Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-24
REACTION IN STOCK
PRICES CONTINUES
Trading Volume Is Small as
List Slips Lower
in Selling.
BY GEORGE t. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, November 24.-Reac-
tionary tendencies persisted in the stock
market today, but volume was approx
imately the lowest of the month and
the declines we're the result more OF
lack of buying interest than of pressure
from the bear forces.
After the irregular setback the mar
ket had experienced on Saturday, fur
Their selling was expected today, If only
to test the technical position after the
recent recovery. The test came on time
with new commitments for short ac-
count put out directly at the opening.
An Groups Affected.
Standard stocks sold off a point OF
two, with larger losses In the higher
priced and more volatile, issues. The re-
action was not confined to any one
group, but spread out over the whole
list. taking III rails, utilities and indus
trials. Better than the average support
was enjoyed by U. S. Steel and by
American Can, in both of which during
the morning trading the decline was
less than a point.
Talk was heard of the country bank
Ing positions as reason for the heavi-
ness In stocks. In other quarters 1t was
said that the market had only made
another false start, as has happened
so many times this year, and that be-
cause business has shown few signs of
real recovery the market was about to
resume its downward course. AS a mat
ter OF fact, stocks acted well in view of
the advance since November 10. They
are now in stronger hands than at any
time before this year, q statement con-
drmed by the dullness of trading on
tOday'S decline
The rails sold off with the industrials
and about as much. Baltimore & Ohio
at 76 was down points on the day and
more than points from last weeks
high, showing that the squirt had been
largely the result OF short covering.
There is no doubt that the rails have
been over sold, and that it would take
only a slightly favorable piece Of news
to bring about a sharp rally, but there
was nothing of that kind in today"s
batch of earnings statements. How
ever, the time Is rapidly approaching
when these statements will make better
comparisons with those Of the year
before.
Money renewed at 2 per cent, and
was in abundant supply in the outside
market at to / il per cent.
Subdividing these companies into
groups (where a sufficient number are
Included for representative comparisonl
the following show increased incomes as
compared with 1929: Four theaters, SO
per cent; II electric power and light util-
tiles, 6 per cent; z railroad equipment,
5 per cent. Divisions reporting small
declines are: Twenty-one good compa-
mics, per cent; paper, per cent;
IL advertising, printing and publish
ing. per cent; 10 retail trade, IA per
cent, and IS chemicals, II per cent.
Among those groups most severely az
fected by business depression are In
cluded: Five copper companies, n per
cent; coal companies, SO per cent; IL
automobile producers, 81 per cent Eek
GLIDING General Motors, n per cent? ;
5 mining, SO per cent; 80 auto parts
companies, so per cent, and 10 steel
companies, Al per cent Excluding q.
S. Steel, Al per cent?.
Volume Small.
In the smallest volume of trading
since the first days of the month the
early market today had an irregular
tone. The opening was dull, but prices
were better after the first half hour.
United States Steel was fractionally
higher on the day after selling initially
at small decline at lat. VanadiWh
American Can, Case Threshing, West
inghouse, radio, General Electric, Mont
Radio-Keith- Orpheum moved similarly
Money renewed at 2 per cent, un-
changed. Sales amounted to 229, 800 in
the first half hour. against 200, 200 In
the period on Saturday.