Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-31
FURTHER SELLING
DEPRESSES STOCKS
Statement of Bethlehem Co.
President Is Followed by
General Decline.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, october 31.-Steady
liquidation was again too much for the
price level in the stock market ano
general declines were recorded In TO-
DAYS trading. Volume was tribe
heavier than in other weak sessions:
The market was affected by the
frank statement of the president OF the
Bethlehem Steel Corporation that he
saw no signs of improvement In the
business of the steel and iron pro-
ducers. The earnings statement OF that
company was about as had been pre-
dicted, showing the dividend was not
covered in the third quarter. Bethle-
hem Steel was one of the weak indus
trials from the start, breaking into
new low ground for the yer.
New Lows Recorded.
United States Steel dipped again to
new low on this reaction ard only
little over a point above the extreme
low for the year. Crucible Steel made
a new low.
A little more surprising was the weak
ness in the copper stocks. In the first
place, this was one group which had
been supposed to be thoroughly liqui-
dated and, secondly, advices from the
metal market were optimistic. One
authority stated that sellers were hold
ing the whip hand in the copper mar
ket for the first time in many months.
It is the consumers who are begging to
purchase and not the producers to sell"
Copper shares, nevertheless, were
heavily. sold. Kennecott reacted sharply
until one block of $4,000 shares was
thrown on the market at 25 which was
the previous low, and later that re-
sistance point was broken through.
lows were Radio, which sold under 20
for the first time; Canada Dry Ginger
Ale, perhaps affected by the ridiculous
talk of a near return Of high alcoholic
content beer, and Gillette Safety Razor.
the price of which was not helped by
the latest developments in the merger
proposition.
Rail Group Declines.
The rails were no exceptions to the
rule of falling quotations. st. Louis
San Francisco sold off easily on re-
ports that the SO dividend would be cut
in two at the directors meeting next
week. a report, incidentally. which was
not accepted universally. The road, it
is admitted, will not cover the full divi-
dend this year, but in some quarters
it was predicted that there would be no
reduction at this time. Missouri
Kansas-Texas was weak, and so was
Chicago Great Western preferred. The
higher grade seasoned dividend payers,
such as New York Central and Atchi-
son, yielded with the more speculative
shares.
Steadiness in National Dairy Prod
uctS attracted attention because of the
heavtness elsewhere in the list For
the most part the food stocks resisted
selling better than the average.
AS far as quotations on the tape
went, no attention was paid to the re-
duction in brokers' loans announced by
the Federal Reserve, a reduction which
brought the total down almost to the
lowest Of record. The answer of OPP
orators for the decline to this showing
was that loans had simply been trans
ferred to the banks, claim partially
substantiated in the bank statement,
and yet 1t would seem that the loans
so carried strengthened the general
position.
Opening Is Active.
After an active opening, the market
became duller. In the first half-hour
sales totaled $4,000 shares. against
311 800 in the same period Thursday.
Call money was unchanged at 2 per
cent.
Bethlehem Steel was the market
leader, SClll renecLlng lJS poor earnings
report. Its price hit a new low soon
after the market opened, but SUISSE
quently it recovered slightly to a
2-point net loss. United States Steel
was off 144 points. American Metal
Co. shares were of ga points following
announcement that the stock had been
placed on a 81 dividend basis, against
$3.50 formerly.
Coca Cola was of 4 points. Radio
sold in large blocks down to point
| net decline. Eastman Kodak, General
Electric, Westinghouse and Union Car
| bide g. Carbon we're also lower. Ken
necott was the most active mine share,
down 13s points. In the rails Missouri
| Kansas-Texas was of more than 2
points to a new bottom. Gillette
| touched a new low with Hudson Mo-
tors and Canada Dry Ginger Ale. The
utilities dropped slightly in quiet
trading. Oil shares were dull.