Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-26
STOCKS IRREGULAR
AS RAILS DECLINE
SpeCiaItieS Featured on Side
of AdvanCe-Thin Market
for Carriers.
BY GEORGE t. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 26.-In today's
highly irregular stock market the move
ments that attracted attention were
those on the side Of advance, principally
stocks with small floating supply and
generally known as specialties. There
was no definite trend in the seasoned
investment shares, unless 1t was the
sporadic liquidation in the rails.
The feature of the early trading was
the weakness In the railroad stocks.
Baltimore & Ohio, the dividend rate on
which was cut Wednesday from 81 TO IS
annually was comparatively steady, but
sharp breaks took place in Louisville &
Nashville and in Missouri Pacific pre-
feFred. New York Central and Atchison
sold OF and there was thin market on
the way down for other carrier issues.
UnfavorabIe Earnings.
The reason, of course, was the ma
ture of the February earnings state
ments, which made as bad an impress
sion as any similar showing for months
back. News Of the Conference Of Rail-
way Presidents in this city, presumably
In connection with merger plans, was
not sufficient to offset the discourage
ment over earnings.
rails, the speculative cliques sponsor
ing industrial specialties, easy to move
because either of a small number of
shares available for trading or be-
cause of an unwieldly short interest pro-
ceeded to bid up their fayorite in the
now familiar fashion. One of these was
Mullins Manufacturing, which rose 5
points to q new high. Another was
Worthington Pump and still another
United Aircraft, the buying in the lat
ter having the excuse OF an earnings
statement better than had been ex-
pected. Still others were J. ]. Case,
which had been too enthusiastically
sold earlier in the month; Johns-Man-
vile and Houston Oil.
Other Changes.
While all this was going on In these
volatile shares, U. s. Steel and General
Motors were distinctly heavy. West
inghouse Electric fluctuated erraticaIly,
but in the main held well. American
Can was strong, but that was an excep-
ton in this part Of the list.
Rubber stocks were weak, notably
Goodyear, about whose dividend pros
poets traders seemed none too sure.
This group also was affected by the de-
cline in the commodity. American
Steel Foundries sold of after news had
been received of reduced operations.
Announcement of the reduction in the
Anaconda Copper dividend came Just
before noon. That stock was put on q
$3.50 annual basis, against $3.50 pre-
viously paid, and the dividend on Andes
Copper was passed.
It only remains to note the favorable
attitude toward the utilities, including
OF course, Consolidated Cas- Brooklyn
Union Gas and the afaliated shares.
Call money renewed at ~ per cent
but was firm at that rate, with con-
siderable calling of loans in anticipa-
ton Of the first Of the month require
ments.
Early Selling in Rails.
Selling in the rails developed after
an early show Of flrmness.
Baltimore q Ohio, on which the
dividend was cut on Wednesday, held
around the preceding close, but Louis
vile g. Nashville broke 3 points and
Missouri Pacific preferred over points.
Other leaders, including New York
Central, came down. Westinghouse
Electric, steady at the start, also sold
on on more mature consideration Of
the dividend cut.
Among the standard industrials,
American Can advanced a point, but
almost Immediately lost the gain.
United States Steel dropped back un-
der 146 to approximately the low Of
the reaction and General Motors was
unable TO make Roadway.
An attempt to bid up Worthington
Pump was temporarily successful and
the stock gained points, but Auburn
Auto, after pushing ahead Tor q s.
point advance, came down TO show q
loss. Rubber stocks were weak, re-
flecting the decline In the commodi-
ties.