Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-16
BY CHARLES W. STORM.

Editor, the News Service Of Wall Street.
Special Dispatch to The Star.
NEW YORK, March 16-The quiet
vailed during the short session Satur-
day indicated that the professional bear
element had about exhausted its selling
power and was standing around waiting
for something unfavorable to happen
that might cause the market to take
another tumble,
From the viewpoint Of the profess
sional bear, however, there Is little to
expect in favor Of lower prices in the
news of the near future, while there Is
much to worry over in the shape of the
big steel order, announcement of which
is expected to be made W1thin 48 hours.
Official announcement Of the placing of
this order, 1t is believed, will be the
forerlnner of others which will open
the big construction campaign through
cut the country.
Public Utilities Steady.
Continued steadiness in the public
utility shares, especially those interna-
tional companieS-the International
Telephone & Telegraph and the Amer
lean & Foreign Power-featured deal
ings In the stock market Saturday.
Foreign buying is reported to be COM
ing into those stocks by reason OF
realization on the part of the foreign
investors that improvement in Euro
pean economic and financial affairs will
naturally stimulate industry and thus
increase the business of those two COM
panies.
General expectation in the Street IS
that the public utilities will resume
their upward movement during the COM
ing week without much interference
from the bear party, which Is believed
to have expended its selling power.
American & Foreign Power, it is
thought, will be the leader Of the public
utility group. There is an unusually
large short interest trapped in the stock,
and one spectacular operator is declared
to be short of upward Of 10000 shares
of that one stock alone. This operator
has been cutting quite figure for him
self on the bear side OF the market the
last week, but the big bulls declare he
Is in for a lacing this next week. This
big short recently spoke too long and
loud about the possibilities of steel COM
mon declining IS points, and it cost him
$4,000 which he had bet against
$4,000.
Radio Tunes In.
Just when the Street believed that
Radio Corporation stock had gone about
far enough considering the contents Of
the recent annual report, the stock
tuned itself into the midst Of things,
and on heavy trading advanced almost
3 points Accompanying the increased
dealings in radio was the story that 1t
would acquire the Columbia Graphic
phone. Details of the deal were said to
call for an exchange of stock share for
share, but the action of Radio indicates
something different. The deal Is de-
clared to be progressing under the
guidance of one Of the partners OF j..
P. Morgan g Co.
Shorts Cover Warner.
Considering the character Of the
rumorS which have been current with
regard to Warner Bros. Pictures stock,
the stock gave a remarkable demon
stration in advancing fracttonally. 1t
developed, however, that the strength
was superficial in that it reflected short
covering by a floor operator who had
gone short Of substantial line OF the
issue coincident with reports two weeks
some new financing.
Merchandising stocks are giving o
better account Of themselves. Improve
ment in Woolworth began appearing
yesterday because of foreign buying.
McCrory Stores moved up on light deal
ings to a new high price for this move
ment, due to expectations that the In
crease in business reported for the hrSt
two months of this year would be
further augmented in March by reason