Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06
STOCKS IRREGULAR
ON LIGHT TRADING
Market Says After Early
Gains Due to Week
End Buying.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, April 6.-Lacking def
mite trend, today's stock market moved
irregularly on light volume.
Traders came down to business today
prepared to see a substantial rally.
They had been encouraged in this belief
by the action of the market Saturday,
which seemed to indicate it was heavily
oversold. The rally that day was not
decisive, but was enough to bring in a
predominance Of buying orders this
morning.
Early Gains.
Opening quotations, therefore, were
higher Auburn Auto staged one of its
spectacular moves, rising 16 points as it
touched 274, a new high, after its jump
of over % points Saturday. Trade re-
ports with regard to Auburn are and
have been optimistic, but the demon
stration today was nothing more than
the gyrations of a closely held, easily
manipulated speculative market. An
other strong point was American To-
bacco. Both classes of its stock went to
new highs, rejecting the bright pros
poets of this company.
Moderate gains were registered else
where in the list, but after the early
buying orders had been executed the
market turned dull and then began to
react. United States Steel, which had
started unchanged, was pressed for sale
and before noon was down over points
and at new low for the year Whether
this was the result of a well designed
bear campaign or not, it made bad
impression. Steel is still looked to for
leadership and when 1t shows lack Of
support, as 1t did today, the effect Is to
check any broad upward movement else
where.
e--.s.f --n~Jr~n.~ aroir oYNaarad n,
Pullman and International Cement, both
going to new lows. There was doubt
about the Pullman dividend and the
situation in the cement industry was
reported to be dubious. Columbian
Carbon sold off easily and Eastman
Kodak was weak.
The rails were inclined to do better
in the early trading. President Storey
Of the Atchison made cheerful state
ment and the stock, which was not in
large supply, moved up 2 or points
Atlantic Coast Line, Illinois Central and
Southern Railway recovered a point or
2. There was however, little activity
on the rally and no indication that the
growing short interest in the group was
greatly alarmed.
Cali money renewed at IL per cent,
but there were heavy Withdrawals and
in the outside market 2 per cent was
paid for accommodation.
Early Market Irregular.
After an accumulation of buying or
derS had been absorbed at the opening,
the market turned quiet with prices
inclined to sag from their opening
highs.
The feature as Auburn Auto which
opened up IL points at 269 and then
went to 271, Or 80 points above Satur-
days low There was nothing TO ac-
count for the abrupt jump in Auburn,
except the closeneSS with which the
stock is held. Otherwise the market re-
flected bulliSh Interpretation of automo-
bile production figures and the indica-
tons in various commodity index move
mentS that the decline N prices has
reached an end.
General Electric, Bethlehem Steel,
Consolidated Gas, Electric Power q
Light and Other market leaders gained
from fractions to points.
New lows were made by International
Cement and Pullman, because Of earn
ingS reports. But new tops were made
hJ American Tobacco and B stocks.
United States Steel opened unchanged
and then dropped a shade. Vanadium
and Bethlehem were higher. In the
rails Atchison sold at 1872, but bid and
asked figures revealed that the stock
was held at to7 asked and there were
TO bids within points. Atlantic Cast
Line and Union Pacific were strong.
In the induStrials Radio, Fox and
Sears RoebucK gained fract.onally. Util-
tiles were firm. Motors stocks had small
gains, led by General Motors. Oil shares
were quiet.