Evening star., 1931-12-21
STOCKS IRREGULAR
IN DRAGGY MARKET.
Tax Selling Continues to
Exercise Influence on
Price Movement.
BY GEORGE T. HUGHES,
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, December 21.-Pricns
swung back and forth uncertainty in
todays stock market session. Scattered
selling for tax account and occasional
liquidation were absorbed without much
loss. but there was no inclination to bid
prices up.
The market had one or two favorable
pieces of news to interpret One was a
salary increase by an automobile man.
ufacturer in Toledo and another was
the announcement that the Hershey
Chocolate Co. would put its common
stock on a Sc basis instead Of the SIS
now paid. Against these two items
were reports Of further curtailmeut CT
steel operations and more banking
troubles.
The market was more than usually
irregular. General Motors was we'll sup
ported and General Electric showed
some rallying power On the other hand
United States Steel was heavy all
through the morning trading. Allied
Chemical sold off on small volume, but
rallied almost as easily on small buying.
Railroad Group.
In the railroad list Chesapeake &
Ohio and New Haven made the best
showing What looked like tax selling
came into New York Central, the stock
opening 2 points lower. Atchison was
sensitive to operations for either &C
count. The one thing that seemed to
stand out was that there was no large
supply of stocks for sale at current
levels. The only exception was Amer
lean Telephone, which was consistently
offered under Saturdays close.
Traders had a hard time scalping a
point on either side. The bond market
was closely watched for cue, but it
gave none.
Cali money renewed at 3 per cent,
the first time since the I'd Of January.
This was a reflection of year-end re-
quirementS and created no concern. A
more important matter was the weak
market for Short-term railway equip
mentS Issues of some of the weaker
roads due in one to two years were
offered on 9 per cent to 10 per cent
yield basis. and this had depressing
effect on the corresponding stocks.
Opening Prices Irregular
The opening on the Exchange dis
played mixed price tendencies. Steels
were lower. Gains and losses about
balanced in the rails, as they did in the
public utilities. Fractional changes
were the rule in miscellaneous indus
trials
News developments over the week end
were of a mixed character. New car
registration during November declined
less than previously estimated. WHY'S
Overland granted 10 per cent salary
increase to 900 Office employees. The
Sunday production holiday further cut
crude oil output. On the other hand,
commodity averages showed slight de-
crease. California crude oil output
rose. Sterling opened here at $3.50, off
2, of a cent. London was dull. but fairly
firm. Steel and building operations fur
ther contracted.
U. S. Steel at 4O12 was off point and
Bethlehem at 81 was down y. Baltl-
more g. Ohio at l9as rose 5s, but Cana
dian Pacific lost = at l22x Illinois
Central gained "a at ll7S, but Penn
sylvania declined 7s to 20 New York
Central was down 2 points at 30l2.
Northern Pacific was up 81 at 1884
American Telephone opened off "a at
1872. American Power & Light at
l434 and American & Foreign Power at
72g each advanced slightly. Electric
Power g. Light at IL and Public Service
Of New jersey at 81 were unchanged,
as was United Corporation at 834
Western Union at "A T. was off q. United
Gas Improvement was down &s at l77s.
American Can at 6334 was off II.
Westinghouse at 29i4 was unchanged,
but General Electric was off IA at 25.
Standard Oil of New Jersey opened
down 7s at 277s, as did Texas Corpora
ton at 12"S. General Motors was off l .
at 23l4. Auburn Auto declined IS to
1888.