Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-01
STOCKS ARE HEAVY
IN PROFIT TAKING
Short Covering Near Close
Lifts List Above Low
Prices of Day.
BY CLAUDE A. JAEGER.

NEW YORK, January 31.--The stock
market ended the first month of the
year today with a rather sallow, con-
valescent complexion, in contrast to the
flush of enthusiasm with which Janu-
airy began.
The market was distinctly heavy with
numerous losses of a point or two in
prominent issues and wider declines in
some of the more mercurial shares
Short coverings gave the list a little
boost in the last few minutes. The
closing price level, as measured by the
averages. was in the main only point
or two above the levels reached in the
New Year rally of January 2.
Effect of Bond Declines.
Further declines in the bond market
weighed heavily on shares. and the
violent fluctuations in a few of the
volatile issues yesterday was regarded
in some quarters as indicating an i'm
paired technical position. Nevertheless
offerings were not heavy, and most of
the pivotal issues gave ground grudg-
ingly.
Auburn and Worthington continued
to fluctuate erratically The former
dropped nearly 6, then regained almost
half its loss. Worthington dropped
nearl-- 4, then reduced its loss to less
than a point. Chemicals were rather
heavy. Dupont. Columbian Carbon,
United States Industrial Alcohol and
Allied Chemical finished 2 to points
lower. Other shares off about points
included Westinghouse, Atchison. East
man, Johns-Manville and Underwood
Elliott.
Shares losing about a point included
United States Steel, American Can,
American Power & Light, Bethlehem,
Stone & Webster Radio and Union
Pacific. North American, General
Electric and General Motors were off
only fractionally and American Tele-
phone closed about steady. General
Railway Signal was a firm spot up 2.
Sales for the two-hour session were
about $780, 900 shares.
The week end estimates of steel pro-
duction in the youngstown area for
next week indicated that output would
hold about steady at slightly less than
so per cent OF aggregate capacity. The
week end mercantile reviews reported
little change in trade conditions.
Wholesale apparel markets are expert
encing fair inquiry for Spring, but
some other lines are less satisfactory.
The motor trade has been distinctly
encouraged by the results of the Chi
cago show.
Earnings Statement.
The week has brought forth large
assortment of earnings statements,
which were in the main about as eX-
pected, and while serving to hold the
market in check, have failed to move
it much in either direction. Reports
for industrials so far indicate an aggre-
gate decline in industrial earnings of
about 40 per cent from the high rec
ords of 1929, with sharper losses in the
last quarter alone.
Commodities have again eased off this
week. The Annalist weekly index of
commodity price dropped point for the
second successive week, after several
weeks of comparative stability. Copper
exporters today dropped their price IA
of cent, confirming the action of Gus
tom smelters in cutting the domestic
price from 10 to 934 cents a pound yes
terday
Foreign exchanges were about steady.
Sterling cables were shade lower at
S4.855s. Argentine exchange held steady,
and about S5,000,000 in gold was re-
ceived from Buenos Aires. Brazilian
exchange was heavy.