Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-05
STOCKS ARE Lower
| IN SMALL TRADING
Market Shows Slight Recess.
SionS After Recent Three
Day Advance.
BY GEORGE T. HUGHES.
nnnia1 r1isnatnh 10 The star


NEW YORK, February 5.-Reversing
It's direction, the stock market turned
downward today but again on small VOL
ume and with losses of only a point or
two, so that the movement had no
more significance than the one on the
side of advance yesterday.
It was difficult to trace any connec-
ton between the course of prices and
the days news save in one or two
isolated instances. Perhaps the most
encouraging development was the re-
covery In the bond market, removing
from the field of discussion, for the
present at least, the veterans adjusted
compensation legislation. The General
Motors report which came out overnight
was about as had been expected. It left
the street to speculate not on the re-
suits of the year that has closed but
on the outlook for sales Of motor cars
In the season that is to come.
General Motors.
AS far as the fluctuations in General
Motors were concerned, the market
was suspending judgment on the future
The stock was a shade lower in the
early trading, but that was in sympathy
with the rest of the list. Conditions in
the copper metal market could hardly
be more unsatisfactory, with the price
back to the low of last Fall, which was
the lowest in IS years. Anaconda,
representing the leading factor in the
industry dropped back point or two
without, however, bringing out any
large offerings.
During the first hour there was what
appeared to be a concerted bear raid
with heavy selling of United States
Steel, evidently designed to produce
general liquidation. Prices gave way
one to two points and then, although
they did not recover much, volume fell
OF and trading turned extremely dull
Leaders Quiet
The high-price volatile stocks. which
had been so conspicuous earlier in the
week, gave relatively tame perform
ance. Eastman Kodak; after its run-up
of over points Wednesday on expec-
tation Of announcement Of an improved
film manufacturing process, met realiz-
ing and came down over most Of the
ground gained Auburn Auto was
forced back to loss of nearly points,
subsequently regaining part Of the de-
cline. Up to noon Worthington Pump
merely marked time.
On stock that was plainly readjusting
its price to an anticipated unfavorable
earnings statement was United States
Industrial Alcohol. During the first two
hours Alcohol slumped almost 4 points
to a new low for the year.
Utilities were irregular. Western
Unicn had a setback and American
Telephone g. Telegraph was of a point,
but the lower-priced stocks were well
supported.
Early Market Lower.
Stock prices worked lower in mod
erately active early trading.
United States Steel after opening
fractionally lower, eased to 1872, OF
IL points. This pictured the deprecia-
ton in most other active issues, In
GLIDING Air Reduction, American Can,
Columbian Carbon, Case Threshlng, Fox
Film A, Radio, Woolworth and Worth
ington Pump.
Eastman Kodak was particularly
weak feature, dropping to a net loss OF
6 points at one time. An important an
aouncement Is said TO be impending re-
garding this company. Money renewed
unchanged at liz per cent. In the 1rst
half hour trading amounted to about
800 900 shares.
In the railroad list, the only active
issues were Baltimore & Ohio, New
York Central and Union Pacific, all of
which were slightly lower Anaconda
and Nevada were fractionally lower, but
Kennecott made a small gain In the
mine group. Auburn was again the
most active motor stock, running down
Q points after opening higher. General
Motors and du Pont we're fractionally
of. Oil shares were dull.s Utilities were
slightly lower