Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-31
STOCKS co LOWER
IN HEAVY SELLING
Early Gains Wiped Out as
Waves of Liquidation
Occur.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.


NEW YORK, October 31.-Successive
waves of selling swept over today's
stock market, depressing prices through
out the entire list. The opening was
moderately higher, with some of the
copper shares in urgent demand. The
strength lasted only an hour or so,
and then large blocks of stocks were
thrown on the market. There was a
swift decline, partial rally and then
another downward movement. 1t was
noticeable that unlike other recent seS-
sions, the activity was greatest on the
decline, showing that real liquidation
was in progress. The low prices of the
day were made in the afternoon, when
even the copper stocks sold off with the
| rest.
Motors Under Pressure.
Motors were under pressure, espe-
cially ChrySler and General Motors.
! Victor Talking Machine was acutely
weak At 118 it was down 10 points
on the day.
The market steadied in the last hour,
but without important recovery. Points
of resistance on last Fridays break
were broken through and yet no very
large blocks of stock came out. A few
stocks managed to move against the
trend, among them American Type
Founders. The close was unsettled.
Irregularity would be expected with
election less than a week away, for
notwithstanding the indifference the
market has displayed toward political
developments, the opinion prevails that
it will face a real test after Novem-
Der next. In part, the selling today
was undoubtedly precautionary, coming
from traders who wished to be out
of the market for the time. In part
it was for short account, although that
was probably the minor factor.
Copper Stocks Strong.
The feature of the early trading was
the strength in the copper stocks.
Not only is the price of the metal at
the top of the movement, but further
informed quarters. One authority stat
ed today that 90 cents pound was
not an unreasonable expectation.
Anaconda was the leader. 1t changed
hands in enormous blocks. One lot
of 10000 shares was taken at 80, after
which the quotation bettered by frac-
ton the best previous price since 1915,
when the high for all time of 1053s
was reached. With Anaconda went
Greene Canaea up points at l40, while
smaller gains were made by Kennecott,
Cerro de Pasco, Chile and Calumet
g. Arizona International Nickel was
again in urgent demand, up over 6
points and approximately at the high
er record
The pressure on the motor stocks
showed itself in Chrysler and in Gen.
eral Motors. The market paid no at
| tention to the optimistic statement by
| President Sloan of General Motors on
his return from abroad. Chrysler sold
down rapidly for loss of some points
| Jordan Motors was very weak.
| United States Steel responded to the
| favorable earnings statement with an
| advance, but did not hold the gain. The
| stock was in supply in the later dealings
and it reacted. Radio ran up or 5
| points and then came down to show a
loss on the day.
Strong SpeciaIties.
Strong specialties included Adams
Express, up % points to 354. and New
York & Harlem. which continued the
advance begun the day before. AT
326 it was up from its preceding close
of 800 Rails were not especially
active, but most of them were lower in
sympathy with the selling in the gen.
eral market.
Money renewed at 71a per cent and
was in good demand Time funds were
easy. although not quotably changed. 1t
was still claimed that the period of
greatest strain would be over in day
or so.