Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-17
STOCKS IRREGULAR
| AFTER RALLY FAILS
Bears Shift Attack to New
Groups, Preventing Mar
ket Upturn.
BY GEORGE T. HUGHES.
cial Dispatch to The Star

special Dl6patcn TO Tne star.
NEW YORK, April 17.-Attempts to
rally the stock market achieved only
temporary success In today's session.
New weak spots were uncovered by pro-
fessional operators for the decline and
the general recovery SO widely expected
was postponed.
The selling today conferred in groups
that had been exempt heretofore.
Motor and food stocks were attacked by.
the bear party, flushed with their sue
cess in previous operations OF this sort.
Auburn Auto was sold heavily and gave
way unexpectedly easily. BY noon 1t
was down IT points from Thursdays
close General Motors was pressed for
sale, but 1t receded only fractionally.
On the other hand Dupont broke 3
points, Electric Auto Lite between S and
points, Timken Roller Bearings over
point. and other auto accessory stocks
sold on.
Trading Features.
In the food list corn products was
singled out for attention and q new
low for the year was recorded. The
argument was not that these corpora
tions were operating unprofitably, but
that the market price was out Of line
with stocks Of other companies. Ma
tional Biscuit, which broke so sharply
Thursday, was comparatively steady,
but Coca Cola had q sinking SPELL
The oils were in disfavor again, al
though most of these stocks are selling
so low that no important declines were
seen. Nevertheless new lows were made
by Atlantic Refining, Ohio Oil, Texas
Corporation and General Asphalt
Mexican Seaboard received better sup
port than the average.
New Lows In Rails.
There was the usual list of new lows
in the rails, including Missouri Pacific
preferred, st. Louis-San Francisco and
Illinois Central. 1t was unofhcially esti-
mated that Illinois Central would show
deficit for the first quarter after
charges, and the safety Of the dividend
was again called in question. Atchison
and Union Pacific dropped below their
previous minimum prices for this year
Railroad stocks were affected by the
heaviness in railroad bonds.
While all this was going on there
were evidences of quiet covering else
where in the list. American Can, Air
Reduction, Columbian Carbon, Westing-
house Electric and J. I. Case were high
er on repurchases by the shorts. Dur
ing the morning hours U. S. Steel held
within a narrow range.
Not much attention was paid to the
outside news. The increase in brokers'
loans in a period when stock prices
were declining was somewhat of a sur
prise. but the change was too small to
be Of any significance. Optimistic pre-
dictions as to business recovery went
unnoticed IN the general bearish atmos-
phere. Call money renewed at Ia per
cent, but was firm at that rate, with
scattered calling of loans
Early Market Irregular.
The market backed and filed during
early trading, with no definite goal in
sight. An overnight batch Of earnings
reports did not yield much material for
either the bulls or the bears to use.
United States Steel, after running up
point gain shortly after the opening,
dropped again to its previous close at
1872. Active induStrials that performed
in like manner were Allied Chemical,
Coca Cola, Fox Film, General Electric
and Simmons.
The rails were conspicuously weak
at the start, but there was no great dis
position to press the decline. Atchison
and Union Pacific made new lows, but
New York Central, Chesapeake Corpor-
alton and Frisco were Arm Money re-
newed unchanged at " per cent. Dur
ing the first half hour trading amounted
to 100000 shares compared with 400, 900
on Thursday.
Another weak group was the oil
shares. SinclairS earnings were inter-
preted as showing smaller decline
than expected and the price was I'M
changed, but Royal Dutch, Atlantic Re-
f1ning and General Asphalt all made
new lows for the low. Texas Corpora
ton was active and a shade higher at
27ss. The utilities were firm, with gains
In American Telephone, Consolidated
Gas, Electric Power g. Light and United
Corporation.