Evening star., 1932-01-12
STOCKS IRREGULAR
IN QUIET MARKET
Profit Taking on Recent Ad'
vance Checks Forward
Movement of List.
BY GEORGE 7. HUGHES.
,necial DISPATCH to The Star.

NEW YORK, January 12-There was
not so much snap to the stock market
today, as it showed signs Of hesitation
and less support after enjoying future
advance at the opening based on the
quick passage of the Reconstruction
Finance Corporation bill by the Senate.
The fact that since the low levels
were established a week ago the ralls
had had an average advance OF points,
induStrialS an average over 8, and Pup-
lie Utilities more than points, leo
to some profit taking and smaller
volume of transactions. The rail group
held its leadership, with advances IN
the first hour ranging from l to
points. The largest gains were in the
shares of Southern and Western lines.
Await Legislation.
The professional attitude toward the
market was that 1t had made good
recovery since touching its low point
on January and had to some extent
discounted the developments in Wash
ington and in Chicago that are ex-
pected to come to a climax on Thurs
day. Consequently, there was q dispo-
sition to await the conclusion OF legis-
lation to improve credit and the nego-
tiations over railroad wages before in
creasing commitments on the long side
Of the market.
Realizing sales in the rails were fol-
lowed by similar policy toward indus
trial and public utility leaders, includ-
ing United States Steel, American
Consolidated Gas, American Can and
Allied Chemical. The copper shares
made a slight response to higher prices
for conner metal sold abroad
Less attention was paid to the Ger
man situation and the resignation OF
the French cabinet was an incident
without adverse effect on the markets
here or abroad. In fact, cables re-
ported higher prices In both London
and Paris, and sterling exchange ad-
vanced over 2 points
Easier rates were quoted for money,
with outside day loans as low as 2H
per cent. 1t is anticipated that re-
turn to somewhat the same conditions
of abnormal money supplies as oc-
Cured few months ago will be de-
velopment in the first quarter OF this
year, and therefore there Is no ex-
pectation of further increase OF re-
discount rates
The main adverse influence today
was the continued decline in Govern
ment bonds and Treasury certificates.
This went on in contrast with rising
quotations for corporation loans, In
which the railroad junior obligations
again figured conspicuously. There was
also q recovery in numerous loW-grade
industrial bonds that were quoted a
few weeks ago at receivership prices.
Opening Prices Higher.
The market opened higher.
A block of $500 shares OF United
States Steel appeared at 43, up Il.
American Can at 81 was up 3s. Amer
ican Telephone at 11834 gained a.
General Motors rose fraction to 2312.
News developments were OF diverse
character. The Senate passed the re-
construction finance bill. Copper prices
were advanced. Negotiations for
merger of Prairie Pipe, Prairie OH &
Gas and Sinclair Oil were completed.
London securities firmed. Sterling here
opened at S341, up 21s cents. Crude
oil output increased.
Anaconda Copper advanced " point
to i1$, as did Nickel at 834 and Ken
necott at 1884 Cerro De Paso at 1Aas
was up Is. Westinghouse Electric AZ
25a4 was up "a. National Biscuit at
4lT gained IS. New York Central rose
u to 32&. New Haven at rs was
I'D 10. SOuLl1eIu TdSlAlS nb ot - 90
yanced /. Southern Railway at 1878
was up Is and Baltimore & ONO az
1894 was up q.
Consolidated Gas at 61s and Inter
national Telephone at 1925 each gained
"a. Standard Gas 81 Electric was
up "a at 30A. North American was
IN "a at "a. Sinclair Oil at 6 was un-
changed. American Tobacco B opened
up / at 1914 and the common was up
~ at 72K2.