Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-08
STOCKS IRREGULAR
AFTER EARLY GAIN
Market Trend Uncertain, With
Mixture of Advances and
Declines.
BY GEORGE t. HUGHES.

Special fspatch to The Star
NEW YORK, April 8-Attempts to
rally the stock market today we're in
evidence at intervals throughout the
session but they met with indifferent
success. A few groups and a few
stocks improved but others were still
under pressure and the list presented
a ragged appearance.
The street was disappointed in the
weekly car loading statement, which
showed a decrease from the week be-
fore. whereas. seasonally, an increase
would have been normal.
Rail Stocks Sag.
Railroad stocks sagged in the early
trading, special weakness appearing IN
the higher priced issues. Before noon
Union Pacific and New York Central
were at new lows for the year and
Atchison was not far above its previ-
GUS low. Selling of such high-grade
investment stocks as these brought Of
ferings into others of the group, in
Guiding Missouri Pacific preferred, st.
Louis-San Francisco and Northern Pa
cific. All of them lost ground but
without much increase in activity.
While there was no official informa-
ton as to the terms of the Fox Film
financing. the market seemed to think
that the effect on the stock would be
unfavorable, perhaps affecting the dlvl-
dend. Fox sold off or points, with
weakness in General Theaters Equip
ment Eastman Kodak rallied on the
favorable annual report but failed to
hold the gain. Although Eastman's
earnings were equivalent TO 1884 a
share, the margin over dividend require
ments was not large and the price was
considered liberal appraisal of earning
power.
Special weakness showed itself in
Texas Gulf Sulphur. Merchandising
stocks were heavy, including Macy and
Woolworth Directors of Woolworth de-
clared the regular dividend, although
there had been some expectations OF an
increase in the rate.
Upturn in Auburn.
Against these declines was another
violent upturn in Auburn Auto, amount
ing to almost 20 points putting the
stock to a new 1881 top. The pyrotech-
MICS in this closely held, easily manipu-
lated stock were no help to the rest of
! the market. However, motor stocks did
better than other industrials.
The weekly reviews of the iron and
steel trade gave some encouragement
TO buying of motor shares and we're not
pessirnistic as to the steel trade itself.
United States Steel recovered a point
or two from Tuesdays low and there
was some covering in Bethlehem Steel.
The utilities were alternatel strong and
weak and the oils did little one way or
the other Money renewed at ~ per
cent and was in good supply at that
rate.
Early Gains.
Prices advanced early today under
demand from shorts ard the declaration
of regular dividends by basic industrial
units, such as Bordens and Continental
Can.
Otherwise the news was far from un-
favorable, with Only a slight decline in
car loadings, cuts in crude oil output
and gasoline stocks, increased chain
store sales, large building operations
and reviews showing further expansion
in the iron and steel industry.
United States Steel at 1864 was up
a shade, and this trend was followed
by other leaders such as American Can,
Bethlehem Steel and General Electric.
The feature was the gain of II points
in Auburn to a new top for the year.
The demand for this stock was heavy,
with virtually no offerings.
Leading industrials made gains of
a point or more, among them being Air
Reduction, Allied Chemical, American
Can, j. /. Case. Loves, Westinghouse,
Johns Manville and Worthington Pump.
Expectations OF an extra dividend by
Woolworth stockholders were disap-
pointed with the announcement that
the regular payment would be made.
The stock was fractionally higher, but
under its opening high.
Mine shares we're quiet, with Ana
conda up a shade. In the rails, New
York Central touched new 1881 low