Evening star., 1930-10-30
BY GEORGE t. HUGHES.
,eciai Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 30.-Further
selling and lower prices were recorded
in todays stock market session. Vol
une was still limited, but no effective
opposition was offered to the downward
trend.
The market opened in the atmos-
phere of gloom engendered by the
weakness of the close on Wednesday.
Steel was again pressed for sale and
dipped below 146 TO less than 8 points
of its extreme low. American Can gave
way, but not to So great an extent.
Westinghouse Electric sold off and
other so-called pivotal shares went
down more OF less.
Raid on Coca Cola.
The feature of the forenoon trading
was the breal. in Coca Cola. This was
another case of bear raid on high
priced stock similar to the attack on
Eastman Kodak earlier in the week
1t was based, not on any change in the
affairs of the company, but on the we'll
founded belief OF operators for the
decline that under present conditions
the price could be depressed.
Coco Cola earned more in the f1rst
six months o. this year than it Gid in
the same period a year ago, but the
stock only pays $6 share and the
yield Is low at the market. Eastman
Koaak went Gown again, touching a
new minimum, but undercover of this
weakness there was some taxing in OF
contracts for the decline in j. l. Case
United Aircraft also made new low,
but steadied subsequently.
There was little in the way of news
to affect prices. Auto Strop Safety
Razor made good report, but most of
the earnings statements coming to hand
were discouraging. The one bright
spot was the better sentiment in the
copper trade. a condition which was
reflected in thee firmnsSs OF the cop
per stocks. Apparently the market has
a considerable degree of confidence in
tn ability of the present effort to
hold down supplies of the metal and so
ultimately to improve the price.
Public utilities receded with the rest OF
the list, even American Telephone d
Telegraph, which had held up excep-
tionally we'll in other weak sessions,
coming down. Lower prices were re-
| corded by Consolidated Gas, OH at one
time over 2 points; Public Service OF
New Jersey, Electric Power & Light and
American & Foreign Power.
Rails were neglected and while
Standard Oil of New Jersey and Stand
ard of California yielded slightly, the
oils Appeared to be well liquidated for
Call money renewed at per cent,
but was in abundant supply in the out
side market at per cent.
Opening Is Weak.
Discouraged by the unfavorable char
acter of business news and the weakness
at the close of the previous session, the
market opened weak, but prices i'm
proved as trading continued. Sales in
the first half hour amounted to 81, 500
shares, as against Sal ZOO in the same
Wednesday period.
SpecialtieS we're singled out for selling,
before the market showed signs of
turning upward Eastman Kodak,
Gillette Safety Razor United Aircraft,
Shubert Theater and Wabash fell to
record lows as the selling spread. Coco
Cola, which dropped about points,
was a weak spot in the food shares.
International nickel, which gained
12 point to 10 on block of 5000
shares, was a feature of the upswtng
that took place after the end of the
first half hour. Buying in this stock,
along with the rise of foreign coppers
on other exchanges, was said to be due
to the world conference of producers.
Rails averaged about point decline.
Goodyear was the only rubber issue to
reflect the proposed tire price advance
and the rise in crude rubber. Packard.
despite the reduction in its common
quarterly dividend from 25 to Is cents,
was down only small fraction.