Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-12
STOCKS ARE WEAK
IN LIGHT TRADING
Selling of Rails, Utilities and
SteeIs Puts Market
Down.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 12.-Considera-
ton of the reduction In the New York
Central dividend rate brought fresh
offerings in the railway shares at the
opening of today's stock market. Lower
prices ruled for the carrier stocks and
industrials weakened Sympathetically,
but trading was In small volume and,
considering the news, the selling was
surprisingly we'll absorbed.
AS was to have been expected, New
York Central was the weakest of the
railway shares. 1t dipped today to a
new years low, under Ill, before meet
ing any substantial support. New lows
on the reaction were made by Atchison,
Union Pacific, Baltimore & Ohio and
Illinois Central. After the New York
Central cut the street would not be
surprised by other downward revisions
Of dividend rates, and good deal Of
the days selling was doubtless profess
sional attempts to anticipate such
action.
COppers Under Pressure.
Another weak spot was Westinghouse
Electric, which responded to the publ
cation of the annual report, showing
$445 a share for the stock, by selling
of but still holding above the 1881
minimum.
The copper stocks were weak espe-
cially Anaconda, with traders discus
sing the dividend status of that pro-
Queer The February statistics came
along showing stocks Of refined copper
at the end Of the month at 1888, 500
tons, against 363,S27 at the end Of
January, negligible reduction. Export
copper was reduced a half cent in price.
United States Steel was heavy. still
rejecting the decrease in untitled ton
mage and disappointingly slow rate OF
Improvement in operations. A. M.
Byers gave way again and Worthing-
ton Pump lost ground.
And yet the feature was not the
declines in the stocks or In the groups
already named, but the way in which
the rest Of the list resisted. Shorts In
Allied Chemical covered pending publ
cation of the 1880 income statement,
which they seem to fear, might prove
a surprise Buying of United States
Rubber shares went on and new highs
on the movement were reached by both
the common and preferred. Detroit
advices stated that production records
for the United States Rubber plant at
that place had been broken on March
10 and that the tire business was in
creasing rapidly.
TIL operators who were so busily SELL
ing Warner Brothers Pictures earlier in
the week were taking in their commit
ments today and the stock rallied with
the bonds. Reports were heard OF
merger negotiations, but they orig1-
mated in speculative circles and could
not be confirmed. OF the standard in
dustrials General Motors and American
Can were unimportantly lower. The
group working in Vanadium supported
that stock and, finally, public utilities
were still in favor, particularly Console
dated Gas, Public Service Of New jersey
and United Gas Improvement.
Early Market Lower.
Led by rails, prices declined from
fractions to points early today.
In the rail group, the selling was
based on the theory that the Baltimore
e. Ohio,s dividend, as well as the divi-
bends of other roads, may be cut as
was the New York Central's on We'd
nesday. However, the breaks in this
group were held to conservative pro-
portions. Baltimore g. Ohio was of
2 points and there were fractional de-
clines in Union Pacific, Atchison, Penn
sylvania and Southern Pacific. New
York Central was of nearly 3 points
and ct q new minimum price for the
year.
During the first half hour trading
amounted to 100000 shares, against
300, 900 on Wednesday. Call money re-
newed at ~ per cent.
Apart from the rails, the list mirrored
the report that Westinghouse did not
earn dividend requirements, a cut in
copper prices a new drop in British
foreign trade and similar factors
United States Steel was of fractionally.
So was Bethlehem and Vanadium. Ac-
tive industrials, such as American Can.
j. /. Case, .Loews, Paramount Publix.
Radio, Keith, John Manyille, Montgom-
ery-Ward and Simmons, all were lower.
In the utilities, the weakness was
confined to fractional drops In Ameri-
can Telephone, Consolidated Gas and
United Corporation. Public Service Of
New Jersey gained shade. The motor
shares generally firm. Oils were quiet
and about UNCHANGED