Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-19
STOCKS FLUCTUATE
IN DRAGGY MARKET
List Presents Tired Appear.
anCe as Public Fails to
Follow Rise.
BY CHARLES F. SPEARE.
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK, February 19.-The stock
market today had a tired appearance.
1t was dull. Price movements were OF
little consequence compared to those
during the past week.
The technical status of the market
has changed with the recent run-up in
values, the elimination of part OF the
short interest and the unwillingneSs of
the public to follow the rise in the face
OF continuing poor corporation reports
and frequent dividend reductions.
Advance in Copper Shares.
Several groups of stocks were in
huenced by special developments. The
advance in copper metal abroad today
encouraged pool operations in the cop
per shares. Anaconda, Kennecott,
CRANKY Consolidated and Nevada Con-
solidated all sold at the highest of the
year, as did American Smelling & Re
filming, in the forenoon session. The
logical traction stocks were bid up sew
eral points on indications that directors
of the marlborough and Brooklyn-Man-
haitian Transit companies are more than
ever in agreement on the question of
unification. Such other changes as oc-
CURED throughout the list were due
chiefly to the in-and-out operations of
the room traders and did not suggest
any permanent trend.
Public utilities were irregular. They
revealed narrow markets in the ease
with which they advanced l to 2 points
on limited transactions and declined an
equal amount on small sales in the
early trading. The outstanding mem
bers Of this group were Consolidated
Gas, which approached the previous
high of the year with the recurring
rumors of early financing; National
Power & Light, Standard Gas & Elec-
trio and Public Service of New Jersey.
Motors were quieter, as were the motor
covering the smallest range in several
days.
Steel Group.
The strongest members of the iron
and steel group was Colorado Fuel,
which advanced 2 points by midday,
completing a 10-point rise from the
January low. In the miscellaneous list
Of industrials the best gains were in
Byers Pipe, Loew's. General Electric,
which again crossed so; Worthington
Pump, whose advance at one time was
4 points, and United States Industrial
Alcohol.
It is quite obvious that the market
is meeting resistance from some of the
interests WHO were responsible 1Or 1tS
pronounced rise last week 1t is under
stood that much of the distribution
that was then under way in behalf of
banks has been completed and that
considerable opposition to a further
outbreak Of speculative fever is mani
fest in important banking quarters.
While sentiment in regard to securi-
ties has been much improved. this i'm
provement has been recognized in the
general gains in stocks since the first
Of the year. Therefore, it is believed
that the wiseSt policy to pursue in the
immediate future is one of caution, in
order to prevent a recurrence of the
disappointment that followed the rise
last Spring, inasmuch as there is no
indication yet that general business will
be much better in March or in April
than 1t is at the present time.
Suggestions of a f1rming in money
rates were given in higher quotations
for acceptances today. The cotton mar
ket was strong, both actually and tech
nically, due mainly to its nquidated
condition.
Opening Is Higher.
Though trading was in diminished
volume, the price improvement was re-
sumed at the opening The featured
groups were the mine shares, which re-
sponded vigorously to an increase in
copper prices, and the local traction
stocks, which reflected the report that
the marlborough Rapid Transit direc-