Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-10
STOCKS IRREGULAR
ON PROFIT TAKING
Early Gains Induce Selling
Public Utilities Continue
in Spotlight.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 10-An extern
sion of the recent rise in one part of
| today'S stock market conceded with
heavy realizing elsewhere and produced
a mixed price movement. Except for
one or two specialists, however, there
| was no weakness, and stocks advanced
easier than they declined.
Opening prices were higher and for
an hour or so the market was almost
buoyant. Then came a period of hest
| tation. prof1t-taking in the motors and
a reactionary trend in the general in
duStrials The utilities were consistent
ly strong, leadership today being as
sumed by Consolidated Gas, which rose
to new years high on large-seale buy
ing. Publication of plans for physical
connection between the New York Edi-
son and the Niagara Hudson systems
was the ostensible reason for the
buying.
Other Power Stocks.
other electric light and power stocks
turned sharply upward, including Pub
lie Service of New Jersey, United Gas
Improvement, and United Corporation,
which bettered by fraction its prev
| ious best price for this year. More or
less the entire group was stimulated
and seemingly without thought of the
AAl6Il Dl ll4llSo AdIAO az WllAS4A Gil
Of these stocks are selling.
A new campaign against the shorts
in American Can was opened success
fully. Above 127 the stock was over
points up from Mondays low. United
States Steel during the morning hours
before the market had the figures on
untitled tonnage, was another strong
issue. The United Stats Steel untitled
tonnage figures came out at noon. They
oh - %1y1
February %, compared with the figures
on January 81.
It was a common comment in the
street that the advance was a profess
sional movement without public partici-
patton, but, however that may be, the
sponsors for the rise selected admittedly
good stocks for leadership.
Auburn Auto, J. I. Case, Worthing
ton Pump and Vanadium jumped
around in their usual fashion, but they
were not as prominent today as the
standard issues, all of which made a
good impression on conservative OBJ
servers.
Motor Group Heavy.
Motor stocks were sluggish during
the first half hour of the session.
Mack Trucks directors declared a IS
cent quarterly dividend against the 81
paid three months ago and accompany
ing the declaration was fairly opti-
miStic statement. The stock sold off
a point or so and then came back
As on Monday, Warner Brothers
Pictures was an exception to the trend,
selling to a new years low, under $12
a share. The bonds were correspond
ingly weak, but no acceptable explana-
ton for the selling was offered. One
statement was that both bonds and
stocks were being liquidated from one
source for special reasons, but even this
could not be confirmed. A little SELL
ing OF other amusement stocks was
noted, one of the issues under pressure
being Fox Film.
Early Gains.
With a favorable tonnage report from
United States Steel in anticipation and
a batch of favorable trade reports, the
early market advanced strongly. There
were gains OF l to 8 points all through
the active lists.
Confidence was engendered by the
announcement of two major railway
bond issues today and the declaration
from the Bank of International Settle
mentS that the time had come for the
movement of capital to countries in
need of it. United States Steel itself
was up point, at 1473s, and the other
steels, such as Bethlehem, Republic and
Vanadiun1. followed with smaller gains.
Midland Steel gained nearly points.
During the first half hour trading
amounted to 100000 shares, against
400, 900 on Monday. Government with
drawals of funds caused a tightening
in the money market, and call money
renewed at per cent, against liz per
cent Monday. This was the first re-
newal at such rate since January 2.
The feature of the utility group was
Consolidated Gas, which reflected re-
ports of a merger with Niagara Hudson
Power. The stock ran above los, new
top for the year. The whole utility list