Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-26
STOCKS IRREGULAR
IN QUIET MARKET
Weakness in Some Issues
Accompanies Renewal of
Tax Selling.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, December 26.-Scat-
tered tax selling and a few cases OF
weakness in individual issues were &C
companied by a show Of firmnesS In
the general list in today's quiet trading
in stocks. Taking the market as
whole, there was no discernible trend.
Recording of losses for tax income
purposes went on throughout the day.
There are only five more business ses-
sions in which this sort Of selling can
be done and on the last of these days
such orders will have to be executed
for cash, but meanwhile it weighs the
which have suffered drastic declines
from the highs Of the year.
Trading Features.
One Of the stocks under pressure
was Gillette Safety Razor, which made
a new low for the year in the first
hour. Selling under $50 a share it
was of over So points from its 1880
high-a depreciation of more than 80
per cent. Several large blocks OF the
low priced International Paper shares
came out on the tape during the morn
ing, likewise apparently an instance OF
tax selling
Merchandising stocks were heavy dur
ing the early trading, with Macy & Co.
at one time off from 8 to points and
not much above the years low. Sears,
Roebuck and Montgomery Ward held
their positions with difficulty. A num-
Der of the railroad stocks were down
/ to points, including Southern Rail-
way, Rock Island and Baltimore & Ohio.
AtchiSon, Pennsylvania and New York
Ia
81 quarterly dividend, were relatively
steady.
In the rest of the market the motors
were firm, rejecting the approach OF
the annual show season. Executives OF
the automobile companies express con-
fidence in the outlook and the stocks
act better than any other one group
ON the list. General Motors and Chrys-
Ter sold around the best of the current
recovery.
Leaders Firm.
There was no weakness in the pivotal
industrials. United States Steel, Ameri-
can Can or Standard OIL Of New Jersey.
The last named was up over point
during the morning. Another strong
stock was Anaconda Copper, buying
of which was based on the encouraging
ANALYSIS in the official statement given
out at the dividend meeting Wednesday.
Like the motors, the copper shares are
thoroughly liquidated and in posi-
ton to respond Immediately to any
improvement in trade.
There was a dearth of news that
might have affected trading. Many
operators were away from the Street,
volume was very low and there was
general lack of interest. Call money
renewed at 2 per cent and was hrm
at that rate because Of end Of the year
requirements.
Early Market Dull.
Dizziness gripped the stock market
early today with the result that the
small price fluctuations were virtually
meaningless.
The lack Of important business or
financial news over the holiday and the
fact that many of the European ex-
changes are closed for the rest Of the
week, together with the absence of
many traders, caused sales in the first
half hour to fall to 181 900 shares, the
smallest for any period since December
g. when dealings amounted to $4,000
shares. Call money renewed at 2 per
cent and was In abundant supply at
that rate.
Gillette Safety Razor by its decline
of more than "a points reached new
low. General American Tank at SIS, OF
2h points, likewise established new
minimum mark Auburn Auto moved
within a range of 3 points, thereby
proving itself to be wider mover than
other shares.
United States Steel, after opening
fractionally lower and then slipping q
point, recovered. Montgomery Ward and
International Telephone each equaled
its previous low and then rallied.