Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-30
STOCKS IRREGULAR
AFTER EARLY GAIN
Advance at Opening Brings
Out Further Selling, but
Tone Is Good.
ny GEORGE T. HUGHES.

Special Dispatch to The star.
NEW YORK, October 3o.-An irregu-
lar price movement characterized trad
ting in stocks in today's market. Spe-
cial issues were under pressure and re-
acted. but in other parts Of the list
there was enough support 10 give the
appearance OF strength.
The utilities were inclined to sag, per-
haps because of the decrease in electric
power production reported for the week.
A special case. however was the weak
ness in Electric Power 81 Light, which
was heavily sold in the expectation that
additional shares would be offered for
subscription to the present stockholders.
The price Of the new stock was reported
to be SIS a share. American Telephone
& Telegraph was in good demand and
higher at the start but it came down
with the other utilities subsequently
The Street was inclined to feel q
little more cheerful over the general
situation. The Bethlehem Steel state
ment made public after the close
Thursday was no better than that of
United States Steel If as good. but
Bethlehem today started in higher,
whereas on Wednesday, aftcl the
United States Steel figures had become
known. the stock was weak Mainte-
nance Of the regular rate on Bethlehem
common was reaSsuring in that II
pointed to confidence on the part of
the directors in an early improvement
in the industry.
Rails were fairly steady. The infiu-
ence here was the hope that some
agreement on wage reductions could be
reached and this was strong enough,
temporarily at least, to overcome con-
Germ over prospective dividend cuts.
United States Steel. General Motors,
General Electric and other leading in
dustrials during the morning hours
were steady around the preceding close
Tobaccos Improve.
One or two of the tobacco issues did
better. Lorillard was bought on the
prospect Of an early decision In the
bonus litigation now before the courts
The oils acted WE'LL The leaders were
Standard of California and Standard Of
New Jersey, which as a rule have kept
pace with each other The market
seemed to indicate that the California
Jersey Standard merger terms would
call for an exchange Of stock share for
share
Dividend fears were not a factor in
today's trading. The worst that can
happen along that line this week is al
ready known. Meanwhile the short IN
terest is believed to have been increased
and the market to have been strength
ened that much. Trading was still in
small volume.
Call money renewed at az per cent
and was in good supply. The average
renewal rate this month has been 2.064
per cent against straight Il. per cent
all Of last month.
Opening Is Higher.
The market encountered an accumu-
lation of short-covering orders at the
opening, and prices opened from l to 2
points higher. Trading, however, was
In small volume after the initial few
minutes.
United States Steel at 65% opened
up nearly a point. A number of ia
vorable earnings reports by industrial
concerns, together with a better tone
abroad, lent support to the local mar
ket. In some Of The active industrials
covering was in good volume. j. l.
Case, for instance. ran up rapidly to
Carbon, Allied Chemical, WESTINGHOUSE
and Woolworth had similar advances.
In the rails, Union Pacific gained 2
points to 103. Sharp advances occurred
in New York Central, New Haven and
Southern Pacific. In the utilities,
American Telephone was more than a
point higher Small improvements we're
noted in North American and Public
Service OF New Jersey. Auburn gained
over a point to 12i. General Motors
was shade better. The oils were
quiet, but firm.