Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-03
STOCKS ARE FIRM
!. IN DRAGGy MARKET
Trading Volume Small and
Price Changes Within
Narrow Limits.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, December 3.-With
practically no important price changes
and with activity at approximately the
lowest of the year, the stock market
today held steady in the face OF various
adverse trade developments
The weekly reviews of the Iron and
Steel Trade were not calculated to
stimulate enthusiasm for steel stocks.
It IS true that both authorities con-
frmed the report that an advance In
steel prices was in the making. but both
also told of further reductions in rate
of opeI alton, the Iron Age putting the
figure at 80 per cent against Al per
cent a week ego and Steel estimating
it at 40 per cent against 43 to 40 per
cent in the preceding week.
Reasons for Advance.
The Iron Age declared that the mo-
tives for the contemplated advance in
prices were mounting costs, vanishing
earnings and a belief that a stronger
market will bring out latent business"
Publication of these analyses of the
situation were without effect on the
market. United States Steel held around
or Just below the preceding close.
The weekly car ioadings statement
showed another decline in amount
greater than the seasonal rate. Never
theless there was little change in the
railroad shares. Atlantic Coast Line
sold off nsarly points but liquidation
was absent from the majority OF the
carrier stocks.
Declaration of the regular dividend
on Lambert Co. stock brought BRIEF
rally in the price and the same was
true of Auburn Automobile, where the
regular disburs meht was also ordered.
Lehigh Valley paid its regular rate, al
though the president stated that earn
ings would probably not cover require
ments for the year. HIS Judgment was
that the outlook justified dipping into
surplus. Mack Trucks was lower in the
early trading but rallied partially later.
The sharp falling of in sales reported
by Montgonery-Ward for November
and announced after the close Tuesday
brought only fractional recession in
the price of the stock In other words,
the market looked sold out on the one
hand and not ready to initiate any ac-
vance on the other. Professional senti-
ment was predominantly pessimistic
and predictions were made that the
bear element would make another at
tempt to test recent resistance levels.
During the forenoon, however, operators
for the decline were content with
waiting attitude.
Call money renewed at 2 per cent and
was Ilrm at LIlaI TdL6 DeCduSe VI uloIlGlA
end requirements.
Early Market Irregular.
Stocks, after opening irregularly
lower, showed slight improvement as
the session progressed. Trading, how
ever, was extremely slow, sales being
only $4,000 shares, against 204,900 in
the first half hour Tuesday. Call
money renewed at 2 per cent.
Rails and utilities met considerable
pressure partly as a result of the ref
erences to them in President Hoover's
message, but more because OF their
market action in the preceding session
and the larger than seasonal decline IN
carloadings Oils had to contend with
production decreases and gasoline stock
gains. The huge decline in Wall street
loans was in line with expectations.
United Carbon declined, following Its
dividend reduction. United States Steel
at times was down nearly a point.
Sears Roebuck followed the early down.
trend of Montgomery Ward. Most OF
the food shares and amusements were
of slightly Radio fell about half
point, and so did American Can. West
inghouse Electric followed the early
decline registered by General Electric.