Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-12
LATE SALES SEND
STOCKS DOWNWARD
Ground Gained In Session
tuesday Lost in Trading
Today.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK. August IA wave Of
selling in the last hour carried prices
in the stock market down today over
part of the ground gained in the pre-
ceding session.
Up to the late afternoon the market
was firm, with advances predominant
ing, the feature being the rise in
United States Steel to the best since
the dividend was cut, on reports that
the trade was considering an advance
in prices. The stock however, came
down in the late selling.
Among the weak features were Au-
burn Auto, down over 5 points after
earlier strength; j. I. Case, which can
celed two-thirds of the advance of
Tuesday, and Johns Evansville. 1t looked
as though the bear faction had decided
to- give the market a test. The days
operations on both sides were almost
exclusively professional.
Eastman Kodak directors declared the
regular Sl.25 quarterly dividend and the
usual 75c extra on that stock.
Professional opinion at the opening
was skeptical of the genuineneSs OF
Tuesdays recovery. It was designated
as technical and declared to be in
all proba bility only normal rebound
in a bear market. However that may
be, the gains did not attract the reallz-
ing that might have been expected
after so abrupt rise, except in the
railroad group.
Railroad shares sold of or points
in the morning hours. Great Northern
preferred made new low for the year
Union Pacific, New York Central, New
Haven and Southern Pacific were down,
but not in any large volume. There DID
not seem to be much short selling even
| in the 7, ills. The July earnings state
ments will begin to come out next week,
and they may make a more favorable
comparison with those Of year ago
than the street has been led to believe.
Meanwhile there is an increase in car
Ioadings, only SeaSonable, to be sure,
but encouraging nevertheless.
The days news was mixed. An in
crease in copper metal stocks was ur-
favorable. The weekly iron and steel
trade reviews were non-committal ek-
cent that the Iron Age did point out,
snea king of the motor situation, that
the indications were that automobile
makers themselves have urderestl-
mated the volume of retail demand,
Traders did not interpret the steel re-
norris as bearish United States Steel
sold within a fraction of the best OF
the recovery and was very steaoy. Un-
dolibtedly the short interest in steel is
large, Dill LlGfG QOCo 4tOb oCCAh " ~
tTe outside liquidation that the statis-
tical position seemingly ought to pro-
duce.
Motor shares were well supported.
Auburn fuctuated erratically, as it al
ways does, but most of the time was
higher on the day. General Motors
Welded only a fraction OF Tuesday
gains Merchandising stocks were IN
good demand, notably Woolworth. In
| fernational Business Machine, one OF
| the higher priced issues, ran up 3
| points.
The oil stocks did little, pending
definite action by the Texas legislature
| If that body finally passes an effective
proration bill and it is signed by the
Governor, leaders in the trade believe
there will be an immediate price re-
Spouse in petroleum products Mean
while it is interesting to observe that
| gasoline stocks in the week ending
| aupIst declined 86l 900 barrels to
SIS .S81 600. A year ago stocks were
| AZ, 729, 900 barrels.