Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-15
STOCK list HOLDS
STEADY IN SELLING
Several Market Leaders De-
pressed by Bearish Drives
During Day.
BY GEORGE T. HUGHES.
spatch to The Star.


NEW YORK, January 15.-Reac-
tionary tendencies controlled trading in
stocks again today, but the weakness
was confined to a few specific issues,
the general list babe good resistance
and the railroad shares as a rule held
firm.
Selling in the early trading was con-
centrated on American Can, Eastman
Kodak, Westinghouse Electric, Amer
lean & Foreign Power and, in the low
er-priced issues, Richfield Oil. Taking
up these situations in order, the bear
party argued that American Can was
selling out Of line and had not expert
enced the deflation other industrials of
it's grade had registered. The stock
broke through l09 the lowest since the
December weakness.
Other Losses.
Eastman Kodak dropped back to 5
points. This was another high-priced
stock which operators for the decline
said was selling on too low a yield basis.
The loss in Westinghouse Electric was
moderate and the pressure was connected
with estimates of earnings for the full
year, which it was said were not much
above dividend requirements.
American & Foreign Power was Of
fered in large blocks and reacted easily.
The Street had it that 1880 earnings
would be only around 81 share, fig
ure that was pure guesswork. As a
matter of fact, the company has not
yet published its results for last Sep
TENDER and 1t viii be some time before
any accurate estimate can be made for
the year. Richfield Oil broke to a new
low for the bear market in sympathy
with the decline in the bonds, reflect
ing the difficulties in the oil trade.
Selling in these stocks singled out for
attack gave the list an appearance of
greater weakness than it deserved.
Motor stocks were steady. Most of the
time during the morning the erratic
Auburn Auto held above its previous
close. General motors was only frac-
tionally changed. The latter's Deem
Der sales figures made good impress
sion, as well as the statistics showing
that the company was increasing its
proportion of the total business in the
industry. The stock, however, could
not make Roadway against conditions
In the rest Of the market.
Rail Groups.
Rails were comparatively quiet The
feature was Illinois Central, which went
to new high on the recovery, continu-
ing Wednesdays advance. Shorts who
tried to cover found a scarcity of stock
on the way up. Illinois Central has al
ways been a hard stock to borrow and
in recent markets it has loaned at a
premium. Baltimore & Ohio was also
well supported
Bearing on the general market situa-
ton is the decrease in the floating sup
ply of United States Steel common.
The figures, as of December 81, which
came out today showed that 205, 422
Oh I1ad fob - h.
ket in the fourth quarter.
Money continued in excessive supply.
The official call loan rate was / u per
cent, but funds could be had on the
outside at per cent.
Early Losses.
The market, after an irregular OPEN
ing, sagged fractionally. A number of
corporation reports showing, in some
cases, larger decreases in earnings than
the market had expected, combined
with the California oil situation, gave a
bearish tone to trading.
Richfield Oil of California, men,
toned in connection with a reorgani-
zation plan and actively involved in the
gasoline price war, opened on a 10000
share block off point at 312, and then
in successive blocks of 1900, 5000 and
$500 shares dipped to 3.
Money renewed at " per cent. Sales
in the first half hour amounted to
263,300 shares, against 233, 900 Wednes-
day.
Active industrials like United States
Steel, American Can, General Electric,
Westinghouse, WoolWorth, Radio, Bor-
den and Warner Bros. were lower by
small fractions to a point. Auburn
dropped a point, while General Motors
was firm Vanadium and Bethlehem
Steel were off slightly. American &
Foreign Power dropped liz and other
utilities followed Anaconda and In
tsrnational Nickel also eased. Texas
Corporation and Standard Oh of New
Jersey followed Richfield and other oils
into lower ground.