Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-04
STOCKS IRREGULAR
IN QUIET MARKET
Price Movement Continues
Higher, With Many Net
Gains Recorded.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, February 4.-Prices of
the main body OF stocks moved higher
IN todayS session of the New York
Stock Exchange, but weak spots cropped
out now and then, giving the market
the appearance of irregularity. Trading
showed marked falling off in volume,
but this may have been due, in part, to
power trouble which temporarily halted
the operation of thousands of tickers
IN New York and some of the other
Eastern cities.
German Bank Rate.
Cutting of the German Reichsbank's
rediscount rate from 61a to per cent,
following cut from 312 to in the Bank
of France rate last week, is believed to
have increased the possibility of lower
Bank of England and New York Federal
Reserve rediscount rate Call money
renewed unchanged at Az per cent with
the demand for Federal Reserve funds
indicating the absence of any large sup
ply of funds available in New York.
Wall Street also found encouragement
in the decline in Stock Exchange mem
Der borrowings last month and the
sharp drop in securities loans shown in
the weekly Federal Reserve condition
statement. A number of excellent 1929
earnings reports made their appearance
during the day, Pressed Steel Car and
Remington Rand making unusually IA
vorable comparisons with the year be-
fore.
United States Steel common, leader
Of the recent advance, continued to en-
counter rather strong selling resistance,
selling as low as 1902, rallying to 1873,
and then falling back below 1872 again.
Heavy buying of Radio, which crossed
38, indicated the partial retreat of an
overcrowded short interest General
Motors and Chrysler, which are be-
lieved to harbor a large short interest,
also were in brisk demand.
Rails continued to give a good dem
onstration OF group strength despite the
disappointing character of recent traf-
fic and earnings reports, and the re-
quest for a withdrawal of merger ap-
plications by the Baltimore g. Ohio,
Chesapeake & Ohio, Wabash and Della
ware & Hudson Railroads. New York
& Harlem, which scared los points last
week and dropped 20 yesterday, rallied
20 points again today. Hooking VAL
ley advanced 9 to new high for the
year at 479. Atchison, Chesapeake &
Ohio, Great Northern preferred, Pitts
burgh g. West Virginia, st. Paul pre-
ferred, Lehigh Valley and New Haven
sold to points higher.
Other Changes
Heavy selling of Gillette Safety Razor,
which broke points to 979s, the lowest
price in more than year, featured the
early afternoon trading. The stock sub
sequently crossed par. National Cash
Register declined points.
Columbia Gas was heavily bought, adj
vancing nearly 5 points, while Column
bia Carbon, United States Industrial
Alcohol, Houston OIL and Worthington
Pump sold 3 to points higher.
Activity increased in the afternoon,
when numerous popular shares made
the best prices of the day. General
Electric, American Can, United States
Steel Radio and Chrysler were leaders
in the upturn. Considerable strength
was also shown by some of the less
active shares, American Machine Four
dry rising 6 points and National Lead
and Worthington Pump ga. The close
was strong. Sales Appropriated 81
600, 900 shares.