The Waterbury Democrat., 1931-01-12
Losses Were Not Big But Limited to a Few Points Largest Drops Fell to the Railroad Shares U. s. Steel Recovered After Going Down
BY ELMER c. WALKER. United Press Financial Editor

New York, Jan 12.-(UP)-The stock market was reactionary in the initial session of the week to-day, al- though some resistance to the down. ward trend was manifest.
 While selling was not heavy, sharp recessions were the rule throughout the main body of stocks with some of the rail stocks constituting weak spots. Losses. however, were gen. erally limited to a few points, and few shares were even able to move against the trend.
 Largest declines occurred in the railroad division where New York Central was forced down more than 4 points before rallying. Somewhat smaller losses were experienced by Pennsylvania, Atchison, Baltimore & Ohio, and Wabash. Among the utilities. Western Union broke four points to 13S.
 Changes in the industrial list were smaller. United States Steel recover ed fractionally after losing several points and losses in Bethlehem Steel, American Can, Vanadium, Case. and General Electric were limited 10 around a point each.
 1 At the opening and again in the late mornlng, short covering opera tons lifted prices but leading shares were unable to climb above the highs attained at the opening. The market as whole was devoid of speculative interest and price move ments carried little significance. Trading during the afternoon was desultory, with bearish professionals indisposed to following up their early advantages
 Comparative steadiness prevailed | In the Oil stocks where such issues as Standard oil of New Jersey. Standard Gil of New York, Texas as corporation and Sinclair held close to their previous levels. Buying in amusements waned after small gains had been made.
 Among .he shares to make pro- gress on the upside were Gillette. ed Aircraft and Republic Steel, which he'd small gains through most of the session,
 EARLY TRADING
 New York, Jan 12.-(UP)-Stocks of the new week to-day with leading shares holding close to previous | levels.
 | Small advances were made by ac- cry Ward, International Telephone, General Electric and United Corpora : tion but these gains were generally held to small fractions.
 United States Steel failed to re- spond to the favorable increase of more than 100000 tons in unfiIied or
 ders ier during December. announced
 after the close Saturday, and fell
 back X points to 143H. 1 A few other leaders dispIoyed
 mildly reactionary tendencies. Vest
 inagEhouse Electric lost F point t9
 90k. A. M. Byers, lost nearly n
 point to 4sA and Atchison lost F.
 Oils displayed a firm tone with Standard Oil of New Jersey in demand around the best levels of the move ment. Standard of New York also was higher, while Sinclair and othe P | leaders of this division held steady 1rregularity developed after tho opening. however, coincident with 8 selling movement in United States Steel. which fell below 143. Other shares generally lost early advance but failed to make much headway | on the downsde.
 Offerings of the principal trading stocks were generally absorbed with | little difficulty and firmness was ap- parent in many sections of the list de . spite the hesitancy in the leaders.