Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-14
STOCKS IRREGULAR
IN QUIET TRADING
Market Moves in Narrow
Range-SeIIing Pressure
Is Light.
BY GEORGE T. HUGHES.
,ial Dispatch to The Star

NEW YORK, January 14-In an
other session of quiet trading prices
first weakened and then recovered in
todays stock market. No definite trend
was indicated. although it seemed that
the selling had been checked, tempo
rarily at least.
The news was mixed, but the market
| received the unfavorable items with
composure. The expected cuts in crude
oil prices had no material effect on the
oil shares. They did not rally material
ly from their lows of earlier in the
week, but on the other hand they did
not sell off. New bond financing, which
disturbed stocks of the companies en-
gagged in borrowing Tuesday, went I'M
noticed today.
Steel Trade Reviews.
The weekly reviews of the iron and
steel trade had cheerful tone. 1t was
estimated that production had expand
ed this week to about 45 per cent ca
pacity, with improvement in demand
and flrmer tone in prices. United
States Steel in the first half hour sold
down to new low on the reaction and
then came back, making up all of the
loss and more.
The president of the American Tele-
phone & Telegraph Co. announced that
preliminary estimates indicated earn
ings of around 5000 a share for the
stock. This was as good as he'd been
anticipated, but Telephone, during the
morning, fiuctuated within a range Of
a point. Reports of impending fl
nancing for Western Union were de-
MED.
Pressure continued to be exerted
against Vanadium, which lost another
point. still on talk of downward dividend
revision. Auburn Auto ran up against
the shorts and then relapsed. The
truth of the matter is that even the
professional spectators in the Street
have no clear convictions as to the i'm
mediate future of the market and they
are too wary to take chances. When a
stock such as Vanadium or Auburn
shows signs of weakness, they sell it,
but are equally hasty to retire the
commitment if it rallies.
Turnover Is Small.
Meanwhile the turnover is abnormally
low, even for these times. Outside in
terest is almost entirely lacking. The
market is waiting on the business news
and that has to be definite one way or
the other before traders are willing to
take a stand.
1t was the rails which made the best
showing in the forenoon New York
Central was the leader, retracing the
ground lost in the two preceding
sess ions. There was nothing in the car
loaGings figures to arouse enthusiasm
for railway stocks, nor is there likely to
be in the December earnings state
ments which will begin to come out
next week, but the carrier issues look
sold out. One stock which acted well
today, as it had during all the reac-
tionary period, was Baltimore & Ohio.
Call money renewed at 112 per cent
and was in abundant supply at that
rate.
Morning Rally.
Breaking through the irregularity
that marked opening dealings, leading
industrials rallied early today Sales
in the first half hour amounted to $685.
900 shares compared with 285, 500 Tues
day. Call money renewed at Ia per
cent
Disappointed with the extent of the
improvement in the steel trade during
the last week, traders sold United
States Steel common down to 1401a,
new low on the current reaction, but
it rallied from that level. Bethlehem
Steel was little changed from its initial
price following news of the suit brought
by group of shareholders for the
return of bonuses paid to directors
since 1911.
Vanadium sold off about a point.
Allied Chemical rose nearly T. East
man Kodak eased 2 points. Slight re-
coveries took place in Fox Film and
Paramount. Coppers recovered after
opening irregularly. American Can
eased after opening up IA, but held
above it's previous final price. The
crude oil price cuts announced in Texas
depressed most of the oils.