Evening star., 1932-02-04
STOCKS ARE FIRM
IN UPWARD TREND
List Shows Improvement as
Selling Pressure Subsidies.
Trading Light.
BY GEORGE r. HUGHES.

Special DlSpatch 10 The star.
NEW YORK, February 4.-While
still very inactive, with fluctuations for
the most part limited to fractions. the
stock market gave a good account Of
itself today. The trend was upward
and there was complete absence Of
liquidating pressure.
Business was resumed on the ex-
change today with no dividend meet
ings overhanging the market as vital
as that of u. S. Steel or OF Genera!
Motors. Action by the directors OF
General Motors in cutting the rate from
a SO to a 81 annual basis was about
what the Street had expected and had
been discounted in the price Of the
stock. which was fractionallv higher
in the early trading Even the ornls-
sion of dividend action by the Packard
board resulted in only a fractional de-
cline in the price Of that stock. 1t is
becoming more evident that the market
is not likely hereafter to be upset by
dividend reductions or omissions.
Priced Issues Active.
The low-priced stocks were favored
| in the morning trading. Active ouylns
of the local fractions made ltS appear
ance. although there was notnlng
strictly new in the situation. II Is pc
Neyed that sooner or later an upward
reimbursement Of fares must come.
BROOKLYN, Manhattan Transit, Manhat-
tan Modified Guaranteed, Interoorough
| Rapid Transit and Third Avenue Rail
wav were all up to 2 points.
Stocks of the grade of KelVinator
General Baking Radio and American
Woolen preferred were in good demand:
Standard Brands was an exception, on
on the fourth quarter earnings State-
ment showing net for the stock OF IT
cents share against % cents a share
in the preceding quarter and "a cents
share in the same quarter year
ago but the decline was inconsiderable.
Continental Baking was strong IN De-
lated response to its good showing.
Standard industriaS were dull out
firm. United States Steel opened
point lower, but made up the Joss ana
more before noon. Allied Chemical,
Westinghouse Electric and American
Can more than held their own. Home
stead Mining was strong on declara-
tion of an extra dividend OF 81 a snare
besides the regular monthly diSburse-
ment of 65 cents.
The rails were unusually quiet dur
ing the first half OF the day. Judging
from the comments heard in brokers
orices the carrier stocks have many
friends. but this does not seem to show
on the tape. Probably those interested
in the rails prefer to operate in the
bond market at present.
Opening Prices Lower.
The opening on the exchange was
lower :,
United States Steel opened of l
point at 393a and General Motors at
21Io and Packard Motors at Az were
off fractionaIv Dividend reviSlonS,
the dullness Of overseas markets and
irregularity Of foreign exchanges be-
fore the market opening overShadoWed
Far Eastern developments. The re-
duction of General Motors dividend
from So to 50 year had been ex-
pected though the omission OF PACKARD
Motors dividend was less certain. In
some quarters the Atlas Powder regular
declaration had not been expected.
Homestake Mining declared an extra
dividend Of 81.
American Can at 6o14 lost u. Air
Reduction rose Il to 50l2. General
Electric at 1919 and Bethlehem Steel
at I7lt had slight declines With the
exception of International Nickel, early
dealings in mine shares were at lower
levels Public Service Corporation lost
"a to 5l24. Consolidated Gas was
down T. American Tobacco B yielded
"a to II. The two most active oils,
Standard Oil Of New Jersey at 2734
and Texas Corporation at II, were each
up as.
Declines in the rail list were con-
fned to fractions Baltimore g. Ohio
was off q. New York Central off q,
New Haven and Northern Pacific each
!. and Northern Pacific off y.