Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-20
STOCKS IRREGULAR
IN UPWARD TREND
Speculation for Rise Is Con-
fined to Comparatively
Few Issues.
BY GEORGE t. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 20.--An irreg-
ular price movement in which all the
notable changes were on the side Of
advance characterized today'S trading
on the stock exchange. Most of the
time the market had the appearance of
pronounced strength, but speculation for
the rise was confined to comparatively
few issues.
Opening prices were mostly higher,
with two striking features. One was
the new high for General Motors and
the other was the apparently confident
buying of u. S. Steel. Each of these
gains could be related to the news, that
in motors because of the upward re-
vision of estimated earnings for the
first quarter, and that in steel on a
continuation of the rise stimulated by
the price advance in steel products
earlier in the week.
Shares Bid Up.
Various pools made the most of their
opportunities in the way of bidding up
their favorites. They met little OPP
position from the bear party, which
was content to stand back for the
moment. McKeesport Tin Plate moved
up to points to new year high.
Vanadium was active and strong,
although still considerably under the
best for the year. Radio-Keith went
to a new top, and the buying kept up
in both issues of United States Rubber.
Publication of the annual statement
of Allied Chemical brought a further
advance in the price of that stock, pre-
sumably at the expense Of the shorts.
Earnings for 1880 were at the rate of
$9.77 a share against $3.50 a share in
1929, but the drop had evidently been
discounted in the price of the stock.
Merchandising shares were taken up
when interest Jagged in the motors and
the Steels. Montgomery Ward, chang
ing hands in large blocks, advanced a
point and SO did Sears Roebuck, while
special demand appeared for Associated
Dry Goods. Short covering in West
inghouse Electric went on in q large
scale.
Nevertheless there were plenty of
laggers. Crucible STEEL on which the
dividend was passed Thursday made
another new low after its more than Z
point drop Thursday. Pullman was
heavy and st. Joseph lead sold off on
prospective new financing. Profit taking
without bringing any weakness.
Call money renewed at IL per cent,
but funds were in excessive supply in
the outside market and accommoda-
lions could be obtained there at / per
cent Volume of trading was not quite
as large as on Thursday, but the list
was more active on the advance than
on the decline.
Early Market Irregular.
After an active opening, the market
turned quieter, with no tendency shown
to press initial advances. During the
first half hour trading amounted to
100000 shares, compared with 100000
in the same period of Thursday. Call
money renewed at 112 per cent.
The market paid little attention to
the increase of $94 Loco. 900 in brokers'
loans. but was inclined to construe as
bullish the allotment Of $24,000,000 in
Government orders for new airplanes.
Steel orders were considered to be suf-
ficient to sustain the higher prices re-
Gently announced United States Steel
touched $50 in early trading, but later
dropped a little of the gain Repub-