Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-13
MARKET REFLECTS
TRADE CONDITIONS
Uncertainty in Some Lines of
Trade Gives Confidence
to Bears.
BY CHARLES w. STORM,

Editor, the News Service OF wan street.
Special Dispatch to The Star.
NEW YORK. April 13.-Professionals
continued to dominate the stock mar
ket on Saturday with the result that
the general list failed to get anywhere
in either direction, some stocks advanc-
ing slightly while others declined. The
general market was strong at the start,
but sold off in the last half-hour I'M
der offerings from bears.
Although the general list fails at this
time to give any indication of the prob
able immediate trend and although pub
lished news items fail to warrant any
reason for optimism, the most important
banking interests in Wall Street say
that real improvement is being shown
in quite number of industries. They
add that the poor earnings of the first
quarter of this year, which seems to be
the important influences dominating
price fluctuations now, will mark the
bottom Of the depression and that the
incomes of the corporations for the Sec
ond quarter of this year will show i'm
provement over those for the first three
month period Of this year.
Johns ManviIIe Weak.
Although reports of building opera
lions for March showed some improve
ment, an cutburst of selling occurred
Saturday in Johns Manville stock,
which caused it to decline more than
points to new low for this move
ment. The low price, however, was
substantially above the figure recorded
for this year. The selling of Johns
Manville had all the earmarks of
professional bear drive and reports cur
rent as to the buyers of the stock on the
decline were to the effect that the in
siders of the company were accumulate
ing the stock.
Motors Doing Better.
One Of the features of steadiness in
the list throughout the short session
was the persistent demand for the good
motor shares, particularly General Mo-
tors, in which big Chicago group is
declared to be very active on the long
side
This groups accumulation of the
stock is based on knowledge of the in
crease in retail sales. 1t is known that
other large motor companies are also
experiencing a change for the better
IN the demand for their products This
is particularly true of Auburn Motor
which advanced to new high price for
this year. A big and strong group
Wnlcn mas been active from time to
Time IN Chrysler Motor is expected TO
resume their operations for the rise
next week
Big Short Interest.
One of the large commission houses
In the Street has made a special in
vestlgation as to the size of the short
interest. 1t made inquiries of % lead
ing nrmS with regard to the amount of
stock being borrowed and loaned. r
was revealed that the short interest is
aonormally large and, according to this
nrn1. Is the largest on record.
:. some OF the commission houses b.
neVe that stocks are on the bargain
counter and are keeping their Stats
teal departments busy picking out at
tractive securities.
international Telephone.
One stock to show persistent strength
during the short session on SATURDAY.
was international Telephone and Tele-
graph. 1t develops that there is a big
buying order in the market for the
STOCK which is bsing picked up without
any effort to advance the price. The
snares are being absorbed for foreign
account, presumably French. and is a
preliminary step to the application for
the listing Of the shares on the Paris
BcurSe.
A big block Of International TeIe-
phone was recently taken out of the
market by Dutch bankers.
the steady withdrawal Of the stock
Tor investment for foreign account is
naturally reducing the floating supply.
international Telephone is now declared
10 be IN position by reason of the re-
ouced floating supply and the short
interest TO advance sharply when the
balance of the market turns upward.
Tobacco shares continued to manifest
euength IN anticipation of increased
revenues by reason of a Forthcoming
raise in the wholesale prices Of
cigarettes. American Tobacco r. ]
Reynolds Tobacco, Liggett g. Myers and
Lorilard shares naturally continue to
be the fayorites.
Copyright. 1881, By the North American
Newspaper AllsauceJ