Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-27
STOCK PRICES SAG
| ON LACK OF BUYING
Announcement of Stock Ex.
char e FaNuse Is Factor
in Depressing Market.
BY GEORGE T. HUGHES.


NEW YORK, october 27.-In light
trading, stocks declined with but few
exceptions in the opening session of
the week on the stock exchange. It
was not, however, so much the pressure
from operators for the decline or from
the holders of stock outright that
caused the weakness as 1t was the
absence of buying power.
The market was handicapped by an
nouncement of stock exchange
failure This news came out in the
first hour, when selling was in progress
throughout the list, but 1t is doubtful
whether this development was an i'm
portant incident.
Wide Movers.
!, il. Case, the stock which broke so
severely on Saturday, losing over IL
points. had another sinking spell today.
Around 108 the price was of points
more and this collapse disturbed senti-
ment fully as much as the insolvency
of c. Clothier Jones & Co.
International Harvester went of with
Case, both of them probably affected
by the revelation of decrease in agricul-
tural buying power made last Friday
when the Montgomery Ward directors
passed their dividend. The disposition
mistic view of next years business Tor
those companies which deal with the
farmer, and yet there is good reason to
believe that the agricultural distress
has been exaggerated.
General Electric, United States Steel
and Westinghouse Electric sold on
easily. The largest loss was sustained
by Westinghouse, the bookings of which
corporation for the third quarter were
the smallest for any three-month period
in over five years. United States Steel
was depressed, although the directors
meet for dividend action after the close
Tuesday, at which time the earnings
statement will be released. Steel could
declare an extra dividend, Of course
but whether the board will deem that
advisable is uncertain. In any case the
Street is looking not to dividend action
but to plant operations.
Shares slipped off after an irregular
opening only to show a slight recovery
around the end of the first half hour.
Trading during that period was the
smallest since october 4, being only
231 100 shares compared with 418,60O
Saturday. Call money renewed at
per cent.
j. I. Case crashed to new low rec
ord price of 11014, or off 5A points
from its previous close. International
Harvester equaled its former low. Corn
products, with a gain of 134 points
was the widest mover in the food group.
Metals again were irregular and coppers
were heavy.
All of the tobacco shares advanced,
but most of their gains were fractional.
Wabash touched its preceding low
Delaware & Hudson gained a point at
1872 and New York Central rose 112 to
1A1 N h1lt later acted
Gillette was up "a to 1914. National
Cash Register, after opening unchanged,
eased slightly. General Refractortes
fell point to 40.
Amusement Group Firm.
A number of specialties made new
lows, and more we're sharply lower
Weakness was in Evidence in American
Stores, American Radiator, American
Rolling Mills and United Fruit. The
copper stocks resisted better than the
average, seemingly being well nqui-
dated, and to a lesser degree this was
true Of the oils. The rails headed
downward on another batch Of poor
September earnings reports. Baltimore
g. Ohio and Erie were among the weak
spots.
OF encouraging business items specti-
lators took little account. The review
VI LIduc COHCILlOiiS ulduc puDAlC ny tAAC
chairman of the National Business
Survey Conference proved no help to
the market. Industrial third quarter
reports were not uniformly unfayorable.
Lambert Co. made a fairly good show
ing, and the stock at one time was a
point higher, but there was no activity
on the advance. News from the radio
industry was mildly optimistic, but
stocks of companies represented did
little. Perhaps the best showing was
made by the amusement shares.
Gall money renewed at 2 per cent,
but was in supply at 112 per cent in
the outside market, with demand negli-
9ible,