Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-01
STOCKS IRREGULAR
IN DRAGGY MARKET
New Lows Recorded by Some
Issues, as Others Score
Advances.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, April 1.-Seldom has
the stock market presented more con-
fusing picture than it did today. Ger
tain issues and certain groups were
subjected to relentless, persistent and
effective pressure and new lows were
scattered literally over the entire list.
This went on simultaneously with
an astonishing display of resistance by
other stocks. In the groups that were
weak and in the groups that were
strong were found representatives of
the same industry. 1t looked as
though professional operations for the
decline were successful when concen-
trated on few sensitive stocks but as
though the market as a whole was
working itself into an overSold posi-
ton.
Steel Shares.
During the early trading one of the
striking contrasts was the decline in
United States Steel and the support
for Bethlehem Steel United States
Steel dropped below 1879 to within less
than a point of the lowest of the year.
Bethlehem Steel held undisturbed and
by noon was selling higher on the day.
One explanation was that the shorts in
Bethlehem were getting in each others
way. The stock was loaning at pre-
MUM and there was not enough Hqui-
dalton coming in from the outside to
enable the sellers to cover at profit.
Therefore the stock held while United
States Steel was going down.
Or take two such issues as J. I.
Case and Auburn Auto both of them
favorite mediums for spectators fond
of taking long chances. Case went down
and Auburn went up. New lows
we're recorded in such a diverse list
as Allied Chemical, United States In
dustrial Alcohol and Western Union
Meanwhile, McKeesport Tin Plate
Woolworth, Servel and General Motors
worked higher.
More consistency was seen in the ac-
ton of the rails and the oils. Both of
these groups weakened in response to
trade conditions that are well known
and of long standing. The slight in
crease in car loadings revealed in the
weekly statement did not help the rails.
1t began from too low a point and the
decrease from the same period a year
ago was too great to change sentiment.
Carrier stocks that sold lower than
at any time previously this year in
cluded Illinois Central whose dividend
situation is the subject of great doubt
and Southern Railway, demand for
which seemed to come only from the
SlOfIS. new Raven was GOWN points
at one time, Southern Pacific was of
nearly three points, and Northern Pa
cific was weak.
1t was the same story in the oil list
Barnsdall, Standard Oil of New Jersey
and Standard Of New York. made new
lows and there was no effective support
for any Of them. Utilities fluctuated
nervously but generally toward lower
levels.
New Lows Recorded.
Dull trading with sagging prices
again characterized early operations.
New lows. were recorded by a number
OF prominent issues, and there was
persistent pressure on the rails, which
did not seem to be helped by the in
crease in car loadings revealed in the
weekly statements. The steel trade
reviews also were no help to the steel
stocks On the other hand, liqulda-
ton was in small volume, and the
motor shares were well supported.
Among the new lows were those in
Standard Oil of New Jersey and Stand
ard Oil of New York, Otis Elevator,
United States Industrial Alcohol and
Western Union. The rails that yielded
included Southern Pacific, Northern
Pacific and Baltimore g. Ohio.
Utilities we're highly irregular, but
the trend was downward. The best
resistance was offered by consolidated
Gas. United States Steel sold at the
low of the present reaction, and Cen
eraI Electric, Westinghouse and Allied
Chemical lost ground.