Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-05
|STOCKS IRREGULAR
IN LIGHT TURNOVER
Oils, Store, Farm implement
and Food Groups Lead
in Advances.
BY GEORGE t. HUGHES.
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK. November 5-Again
dominated by rising commodity prices
todays stock market had periods Of ir-
regular strength. with intervals OF
realizing. Volume was still low and
speculation for the rise was conducted
with great caution.
The stocks in favor today we're of
the same class as those which led the
upturn Wednesday. Oils we're helped
by the strengthening price structure
in the industry. Merchandising shares
and farm implement stocks responded
to the advance in wheat. The food
stocks we're in demand on their show
ing during the depression, which was
somewhat better than that of other
industrials and was emphasized by
earnings statements currently published.
Traders SkepticaI.
The Street had many skeptics as to
the genuineneSs of the recovery. They
pointed out that until the railway sit
uation has taken q definite turn for the
better until the bond market has
achieved stability. and until there Is
better credit outlook. no permanent adj
vance In the stock market could be SuS-
tanned. On these three points the days
developments were reassuring only in
the bond market. where a fairly uniform
avance was recorded. II this is SuS-
tanned it will go far toward relieving in
stitutional credit strain.
Those best informed on the railway
wage negotiations expressed confidence
in favorable outcome, but the market
Is not convinced. Railway stocks, while
not weak, were heavy and each rally
met fresh offerings, so that the carrier
shares did not participate in the rise
elsewhere in the list to any great ex-
tent.
Maintenance Of the SO annual divi-
dend rate on General Motors had ap-
parently been discounted marketwise
The stock was steady but that was
all. Auburn Auto made a modest gain
for that stock and in the first hour
stocks Of the independents were turned
over actively at fractional advances. 1t
was more of speciality market on the
upside than one moving by groups.
Ingersoll Rand, McKeesport Tin Plate,
Electric Auto Lite, and Columbian
Carbon pushed ahead.
Besides the rising wheat market,
stocks were helped during the first
half of the session by the continuing
strength in silver. Advances of go
to lis points were scored during the
first hour of business.
Opening Is Higher.
1ne opening was ACTIVE ana nlRner.
United States Steel at $50, General
Motors at 27@s and Standard Oil of
New Jersey at 36 were all higher by
fractions.
Previous to the opening here the
London market exhibited a firm tone
Sterling opened here at $375, off
cent. Along with scattered reports of
domestic business improvement came
earning statements that proved fairly
constructive.
American Can at 80 was unchanged
as was American Telephone at 1895.
A block of 1900 e!,ares of Allied Chemi-
cal opened at 1884, up / a. Fractional
gains were made by Air Reduction,
General Electric and radio. Norfolk g.
Western at 14434 was up 234 and New
York Central gained "a at 5134.
Public Service 1 New Jersey opened
up point at 651a North American
at 407s was up y and Columbia Gas at
227s up Is. Auburn Auto opened I'D a
point at 1894 All the early trans
actions in motor shares showed frac-
tional advances. The oils likewise were
trifle higher. National Cash Register
at 1872 was up a shade. Mail order
and chain store stocks also improved.