Evening star., 1930-12-12
STOCKS ARE FIRM
IN QUIET TRADING
Market Makes Moderate Re-
covery, but Some Groups
Are Weak.
BY GEORGE t. HUGHES.
Special Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, December 12-With q
lifting of the pressure that depressed
Thursdays market, stocks today as q
whole made moderate recovery, but on
reduced volume. There were weak spots
and weak groups. but the industrial
leaders were well supported and ranged
higher. Nervousness over banking de-
velopmentS seemed to have disappeared.
Opening prices were higher, and the
! list maintained a steady tone through
out the forenoon. United States Steel
furnished leadership, selling up some 2
points and holding the gain well.
Whether this was special support or
whether 1t was outside buying, the eff
feet was the same in improving sentf-
ment. American Can, General Electric,
WESTINGHOUSE and General Motors were
ali firm.
COppers and Oils Weak.
The two weak spots were the coppers
and the oils. The copper statistics made
public over night were interpreted un-
favorably ard Anaconda sold OF to q
new low, with Kennecott at approx
mately the old low. There was nothing
new in the oil situation but these stocks
were depressed, with new lows for
Standard OIL of California, Barnsdall
and General Asphalt. Income state
ments at the end of the year are sure
to make unpleasant reading for share
holders, but the outlook was no worse
than 1t has been for long time.
The rally in the rails was hesitant.
Advances brought In fresh offerings and
the result was an irregular movement.
Still, the group as q whole did better.
Chicago e. Northwestern was up q
couple of points and lesser gains were
made by st. Louis-San Francisco, Lack
awanna and Baltimore & Ohio. New
York Central and Atchison were reac-
tionary during the forenoon.
At intervals short covering played O
part in advancing prices. United Fruit,
Union Carbide, Air Reduction, Johns
Manville and National Biscuit were
among the stocks to benefit by this
sort Of buying. Utilities were strong
in the first hour and then sold OF
again. Gains were made in American
81 Foreign Power, in American Water
Works and IN American Telephone
All this was accomplished, however,
on small turnover. Neither side was
anxious to take the initiative. Profess
sional operators for the decline wished
TO see how far the rally would 60 and
how well the market would hold before
making new commitments
Although there was considerable short
covering, the outstanding short interest
remained large. It will take tangible
evidence of trade betterment to turn
the market about, and that Is yet to
come. The best that could be said
about today'S session was that condi-
tionS In business were being appraised
without the demoralizing influences of
Thursday when the Bank Of United
States closed its doors
Money renewed ct 2 per cent and was
nrm ct that rate. In the outside mar
ket loans were quoted at az per cent
Thirty million dollars in loans were
called during the morning.
Opening Is Higher.
Evidence of restored confidence was
seen in the brisk rally in early trading.
The nervousness over the banking
troubles had disappeared and buying
orders for both accounts predominated.
The leader on the recovery was United
States Steel, which crossed 141, up over
q point, with similar gains In American
Can and In American Telephone &
Telegraph All of these stocks had been
heavily sold earlier In the week, all had
q large short interest outstanding and
Steel had been loaning at q premium.
Short covering likewise advanced quo
tations for stocks such as United Fruit,
Union Carbide & Carbon, Johns Man
Vile and National Biscuit.
The rails made more modest re-
sponse to the better feeling. But most
Of the changes were upward. Only In
the oils was there any real weakness.
General Asphalt and Barnsdall made
new lows. Sinclair duplicated its pre-
vious low and others in the group were
heavy.
The turnover In the first half hour
was 247, 300 shares. Money renewed at
2 per cent.