Prices Give Way in Rapid Fashion in Latter Part of Session XEW YORK, Oct. 81 Operations of opposing spcculat I vc, forces Imparted Impart-ed a decidedly irregular trend to prlc- ' es In today's market, most of the active ac-tive Bhares again showing n t losses on renewal of heavy liquidation In latter lat-ter Healings Rallies were apparent in a few special shares which had been j oversold, but these operations were balanced by the sharp pressure against i Btudebaker and domestic oil shares I S:tles approximated 1,050,000 shares , Snmn Irregularity took place at tho opening of today's stock market hut jukes immediately started upward in rceponae to a brisk demand for oil shares and a fairly pood Inquiry for steels, equipments, coppers and standard stand-ard rails. Sho.t covering prompted by tho resistance met at today's opening open-ing levels was largely desponslble forj tho upward trend Mexican Petroleum Petro-leum advanced 214 points. Standard Oil of California 2. General Asphalt i 1 and Standard Oil of New Jersey, i1-... United States Steel common moved up a point in anticipation of a favorable earnings statement fol- lowing today's quarterly meeting of the board of directors, while Crucible was pushed up m and OuK States i Steel The advance in rails was led by St. Paul preferred. Norfolk and "Western and Ix-hlgh valley, each up, n point or more Gains of B point or, moro wero recorded by American IvO-i comotlvo, Consolidated Gas, Marine, preferred, American International 1 Chandler, American Can. United States Alcohol. Coca Cola and United States Realty. K:irly gains ranging from 1 to -l points wero largely canrelled later. which dropped mor than 2 points in lefb-ction of speculative disappointment disappoint-ment that the directors h "l tailed to declare anthfr extra dividend triday, and marked weakness In domestic oils, turned prices downward again Just before noon M.iy Department Stores, however, had extended its pain to 10 points before acute weakness set in throughout the list. Barnsdnll "A", Producers ft Refiners, Tidewater, Tide-water, Associated. Cosdcn and Pacific Oils and Phillips J'- troh um all dropped 1 to 2 jioints. Weakness also cropped out In a number of special Is-sues, General American Tank Car declining 44 points. Delaware & Hudson Hud-son 3, National -Biscuit and American pt"i foundry preferred. 14 each, and American S.mfi 2 Call monej opened at 6 per rent Buying in im belief that technical conditions warranted a rally caused an upturn in nrices in the early afternoon. af-ternoon. Pullman, Associated Dry Goods, United States Alcohol Crucible and Gulf State-, steals. Corn 1 roducts, I Allied Chemical, Consolidated and Peoples' Gas, American International and Strom berg Carburetor were advanced ad-vanced 1 to -'.2 points. A betu 1 inquiry in-quiry also prevailed for railroad shares, Union Pacific, Northern Pacific, Pa-cific, Reading St. Paul and New Haven mounting 1 to 2 points; Weakness, Weak-ness, however, porslsted in Studebaker and lower priced domestic oils which ultimately caused some recessions from tho high levt Is in tro strong stocks. Trading sentiment was considerably con-siderably mixed, one division holding to the view that prlr.s were still too! high and must necessarily undergo further readjustment, while another group maintained that fundament U conditions were all in favor of a rise! and that the .short interest had! pushed Us operations too far. Tho closing was weak. 1 Sustained pressure against Stude- ! baker, which dropped more than four ! points, and a similar dei line '.u standard stan-dard Oil of New .1' rs y together with heavy Belling of Baldwin and Crucible Steel undermined the whole ist In the final hour prices slipping off rapidly rap-idly in all directions. |