Evening star., 1930-06-18
STOCKS DEPRESSED
BY SELLING ORDERS
Values Are Beaten Down
Close to Low Levels in
Autumn Crash.
BY the Associated Press.

By the Associated Press.
NEW YORK, June 1S.-Still another
swift shrinkage in the values of equity
stocks was halted by what appeared to
be powerful banking support today, but
it served only to cushion the decline
Pivotal shares were inclined to rally
from their bottom levels at times, but
failed to make headway.
Prices declined swiftly during the
early hours of trading, long list of
important issues losing IS to nearly $50
a share, but the price list began to
resist selling pressure by early after
noon, although some shares continued
to work lower. Trading was in enor-
nous volume, the ticker falling more
than an hour in arrears. Nearly 5,0O0,-
600 shares were traded by 1880 o'clock,
and indications pointed to another
100000 share day, the second of the
year.
Bankers Silent.
Important bankers still refrained from
public comment on the situation, re-
calling how wide of the mark were most
Of the optimistic and reassuring state
ments issued during the Autumn crash.
1t was pointed out, however, that with
the major portion Of the so-called pub
lie participation in the market already
eliminated, there was no prospect of
such another stampede Of selling as was
witnessed last Fall.
A drop of to 8 cents a bushel in
wheat futures, canceling yesterdays
gains, and offerings of copper by some
custom Smelters at III cents, another
drop of 4 of q cent, continued to ag-
gravate the commodity situation. Bank
ers expressed the opinion that no up
turn in business might be expected until
commodity prices become stabilized.
Wheat. cotton and copper are now
Statistics Co. estimated that commodity
prices in the aggregate had declined 8h
per cent in the past 10 months.
Selling Is General.
Although bear selling by professional
traders was in large volume, brokers
expressed the opinion that it was but a
drop in the bucket compared to the
wholesale liquidation of holdings by
spectators and investors generally.
Commission houses reported a steady
stream of buying orders from investors
attracted by the current low levels, but
said orders were mostly for small lots
and evidently represented cautious &C
cumulatioD by long term investors.
The feebleness of the rally In prices
yesterday, the continued heaviness of
commodity prices and reports of slack
ening operation by steel mills and au-
tomobile manufacturers, served to in
tensify Wall Streets gloom.
BY early afternoon mild rally in
stocks developed, and several important
shares sold up 81 to So from the lowest
level of the forenoon. Commission
houses, however, we're inclined to view
the upturn with great caution, in view
of the short life of several such tech
nical rebounds recently.
Market Opens Lower.
Stocks continued their decline in the
initial transactions. Opening deals
were In blocks of 1000 to $500 shares
substantially less than yesterday, but
supporting orders were lacking and de-
clines OF 81 to IS share were numer-
Gus.
United States Steel quickly tumbled
more than 50, getting back to the years
minimum levels. Utilities we're con-
SpicuouSly weak. Standard Gas &.
Electric and Worthington Pump drop
ped about SIS, American Can North
American Columbian Carbon & Air, Re-
duction, SO or more, and American
Telephone, American & Foreign Power
American Smelling, Atchison g. Union
Carbide, about 81.