Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-23
decline IN STOCK
MARKET RESUMES
Wall Street Sentiment Is
Adversely Affected by
Banking Troubles.
BY GEORGE T. HUGHES

Special DISPATCH 10 Inc 0IaI'
NEW YORK, December 23.-Fresh
declines were recorded in the stock
market today, but still on small vol
ume and with prices for the list as q
whole well above the lows.
Again it was unfavorable news on
the outside that affected share trading.
Two failures IN Hartford were an.
nounced and these, coming on top OF
the banking troubles in Philadelpnia
and Miami, Influenced sentiment al
versely.
The Iron Age In its weekly review Of
the steel industry stated that the hoh-
day and inventory periods would pring
further reduction in operations, wn1cn
for the first half Of the week 1t estl-
mated as averaging 35 per cent, against
38 per cent a week ago.
Leaders Sell on.
This trade authority. however, point
ed to Improvement in specifications 1or
January shipment as indicating an up
turn in activity early in the new year:
The market was not TO be encouraged
by this prediction, centering its atten-
ton on the immediate situation. united
States Steel, which sold at 141S4 at the
best of last weeks recovery. proke
through 1877, down 5 points from us
high.
Another stock among the pivotal in
dustrials, General Electric. duplicated
its previous low for the year. American
Can sold off to a lesser extent ana
General Motors lost only fractionally.
All of these stocks hardened after the
first hour and trading in them was
never in large volume.
Public utilities were freely sold. IN
ternational Telephone g. Telegraph
went to Q new low under $40 q share.
down over IS points from the nigh OF
the year. It would seem that Sucn
drastic defation would have atoneo 1or
the earlier speculative extravaganza, but
The stock showed little rallying power.
North American Co., Public Service OF
New Jersey and American Water Works
lost ground. Western Union selling
lex" the 50 quarterly dividend came
within fraction Of its previous low.
Other Changes.
The losses were larger in the more
volatile industrials. j. I. Case, which
had been bid up against the shorts on
the recent rally, reacted 5 points; Au-
burn was lower and Coca Cola was
weak. What looked like tax selling
came into the lower-priced issues such
as Warner Bros. Pictures and South
Porto Rico Sugar.
Railroad stocks were irregular, with
a few members of the group displaying
resistance to the trend. This was
notably true Of New York Central and
Union Pacific. On the other hand,
Norfolk g. Western was of 5 points and
Southern Pacific gave way. Traders in
railroad stocks were anticipating some
announcement from today's conference
of executives on the consolidation sit
uation.
Early Trading Irregular.
Stocks, after opening dull and lower,
developed activity and irregularity,
The rails as a group were comparative
ly inactive as executives Of the Eastern
railroads gathered for q conference on
A lot of 10000 shares Of South Porto
Rican Sugar came out at III OF "a
General Electric, after opening on q
trade of 1900 shares, moved into lower
ground at 421a on $500 shares and then
recovered slightly International Tele-
pohne, by its fractional decline, estab-
lished q new minir UNI level for the
year.
American Telephone opened at 175M
of u, but later rose to i76. Allied
Chemical, after opening down frac-
tionally, moved up 2 points. Auburn
Auto fell to 90 before showing signs OF
recovery. Sicily Oil was one Of the
few petroleums to register a new low
Atchison tnitially appeared at ITO
of 3l2.s Rock Island was down at "a
and st. Louis and San Francisco fell
~ to as. Sales in the first half hour
amounted to 427, 300 shares, compared
with $500 shares in the same Mon
day period. Call money renewed at 2
per cent.