Evening star., 1932-01-05
STOCKS IRREGULAR
IN NARROW RANGE
Sagging Tendency Apparent,
but Selling Pressure Is
Somewhat Relieved.
BY GEORGE 7. HUGHES.

special DlSpdtCh 10 Inc SIaT.
NEW YORK, January Still sub
jected to considerable pressure, today's
stock market moved irregularly lower,
but the selling was not quite as urgent
as it had been on Monday.
The market was confronted with a
Stock Exchange failure Immediately
after the opening. Stocks in which the
firm or its customers were understood
to be interested sold off, but the rest
of the market ignored the news. Such
declines as took place in the general
list seemed TO be in continuation OF
the lquidating movement in progress
during the preceding session.
Dividend Uncertainties.
Dividend uncertainties played a large
part in the selling. Before action on
the AtchisOn rate had been announced,
that stock had made new low for the
major decline. The same was true OF
Columbian Carbon, which was put on a
50 annual basis against the $4 previous
ly paid Other new lows were registered
by Air Reduction, international Cement,
Goodyear Rubber, American Smelling &
Refining and Anaconda. The two steel
stocks which gave way were Ludlum
and Bethlehem. United States Steel
was better supported. After the first
hour the market hardened, only to
weaken again around midday. At that
stage American Telephone and General
Electric broke through their old resist
ance points. but only for fractional
losses. Allied Chemical made a new low,
but without any increase in volume.
For a time some of the utilities were
in good demand. among them American
Water Works. Homestake Mining dis
tinguiShed itself by gain of 4 to 5
points. Coca Cola sold under par, but
still above its old low. Auburn and J. l.
Case we're weak.
Opening Prices Irregular.
Prices were irregular at the opening
following announcement from the ros
trum Of the suspension for insolvency
of Gurnett G. Co.
United States Steel at .361s was off
X and American Can at 5612 was
up 11s.
News developments for the most part
were constructive. They included the
issuing of a call for subscription pay
mentS to the National Credit Corpora
tiOn, the return to work of more than
$500 shop employees Of the Southern
Pacific, further gains in Studebaker
Corporation Car and truck sales, and
a decrease in weekly oil output. The
London Market opened quietly. Ster-
ling here at $3.36as, was off IS cents.
Air Reduction at 46&s and Columbian
Carbon at 80 were the first issues TO
reach new lows. General Electric at
1924 opened unchanged, but rose frac-
tionally. Westinghouse at 20l4 also was
unchanged. Atchison, whose directors
meet for dividend action, opened at
1912 unchanged. American Smelling,
whose directors also met for dividend
action at noon, opened unchanged at
16. Cerro de Pasco at 1912 was off u
Its directors consider dividend action
this afternoon. General Foods, which
declared the regular quarterly payment,
opend at 81 *, off 20.
General Motors in a block of 5000
shares opened at 1884, unchanged Au-
burn Auto likewise was unchanged at
119 Nash. whose directors consider
dividends this afternoon, rose 1s to
1884 Electric Power & Light at 1875
and International Telephone at 73s
were both a trifle higher, but Public
Service Of New Jersey at 50l4 and Con-
solidated Gas at 56l4 were off shade.
Standard Oil of New Jersey at 26 lost
IS and equaled its previous low.