Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-27
STOCKS IRREGULAR
IN SAGG|NG TREND
Adverse Dividend Actions Re-
suit in SelIing-SpeCiaI-
ties Supported.
BY GEORGE t. HUGHES.
Special Dispatch to The Star.

Special Dtspatch 20 Tne star.
NEW YORK, March 27.-Weakness
in special stocks affected by adverse
dividend action, a sagging tendency in
the general list and support, sometimes
effective and sometimes not, for pool
managed issues, went to make up to-
days stock market.
The two stocks under greatest pres
sure in the early trading were Ana
conda Copper and National Cash
Register. The cut in the Anaconda
dividend had been known at noon
Thursday, but the market evidently still
had considerable liquidation to meet.
Anaconda lost another point and at
midday was down over 10 points from
the high of the year and only little
more than 8 points above its extreme
low.
Weak Spots.
News of the omission Of the dividend
on the National Cash Register class A
stock came out overnight. The stock
was offered in large volume at the
opening and broke almost four points.
other stocks sensitive to selling in
cluded United Fruit and Goodyear Tire
g. Rubber.
There was no rally in the oils. On
the contrary Standard OF New Jersey,
Standard of New York, and Texas Cor
poration, three Of the leading units IN
the industry, went to new lows Tor
1891 the losses were only fractional,
but they made a bad impression. High
priced industriaIs yielded easily, IN
Guiding Allied Chemical and Eastman
Kodak. It had been widely advertised
that the shorts in the latter were TO be
"suueezed," but If so the operation was
postponed.
Other Changes.
Influenced by the trend elsewhere,
limited states Steel, General Electric,
General Motors and American Can were
off more or less, although the last
named came back rather emphatlcally:
The only resistance was in that small
group of stocks whose fortunes were In
the hands of a determined band OF
SPECTATORS for the rise. Auburn Auto
jumped around, but not as energetically
as in previous sessions. 1t managed,
however, to hold above the preceding
close. Shorts in j. I. Case were not
allowed much leeway and the same
was true Of Vanadium.
The feature in the railway list was
the weakness in Delaware e Tucson
which broke 3 to points on light offer
ings. This may have been reflection
of uneasiness aroused by the cut in
the Lackawanna dividend. Delaware q
Hudson has been making better show
in earnings than the other anthra-
cite carriers. The utilities were heavy
but not weak. They have the largest
speculative following on the long side
and they have the best earnings back
ground. Trading opinion was that II
any group could rally the list, 1t would
be the electric light and power stocks.
Early Market Irregular.
Ifxyfd
rates were either cut or passed entirely,
support for the pool-managed special
ties and a sagging tendency elsewhere
in the list made up early trading.
The feature was the heavy selling OF
Anaconda, which opened on 5000
shares at 337a, new low on the move
ment. and which subsequently added TO
its loss. National Cash Register slumped
nearly three points on heavy transac-
tions. In addition to these moves, more
or less pressure was exerted against
Goodyear Rubber and United Fruit,
while in the high-priced list Allied
Chemical and Eastman Kodak registered
good-sized losses.
American Telephone, United States
Steel and American Can were slightly
lower, but Auburn Auto McKeesport
Tin Plate, Vanadium and Worthington
Pump were either unchanged or higher.
In the rails the only important incident
was the new low for Delaware & Hud-
son. Trading in the carrier stocks was
in small volume.