Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-16
STOCKS IRREGULAR
IN DRAGGY MARKET
Price Changes SmaII-Sev-
eraI Trading Favorites
Resist Pressure.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.

NEW YORK, May 16.-The stock
market virtually surrendered itself TO
speculative apathy today, and Wall
Street was left to comb the business
news and statistical studies coming to
hand for signs of developments that
Trading crept forward at snail's pace,
and price changes were largely negli-
gible, save in o few Specialties.
One of the most encouraging statiS-
tical analysis making its appearance
was the annalist preliminary index Of
business activity for April, which, at
92.8 showed a sharp upturn from the
ss.5 figure for March. The principal
March-to-April gains were In freight
car loadingS, electric power production,
and cotton consumption. It was par
ticularly notable that the month show
ed q greater than seasonal gain in the
movement of manufactured goods. The
annalist stated, however, that present
indications point to a smaller gain in
general activity during May.
The foreign trade figures appearing
Exports, at 1884, 900 900, were the low
est of the year, and showed o drop In
excess Of $50, 600 900 from April, 1929.
Imports, at $308 900 900, were approx
mately 10000, 900 above the low level
Of February, but were more than $780,
O00, 600 below the same period a year
ago.
Imports of gold, however, reached the
large total of $65 $4,000, and this has
undoubtedly been an important factor
in the current low credit rates. The
major portion Of the yellow metal came
from Japan, which has been having
dificulty establishing a favorable trade
balance since returning to q gold stand
ard. As an indication Of the abundant
credit In this country, the Treasury
was able to sell its new offering OF
S1O0, 000, 900 In bills on q discount basis
of asa per cent q record low rate for
this comparatively new form Of Treas
ury financing. Call money on the
Stock Exchange held at 8 per cent, but
time money showed an easier tone, with
an abundance Of 30-day funds available
at 3 to 81 per cent.
two specialties which are rumored to
have attracted new market sponsorship,
rose moderately to new high ground for
the year. Reynolds Metals, another
speciality which has shown renewed &C
tivity Of late, sagged q little in the
early trading, but was quickly sup
ported when news tickers carried re-
port that it would soon announce the
acquisition Of another large marker OF
H1StAlllC lOH. LID SVOSh Loo we'll
helped by reports Of increasing tobacco
sales. American Tobacco B, appeared
to have absorbed recent prof1t-taking
and again surged up few points.
Some of the rails attracted fair buy
ing. such issues as New York Central,
Atchison, Delaware & Hudson and
Great Western preferred making mod
crate Roadway. Auburn Auto rallied
6 points, then lost its gain. Celotex
rallied like amount on dismissal OF
petition for a temporary receiver but
sagged again when It was learned that
appointment of a permanent receiver
Is still to be argued. American Can,
Coca Cola, Pan-American B, United
Aircraft and American g. Foreign
Power were among issues making mod
crate progress.
Several Of the leaders made the
highest prices of the day in the last
hour despite the limited demand and
recurrent' liquidation in the copper and
motor accessory groups. United Air
craft ran up more than five on the
squeeze Of the short interest and ]. I.
Case extended its gain to 10. New
York Central, Eastman Kodak. Coca
Cola and Columbian Carbon made con-
siderable Roadway. Electric Storage
Battery dropped five to the years low
The close was steady. Sales approx
mated 100000 shares.