Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-05
STOCKS DEPRESSED
. IN STEADY SELLING
Many New Lows Recorded as
Various Issues Are Freely
Offered.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, December 5.-Persistent
liquidation pressed down on today's
stock market, producing many new lows
and threatening a test Of the previous
low for the whole list.
Opening quotations were irregularly
lower and during the first two hours OF
trading the decline was extended, with
special weakness in the rails and in
the higher priced indutrials.
No one group, however, was entirely
exempt from the selling. The turnover
was comparatively small and the losses
were due as much to scarcity of bios as
to the volume of offerings.
Rails Lose Ground.
The rails made the poorest showing
New minimum prices for 1880 or longer
shares as New York Central, Lacka-
were recorded by such wide variety of
wanna, Nickel Plate. st. Louis-San
Francisco, Southern Railway, Chicago
& Northwestern, Rock Island and Cen
trail Railroad of New Jersey.
The last named sold under 5000 a
share and at the lowest since 1924.
There was no news especially adverse to
the rails and the liquidation had the
appearance of being forced to protect
positions elsewhere.
High-priced industrials gave way
easily. Eastman Kodak and CocaCola
were down points before noon. West
inghouse sold off a point or so, and
General Electric was lower, but held
better. U. S. Steel receded gradually,
and it's loss was not large, compared
with the others. American Can was
another industrial to receive support
on the decline.
Heavy selling came into the utility
list affecting particularly North Amer
lean CO. One block of $4,000 shares of
United Corporation came out but at
only fractional decline. American
Telephone & Telegraph. which bore the
brunt of the selling Thursday, did a
little better. In the first hour it was
up on the day, but lost ground later.
The market was unique in that the
decline was effected on such small
trading. At intervals the ticker came
TO complete standstill. On no other
day this year has there been break of
so gradual nature. There was no
haste about the selling, but, on the 9TH
er hand. there was no rallying power
Presumably professional operators took
advantage of the opportunity to put out
commitments. but that must have been
minor factor.
Early Losses.
Though there were a few exceptions
scattered through the list, the general
trend of the early market was down.
ward. There was a tendency to widen
the comparatively small losses of the
opening
In the rails there were two new low
prices, Nickel Plate at 1872, Of Ia, and
Frisco at 81, of /. There were also
losses in Baltimore e. Ohio, Canadian
Pacific, Southern Railway and Union
Pacific.
The market generally followed the
lead of active issues such as Allied
Chemical, American Can, Columbian
Carbon, j. l. Case, Loew's, Warner
Bros, General Electric, Westinghouse,
National Biscuit, Montgomery Ward
and Drug, Inc. Money renewed I'M
changed at 2 per cent. During the
first half hour sales amounted to 22S.-
500, the most active opening in week.
An active feature was Radio, which
came out in two large blocks which
forced the price down " to Is. United
States Steel was off nearly a point.
Anaconda off fractionally. Consolidated
Gas of point Phillips off over point
and General Motors down a shade.
Notable exceptions to the trend OF
the market were American Telephone,
up over a point in moderately active
trading, and Worthington Pump, Rich
field Oil, Standard Oil of California and
Studebaker, all up fractionally.