Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-10
STOCKS IRREGULAR
IN PROFIT TAKING
Market Starts Active and
Strong, but Trading
Slows Down.
BY CHARLES r. sPEARE.

NEW YORK, February 10. - the
fright of those short of stocks and q
certain amount of professional
buying pushed up prices still further
today in a market that in its early
stages was the broadest and most active
since last October.
The pace, however, was too fast and
the temptation to take profits too great
and before midday there was a general
wavering in the list, with less activity
as the tendency to slow down developed.
Commodities Improved.
Not only were stocks strong, but cot
ton and wheat took part in the revival
of speculation for a rise: There was
some evidence of improvement in other
commodities, as in copper metal. Sew
eral agencies reported signs OF better
ment in business and regular DIVIDENDS
were declared by corporations whose
earnings have given suggestion mat
they might be compelled to reduce
rates.
The main influence was again the
professional element, which within the
last few DAYS has realized that by all
of the accepted signs the market had
been thoroughly lquidated and that
under these circumstances 1t Is dan
gerous time to be short Of stocks.
The numerous large blocks quoted at
the opening in such issues as General
Motors, Radio and international NlcKel
and the initial advance in Auburn Auto
of 11La points clearly Suggested the I'M
comfortable position In which the pears
found themselves and from which they
we're attempting to find way out:
Since the last demonstration against
the market on Thursday such advances
as points in United States Steel,
in WESTINGHOUSE Electric, 4 in General
Electric, S in General Motors, each
in Johns ManvilIe and American Can,
in American Telephone 81 Telegraph,
4 in Consolidated. Gas and in stand
ard Oil of New Jersey have completely
changed the technical status OF the
market. Its rapidly increasing size and
breadth have advertised 1t once more
to the public, which has shown will
ingness at various times in the past
month to follow the market upward.
Features Of Advance.
As on Monday practically every group
of stocks took part in the demonstra-
ton, but the outstanding features were
United States Steel, General Motors.
Consolidated Gas, j. I. Case, Standard
OIL of New Jersey, Westinghouse Elec-
trio. General Electric, Johns Manville,
Kennecott Copper, International Nickel,
National Dairy Products, Industrial
Rayon and Union Carbide. Auburn
Auto was in a class by itself, hrst ad-
yancing to 1873 from Mondays closing
at 74iS and later touching i91 COM
pared with the recent low Of 1Ol ".
The remarkable sales figures OF the
company and the small floating supply
of stock may explain the extraordinary
rise in this stock quite as much as the
more colorful story that certain power
full operators are short OF 1t.
The market took the large amount OF
profit-taking extremely well. Consider
ing all of the advance that 1t has had,
II showed an excellent quality Of re-
sistance. AS soon as the proht-tak1ng
wave had passed new buying came into
the market around midday, lifting
prices of a number of leading issues.
with United States Steel crossing las.
This was in anticipation OF a favorable
untitled tonnage report for January.
The report came out at noon, Wlth un-
filled tonnage on January 81 showing
an increase of 1S8,755 tons to total
of 4,132, 1851 against 3,943. 596 on Decem-
Der 81 and 4,466,710 ON January 81,
1880.
Opening Is Higher.
In the heaviest trading since OCTOBER
9. the market resumed its upward trend
with impressive force at the opening.
Leading stocks in blocks OF 5000 to
1900 shares set the pace with the most
active issues opening at new high prices
for the year.
The trend was uninterruptedly up
ward. Auburn Auto, about the move
ments of which Stock Exchange IN
vestigation is rumored ran up to 100
after opening II " points higher at 1876.
Gains of to 10 points ruled in the In.
dustrials. Industrial Rayon, General
Electric, American Can, Johns Manville,
Montgomery Ward, and Borden, all ao-
vanced to new 1881 tops.
United States Steel opened up 70 and
later reached 144A. Bethlehem Steel
and Vanadiun were higher, the latter
at a new high. Railroad stocks were
Quieter, but there were new highs in
Union Pacific and Southern Pacific.
Atchison equalled its previous high. OH
shares shared the improvement, with
new peaks reached by Standard Of New
York, Houston Oil and General Asphalt.
In the utilities nearly the entire &C
tive list was 1t new high levels Column
bia Gas was the most active, up point
and at new high at 3934. other new
highs were: American Telephone,
Brooklyn Union Gas, Consolidated Gas,
Electric Power g. Light, international
Telephone, North American, Public
Service and United Corporation.
The same condition reigned in the
new high, after opening on 1900
In the first half hour trading
amounted to about 300, 900 shares.
Money renewed unchanged at IA per
cent.