Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-02
STOCKS IRREGULAR
IN LOWER TREND
Trading in Small Volume as
Street Awaits Definite
Business News.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

NEW YORK, January 1.-THE first
business day of 1881 ond the Stock Ex-
change was one Of irregularly lower
prices. Trading was in small volume
and the Street was in a subdued mood,
awaiting tangible signs of business re-
covery before bidding up stocks.
The most pronounced weakness in the
early morning trading was the utility
group. where advances at the close on
Wednesday had been the most con-
spicuous. For example, American
Power S5 Light, which had run up
more than points Wednesday, sold off
5 points and American Waterworks,
which had gained over points, slumped
5 points.
Other Losses.
Then there were some considerable
losses in the chemical shares. MatheSon
Alkali made Il new low and Allied
Chemical had a sharp setback. Here
the influence was reports of price cut
ting in chemical products, but with
drawal of support from short covering
had something to do with the decline as
well.
The standard industrials moved in
a narrower range, but they, too, regis
tered losses during the morning trading.
U. S. Steel went down a point or so,
Westinghouse had a little larger loss
and the selling side had the better
of it in the more volatile issues, such
as ]. l. Case Vanadium, Colombian
Carbon and Auburn Auto, with the last
named down at one time points.
In all of this it was difficult to read
any forecast of trade conditions. The
turnover was so low as to deprive the
movement of any real significance. As
far as price changes did indicate any,
thing, 1t was that. spectators were
more confident of near-term improve
ment in the motor field and in the
copper industry. Motor stocks, except
Auburn, were noticeably firm when the
rest of the market was heavy, and the
copper stocks met good support.
Railway shares moved more or less
with the rest of the list. There was
nothing to look forward to, now that
the Eastern consolidation plan has been
announced, except larger car loadings
and improved earnings, OF which there
is as yet no sign. New York Central
and Baltimore g. Ohio were among the
more active of the carrier shares and
both resisted selling better than the
average Central was favored by buy
ers because of its equities, and Balti-
more g. Ohio on the belief that it stood
to benefit more than any other one Sys-
TEN from the proposed new grouping.
Call money renewed at 3 per cent, but
was in such excessive supply that be-
fore noon it had been marked down Of
fcially to per cent.
Early Changes.
After opening higher, the market
eased slightly, and trading slowed down
as the morning progressed. Sales in the
first half hour amounted to 237,500
shares. which compares with 324.900 in
the same period Wednesday,, and $4,000
on the first day of last year. Call money
renewed at per cent, which contrasts
with per cent on the first day of 1880.
Motors. in anticipation of the opening
of the national show here Saturday,
were fairly firm, though profit taking in
Auburn lowered its initial price Of 1918
by 4 points. In the utilities, North
American and International Telephone
reacted after opening higher Amer
lean Power &c Light and American Wa
ter Works were each of about 4 points.
Goodyear Tire e. Rubber was more
active than usual, and doZll about 1l2
points In the industrialS, Allied Chem
icai proved the most active of the
higher priced issues, losing about 4
points after its initial rise of 4 II points.
United States Steel at one time showed
a loss of 20, but quickly recovered.