Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-06
STOCKS IRREGULAR
/. ON SHARP SELLING
Utilities Show Evidences Of
Strength-SpeCuIative Fa-
voriteS Lower.
BY GEORGE T. HUGHES.
.cIa1 nixpatch to The star.

special DlSpdJCD 10 IHe otdI.
NEW YORK, March 6.-Stocks NOV
ed with great irregularity in today's
market The utilities had periods OF
strength and there was scattered buying
of various industrials, but the so-called
speculative favorites, particularly the
higher-priced ones, were subjected to
persistent selling and weakness.
The overnight budget of news was
mostly unfavorable. 1t included the
passing of the common dividend by
American Rolling Mills, a poor report
| for 1880 by Studebaker and a long
| series of cuts in oil prices. The only
item on the other side was the reduc-
ton in brokers' loans, and that was so
small as to carry little significance.
Professional Selling.
The day on the exchange began with
sentiment skeptical of the genuineness
of the rally when it was not frankly
bearish. Professionals were on the SELL
ing side. They centered their efforts
on such stocks as Auburn, Case, Worth
lngton and Westinghouse Electric, all of
which ,ost ground Auburn was espe-
cially weak, dropping or points be-
fore meeting support. Case was off 4
points and Westinghouse and Worth
ington registered smaller declines. For
time Allied Chemical was higher. but
it came down with the rest later on.
The fact that the weakness appeared
first in the high-priced issues was proof
of the professional character of the
trading. Operators for the decline now
adays sell principally stocks quoted
above 500 a share.
Standard issues of investment merit
made a better showing. In the first
hour United States Steel crossed lat to
new high on the rally and General
Motors was up fractionally Both re-
coded when the selling elsewhere gained
Roadway.
Buying of the utilities was of the
same quality as on Thursday. United
Corporation was again taken in large
blocks and pushed through the former
high for the year. Electric Power g.
Light was another strong stock in this
part of the list, while Standard Gas
Electric was churned about, now up
and now down, on the day. Interna-
tional Telephone & Telegraph was tenn
porarily in favor, and that was true
also of Consolidated Gas.
With the exception of Chrysler, the
motors were heavy. Special buying
came into Chrysler and lifted the price
a point or So The Studebaker report
seemed to have been discounted mar
ketwise, but the stock was inactive. Oils
ignored the trade news. Rails were
quiet and a shade lower.
Early Market Higher.
Public utilities continued in urgent
demand as the market widened its adj
vance and broadened its volume of deal
ings early today. Sales in the first half
hour amounted to 100000 shares, or
100000 shares more than in the same
period Thursday Call money, which
closed at per cent Thursday, renewed
at l p per cent.
Huge blocks of United Corporation
many of them in 10,000-share trades
enabled that stock to lead the list in
point of dealings. United corporation
crossed the 20 level into new high terri
tory for 1881. Consolidated Gas rose p
to 1929. United Gas improvement,
around 34as, was up fractionany. Pub
lie Service of New Jersey was jumpy.
After opening higher it reacted below
its previous final. Columbia Gas &
Electric was up about ~
Auburn Auto, at 191, was down 10
points from the opening and was the
weakest in the active industrials The
new high scored by Columbia Graphic
phone was accompanied by rumors of
powerful British buying. United States
Steel, at 147M, was up rs. American
Rolling Mills came within a fraction of
its previous low as result of the omis-
sion Of the quarterly common dividend
and earnings showing a balance of 3
cents a share.
The oils, with the exception of Stand
ard Oil of New Jersey, were fractionally
higher, as traders were inclined to in
terpret the White House call of the
Governors of the various oil-producing
States as favorable. Rails for the most
part were inactive, but slightly higher.