Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-03
STOCKS Stronger
AFTER EARLY DROP
Market Shows Resistance to
Selling Pressure in
Light Trading.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, March 3. - In lighter
trading, the stock market today hard
ened after Mondays reaction. There
was still much uncertainty In evidence
on the tape, but attempts to depresS the
list were halted for the time being.
Traders came down to business ex-
pecting that the decline of the previous
afternoon would be continued. They
thought they saw a definite turn in the
market and the Street was filled with
pGSsimistic predictions as to the imme-
date course of prices. The result was
an irregularly lower opening and
generally heavy tone throughout the
first hour.
Steel Is Bear Target.
United States Steel was a favorite
target for the short sellers and broke
through the las level. New York Gen.
trail occupied a similar place in the rail-
road list and sold under 100 early in the
day. Reports from the steel trade as to
first quarter earnings were still gloomy
and no one had good word to say for
the railroad stocks. There was a good
deal of talk about dividend action by
New YCi Central and Baltimore e. Ohio
and the possibility of reduction in the
rate.
No encouraging word came from the
oil industry. Rather it was said that
another cut in crude was in prospect.
About the only quarter where any
thing cheerful could be seen was in
the motor car field. Advices from De-
troit were to the effect that the STEP
ping up of production there was in
response to improvement in retail de-
mand.
Stocks, however, made stout resistance
and before noon were slowly creeping
upward-not enough to bring in any
outside demand but sufficient to cause
spectators for the decline to hesitate.
Auburn Auto was bid up again, an
effort was made to do the same with
Vanadium and the higher-priced issues
such as Allied Chemical and Eastman
Kodak rallied after initial weakness.
U. S. Steel, American Can and Con-
Solidated Gas recovered to around the
previous close. There was little that
was spectacular in the market. It's
most significant feature was the failure
of the bear campaign to carry through.
Among minor incidents were a sharp
attack on Radio, temporarily successful,
and a setback in Remington Rand
after the common dividend had been
passed.
The falling of of over II per cent
in Montgomery Wards February sales
was reflected in a loss of a point or
so in the stock. United Aircraft fiuc-
tuated erratically, but most of the time
was higher on the day.
Early Market Irregular.
Stocks sprinted after opening ir-
regularly but later they reacted. The
early squirt was accompanied by an in
creased volume of trading, sales in the
first half hour being 100000 shares
a. IN
period.
Public Utilities opened higher but
eased after the end Of the first half
hour despite the acquisition by United
Corporation of Niagara-Huds Power
shares. Radio was the outstanding in
dividual issue in point of activity.
Opening at "a OF Is. it dipped to 227s
before showing any signs of recovery.
The high-grade rails were weak from
the outset. New York Central at 1l9h2
was of a. New Haven at 882s showed
421z lost p Pennsylvania. after, OPEN
ing unchanged, moved to 60H of u.
Motors, taken as a group, made the
best display Of strength in the early
irregular dealings. Auburn Auto, after
opening at 207, sold on to 203i2 and
then moved to 208.
General Motors was unchanged at the
opening but later advanced fractionally.
Chrysler appeared at 21ss then went
to %. Borg Warner was higher as
Electric Auto Lite fell of This show
ing followed the expectation of increases
in March automotive production due to
better retail demand.
United Aircraft and Gillette Safety
Razor were active and higher. Coppers
were somewhat heavy after their early
gains. American Can was relatively in
active. General Electric opened lower
and Westinghouse unchanged, although
the latter had small net loss later.
United States Steel after appearing
lower recovered its loss and got up to
1881.