Evening star., 1932-01-11
RAIL SHARES LEAD
IN STOCK ADVANCE
Early Losses Are Checked as
Carrier Issues Show
Strong Tone.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.
Nryky VNpV Tor1,oru II I-F1Irti

Special Dispatch to The Star.
NEW YORK, January 11.-Further
reaction in the Stock market was
checked today by confident buying OF
the railroad shares. Eventually the de-
mand for the carrier issues turned the
whole list upward. although volume
was small and gains moderate.
News over the week end was not
encouraging. 1t included the abrupt
statement of the German chancellor
that Germany would pay no more rep
arations, possibly bringing that prob
lem to a head, but having the immedl-
ate effect of spreading diSmay. Then
there was the sharp reminder OF the
credit situation in the dispute over
New York Citys borrowing difficulties.
Buying of Rails.
The bright side was the outlook for
amicable settlement Of the negotiations
for wage readjustment between the
railway executives and the orother-
hoods 1t was this phase of the news
that brought about the buying of the
railway shares, which was the feature
of the mornings operations.
The list opened lower all around, but
after a half hour or SO the rails began
to move up, many of them making new
highs on the current recovery. The
buying took in both dividend payers
and priced issues. Among the for
mer, AtChison went up points to the
best since the dividend was reduced.
Chesapeake & Ohio, Southern Pacific
and Union Pacific were actively bought.
New York Central was strong and
there was hardly an exception to the
trend.
The untitled tonnage statement of the
United States Steel Corporation, made
public after the close Saturday, was
disappointment. The decrease was
larger than expected and steel COM
mon was down sharply at today's open
ing, selling at one time almost points
under Saturdays high. Half the loss
had been regained before noon. Auburn
Auto, the fluctuations in which, wide
and illogical as they apear, are never
theleSS a good guide to speculative Sentl-
ment, started in down 4 points and then
retraced all the lost ground.
More or less this was true of other
active lndustrialS such as Allied Chemi-
cal, selling lex" the $3.50 dividend; j. I.
Case and American Can. American
Telephone & Telegraph came back in
like manner, to show gain on the
day
Motor stocks were firm but quiet. So
lar JQey nave lllduS ilIIlt lcopOAioO w
auto show week Nash reported net for
the year ending November 80 equiva-
lent to S175 a share against $2.78 in
the preceding year. The regular quar-
terly soc a share dividend was declared.
Opening Prices Lower.
The market opened actively lower,
depressed by weakness in foreign mar
kets following Germany's declaration
that she is unable to make further
reparations payments. In addition,
steel activity was shown as lower with
an unexpectedly large decrease in U. S.
Steel untitled tonnage.
Active industrials were from l to "a
points lower. American Can at 60l2
was off 13s. J. I. Case dropped / II to
341s. Among other active losers were
Coca Cola, Paramount Publix, Radio,
General Electric and Westinghouse.
United States Steel was off nearly 2
points at Al.
The railroad issues also were lower.
thought not under such heavy pressure
as other parts of the list. Baltimore g.
Ohio, Chesapeake g. Ohio, Illinois Cen
tral. New York Central and Norfolk &
Western each lost about a. point or
more In the Utilities, American Tele-
phone was down a point at ll6&.
American Power g. Light and Public
Service also declined. Auburn sagged
points. Other motor shares were off
fractionally. Oils were quiet.