Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-07
DECLINE IN STOCK
MARKET CONTINUES
Rail Shares Bear Brunt of
Selling FresSure-liSt
Lacks Support.
BY GEORGE t. HUGHES.


Special Dispatch to The Star.
NEW YORK, November Tn an
other session of great weakness and con-
tinued pressure, stocks today receded
into new low ground. The rails were
the special objects of attack, but utili-
ties suffered again and many industrials
went down in the general liquidation.
The market had no fresh news to
cause it concern overnight. In fact the
reduction in brokers loans in the Fed
eral Reserve compilation brought the
total down to the lowest since the rec
ord was begun, indicating progress
toward cleaning out weak accounts
which would have been unbelievable a
year ago. There was no buying power.
however, and it took only compare
lively small amount of selling to bring
about sharp declines.
Drive on Rail Issues.
Spectators for the decline did not
fail to note that the averages for the
rails had made new low at the close
on Thursday. so that at the opening
today they concentrated an onslaught
against these shares. New lows were
reached not simply for this year or for
last, but for longer time in such sup
posedly high-grade investment railroad
stocks as Union Pacific, New York
Central, Baltimore & Ohio and Penn
sylvania. OF these the loss in Union
Pacific was the largest in number OF
points, while Baltimore & Ohio changed
hands at a price not seen for that stock
since 1925.
Hardly an active rail escaped. Be-
sides those mentioned, new lows were
made by Atchison, Lackawanna, ILL.,
nois Central, New Haven, Reading and
Rock Island. A break of so compre-
hensive a nature could not be ascribed
to any development in the affairs of any
single road but only to some cause al
fecting all the carriers. That could not
be the election, which was invoked 70
explain the selling in the utilities. 1t
could hardly be anything new in the
way of earnings, because the market
has known all along that traffic was
declining and the rate of decline Is no
greater, if as great as 1t was month
ago.
Other Groups Affected.
Next to the rails, the utilities were
the weakest group, as they had been in
the two preceding sessions. Here, too'
there was long list of new lows, In
GLIDING such shining marks as Ameri-
can. Telephone g. Telegraph and Con-
solidated Gas. North American Co.
slumped 4 points, and American Water
Works Columbia Gas and Public Serv-
ice of New Jersey, among others, broke
through their old resistance points.
Peoples Gas-one of the few remaining
stocks to sell above 5000 a share-fen
10 points,
TO add to the general appearance OF
weakness. United States Steel, which
had been so we'll supported Thursday,
dipped into new low ground. General
Electric, Westinghouse Electric, Bethle-
hem Steel and Air Reduction did the
same. -,
ish to speculate as to when the end Will
be seen; but nothing can be more Ger
tain than that such excuses on tne
side of decline will have to De atoneo
for sooner or later, Just as the sA.
were penalized in the collapse OF a
year ago.
Opening Is Irregular.
After a dull and irregular opening the
market came under the influence OF
extreme weakness in railroad stocks.
THE rest of the list broke more reiuc-
family, but, nevertheless, positively. AT
the end of the first hour net losses Oh
i 10 DO1IlLS 1ECNdA4Id SAAAONoAAC|
sales in the first half hour amounted
to 254, 700, against 417,soO in the some
period on Thursday
The break in the rails was LED py
New York Central, which touched q
new low at the opening. In subsequent
trading the price of this stock fell on
4 points below its previous bottom Tor
the year. Atchison, Baltimore & ONO,
Delaware, Lackawanna & Western,
Missouri-Pacific, New Haven, Norfolk q
western, Pennsylvania, Southern, Union
Pacific and Rock Island were at new
lows for the year after comparable
losses.
In the steels Bethlehem and Vana--
dunn made fresh minimun1s. Calumet
g. Arizona featured the mines list, also
at a new low. AmerBan Water Works
hit 1880 low in the utilities. United
Aircraft did the same in the aviation
group. Chrysler led the motors down
and Standard OH of New Jersey carried
the oils off.
Fire at Tunbridge Wells, England, re-