Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-18
STOCK LIST STEADY
ONL|GHT TURNOVER
Pace of Trading Slower
SpeciaIties Quiet as Mo-
tor Issues Gain.
BY CHARLES F. SPEARE.

special DlSpatcn TO Inc star.
NEW YORK, February 18.-The Jolt
given to the stock market Tuesday had
the effect today of making the profess
sional element more cautious and of
keeping their operations within reason
able price limits.
There was a decided slowing up in
the volume of transactions in the So
called Specialties. The trend of Specula-
ton was toward the stocks of auto
mobile and automobile accessory COM
panies and the public utilities, with the
recognized industrial leaders quieter but
exhibiting firm tone.
Steel Reviews Encouraging.
Wall Street was encouraged by the
tenor of the weekly iron and steel trade
reviews, which ran contrary to intima-
tons given out Tuesday that production
had fallen off recently. AS a matter of
fact 1t appears to have r"reased from
TO points, continuin, the steady
gain that began at the end of December
and amounting to As per cent since
the first week of January.
The significant development in the
industry is the sudden and quite broad
demaLd from the automotive trade.
This may be temporary or it may mark
the beginning of permanent improve
~
through the most serious depression in
its history.
Evidence that sentiment fayors the
latter prospect was given in the strength
of such stocks as Chrysler and Stade-
baker in the forenoon session following
their recent distressing reports for 1880,
and in the breadth and buoyancy in
shares of companies related TO tire au-
tomotive industry such as Briggs and
IToy- h. @Sx,aA hn
better showing In the iron and steel in
dustry brought more confidence into the
iron and steel groups. which had been
among the first to react the day pre-
vious.
Utilities in Limelight.
There has undoubtedly been a revival
of speculative interest in the public
utilities, for today, in spite of figures
showing a further decline in electric
output for the week and a reduction in
the dividend by the Laclede Gas Light
Co.. decided strength was shown by
such issues as American & Foreign
Power. American Water Works, Column
bia Gas e. Electric, National Power e.
Light, United Corporation. United Gas
& Improvement and Public Service of
New Jersey. The last named had legiti-
mate basis for its strength in a report
IOr the year showing almost as mucn
earned on the common stock as in 1929.
The investigation by the Stock Ex-
change authorities into the movements
of Auburn Auto kept this stock from
duplicating the gyrations of the past
few days. It also had a tendency to
make for moderate fluctuations in other
closely held issues that have been NOV
ing over range of to 10 points day.
Motors Gain at Opening.
Motor company shares featured a
strong early upturn.
The advance came after an irregular
opening and followed the announcement
of the Chrysler Co, which reported in
creased earnings in the first weeks of
1881. This was construed as bullish.
Chrysler came out in large lots in fire.
quent trades, the price running up frac-
tionally to a new 1881 top. Briggs
Manufacturing and Borg Warner en-
ulated its example. General Motors was