Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-18
STOCKS IRREGULAR
AFTER WEAK START
Market Makes Partial Recov-
cry at Close as Shorts
Cover.
By GEORGE T. HUGHES.
Special Dispatch to The Star.

special DlSpatch 70 The star.
NEW YORK, January lS.--Sharply
lower under heavy selling orders, to-
days stock market was q weak affair
in the first half of the session, but it
came back partially before the close,
again presenting confused picture and
to that extent accurately representing
the present state of the speculative
mind.
A vigorous rally was in progress as
the market left off. General Motors
was higher on the day and United
short covering came into the mail order
stocks, the coppers and many miscel.
laneouS industrlalS.
Utilities Under Fire.
Pressure from operators for the de-
cline was in evidence directly at the
start and was successful in uncovering
stop-loss orders all through the list.
The utilities were under fire probably
for the sake Of unsettling confidence.
Electric light and power stocks have
held up so well in other reactionary
markets that the campaign managers
wished to show even this group was not
invulnerable.
The result was losses of from 2 to 4
points in all the active issues including
Standard Gas &c Electric, American IL
Foreign Power, American Water Works
dIlu EOWeE bIOOk-
lyn Union Gas, which always moves
over wide range, came out more than
Z points down from the previous sale.
Leading industrials sold off rapidly.
United States Steel broke under 168
down almost points from Fridays
high. Air reduction, United States In
dustrial Alcohol, ohns-Manville, j. I.
Case and Columbian Carbon we're all
substantially lower. The electrical
manufacturing stocks weakened with
the utilities.
There were, however, exceptions to
the trend. General Motors was con-
spicuously firm and ranged higher on
the day Announcement that the cor
poration had acquired more than 1,000,-
900 shares of its common stock at
cost of about 100000 and would sell
these shares to second managers Sc
curity company was proof of an i'm
proved technical condition. That stock
mad been taken out of the market.
Tobacco stocks were strong, forecast
ing an advance in prices. Reynolds
'B," the two classes of American To-
bacco stock and Liggett g. Myers were
all actively bought at rising prices. The
copper shares were allowed to rest, de-
spite the fact that the trade reports say
the price level is not as stable as 1t was
and producers are seemingly not so sure
ABOUT MAINTAINING IL.
Drop in Fox Stock.
News that minority stockholders had
filed suit in the Federal Court asking
receiver for Fox Film and an in
junction restraining diversion of assets
to any other corporation was followed
by drop in Fox stock. The quotation
slumped almost points, but recovered
half the loss. Fluctuations in Fox have
been so erratic that even the boldest of
bears takes profits when they are avail
able.
Radio stocks were very weak at one
time. Grigsby-Grunow sold lower than
at any time this year or last, and there
was a sympathetic decline in Sparks
wilmington. Radio itself was lower in
the first hour. but came back afterward.
Railroad shares made good show
ing. Oils were inactive and not much
changed. The fact that Oklahoma City
reported producers In that field had
agreed on curtailment to Is per cent
Of capacity went unnoticed in the
market.