Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-22
UNCERTAIN
ON STOCK MARKET
Situation Badly Confused,
With Both Weak and
Steady Spots.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The star
NEW YORK, May % (CP.A0.-Weak
in spots, but steady in certain groups,
today's stock market moved uncertainty,
presenting a picture as confused as the
minds of the traders operating therein.
Announcement overnight Of the plans
Of the railroads to go to the Interstate
Commerce Commission for an increase
in rates explained the strength in the
railroad shares in the late trading on
Thursday and brought some additional
buying at the start today. Most Of the
active issues gained a point or two in
the first hour, but there was no rush
to cover on the part Of the shorts and
no volume on the advance. The street
was skeptical, not as to the justice OF
the demand or as to the possibility of
some relief being granted, but as TO
the amount of good 1t would do.
A disturbing note was sounded by the
president of the United States Steel
Corporation at the semi-annual meet
ing Of the American Iron and Steel
Institute
Il said a year ago." Mr.. Farrell was
quoted, that If the price situation con-
tinued as it was then most steel COM
panies would not earn their dividends
on the common stock. I tell you that
most steel companies will rot earn their
situation continues"
On this presentation of conditions in
the industry. United States Steel stock,
which had rallied above 10l. sold off
for a loss on the day, and yet the de-
cline was not abrupt nor large.
Copper stocks were weak. with Ana
conda acutely weak Anaconda was sold
not alone on the price of the metal
at the lowest in history, but on the
fin
would involve omission Of the dividend.
Allied Chemical continued its descent
to new low levels. Other high-priced
stocks which had been been under
pressure in recent sessions rallied early
IN the day, only to react later.
A strong spot was J. /. Case. Di-
rectors had declared the regular divi-
dend after the close Thursday and the
STOCK rallied sharply today, up 4 points
at one time. This stock had been a
favorite short sale for a long time and
was in a position to respond quickly to
anything favorable.
Some selling came into General
Motors, but it was well absorbed The
utilities fluctuated irregularly with the
rest of the list.
The market dragged along indeci-
sively in the afternoon. General Elec-
trio declared the regular dividend on
ltS common STOCK, but, the shares
hardly moved. Westinghouse Electric
was weak, and that may have offset the
favorable action by the General Electric
directors. Copper stocks were still I'M
der pressure, with Calumet & Ari-
IONA at new low Peoples Gas, one
of the two surviving active members of
the 200 Club, slumped ID points and
the other, Auburn Auto, ruled lower
Air reduction and Eastman KODAK
made new lows.
Notwithstanding this show of weak
ness in isolated issues the general list
was unaffected. United States Steel
American Telephone and the railroad
shares we're firm. Southern Pacific re-
ported for April a drop OF S4.609,343
in gross and a loss of 81 ,59l 1871 in net.
but the market seemed hardened to
poor earnings statements and con-
cerned more with the hope of rate re-
lief Low-priced stocks in many in
stances showed independent strength,
Call money renewed at iIa per cent,
but in the outside market loans were
arranged at three-fourthS of per cent,
with the supply large.
tcopygisht. 1879