Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-22
STOCKS ARE LOWER
ON HEAVY SELLING
Free Offerings of Pivotal
Shares Cause Further
Losses.
BY CHARLES F. sPEARE.

special dispatch 10 Inc Quar-.
NEW YORK, october 22.-In every
important group Of stocks today hquida-
ton carried prices through the former
resistance levels and, with stop-loss
orders executed more freely than for
some time, the entire list dropped INTO
new low ground for the year.
There was an increase in the volume
of trading and in the number OF large
size units offered for sale. indicating
that a supply of stocks was coming from
substantial interests.
Bear Element Active.
Encouragement was heightened by
the inability of the market to follow up
Mondays advance and by the success
of the bear element in capitalizing I'M
favorable trade developments.
Sentiment was affected by such
market incidents as the decline in Cen
eral Electric well below so by midday,
in. United States Steel common to
level well under that in the previous
slump and by the long list Of new low
prices in the oil group, where not much
discrimination was shown as between
those that have substantial reserves ana
others whose finances are being serious
" affected by conditions in the oil In
dustry. It was of special significance
within a short distance of the price at
which the Rockefeller interests made
their spectacular bid last November.
There was no evidence today that this
stock, any more than other prominent
industrialS, was receiving its usual sup
port.
Fears of further dividend reductions
were reflected In the steady slipping on
of quotations for copper stocks, With q
majority in this group at the lowest OF
the year. Motor shares likewise Sug-
gested further dividend adjustments to
current earnings. The extreme decline
in this section in the forenoon was Az
points in Auburn Motors. There was
conspicuous weakness in Chrysler, Hud-
son and Studebaker, but General Motors
resisted the general trend somewhat
better than its companion issues.
Speculative FavOrites Drop.
Nearly all of the popular speculative
public utility holding company common
stocks went below the previous low fg-
ureS of the year, including American
Power g. Light, American Water Works,
Public Service of New Jersey and
Standard Gas & Electric. Although in
vestment buying in American Telephone
g. Telegraph has been heavy recently,
it has not been sufficient to absorb the
liquidation coming from individuals and
institutions who have been compelled
to reduce their commitments.
Railroad stocks added a considerable
number to- the days total of new low
prices, with Delaware, Lackawanna &
Western dropping 8 points to par for
the first time since 1921.
Around midday selling pressure lifted
slightly and there was a small rally,
but not of sufficient size to suggest any
change in the market situation.
Some of Tuesdays unfavorable trade
incidents carried over in today'S market,
as they suggested the probability Of
further corporation reports that would
make poor reading for stockholders. 1t
was possible to find a basis for en-
couragement III the iron and steel re-
views Of the week insofar as they sug"
gested active participation by the rail-
roads in steel buying and an approach
ing balance between production and
consumption. On the other hand the
steel output of the country dropped
down to So per cent from IS per cent
last week and the prevailing conserva-
tive opinion in business causes post
ponement Of buying for forward
delivery.
The grain markets once more indi-
Gated that they have divorced them
selves from the action of the stock
market. Railroad car loadings reported
for the week showed q decrease from
the week preceding and were about 10
per cent below those Of the second
week of october, 1929.