Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-25
STOCK PRICES SLIP
AFTER EARLY GAIN
Weakness in Oil Shares
Spreads to Other Parts
of List.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.


NEW YORK, August 25.-The mod
est bull movement in stock prices was
resumed at the start of the new
week in the stock market today, only
to slip up in selling movement In the
petroleum shares.
After an advance of 1 to 4 points In
a score of prominent shares during the
first hour of trading, weakness of the
oils unsettled the entire list, and by
early afternoon the early advance had
been Cancelled. A sharp break in Va
nadium, recent pool favorite. was a
contributory factor in the reaction.
Pivotal stocks were we'll supported
however, within point or so of last
weeks final levels.
Losses Are Small.
Losses in the oils were mostly limited
to about a point, but Skelly, Shell
Union, Prairie Pipe Line and Rio
Grande reached new lows and Sinclair
sold around the years minimum. Va
nadium tumbled more than points and
shares losing point or two Included
American Can, Consolidated Gas, Para
mount, Goodyear and Johns-Manville.
During the early rise Air Reduction,
Byers, Eastman, Autostrop, New York
Central Union Pacific and Case sold up
3 to 4. Trading was still light and
largely represented transactions between
floor traders.
Liquidation of the petroleum issues
reflected growing encouragement In
speculative circles over the industry
earnings prospects. The Lamp, official
organ of Standard of New Jersey, in its
issue published today takes refiners TO
task for building up huge surplus stocks.
Although stocks of gasoline have been
reduced to about 40,000,o00 barrels, the
industry is still overburdened, the publ
cation says. Since March stocks have
been reduced about 100000 barrels,
but the industry is now approaching
the season of slackening consumption
and the Lamp points out that ref1ners
have become accustomed to maintain
output at high levels through each Fail,
aggravating the situation from year to
year. Although the statistical position
of the industry is better than it was a
wear ago. prices are lower and dividend
rates in some cases are endangered.
Bright Spots in News.
Weakness of Vanadium followed pub
lication O. an analysis indicating re-
duced earnings for the last half of the
year. large portion of the first-half
net of $3.50 a share came from security
transactions, although the statement
did not segregate the amount.
News coming to hand over the week
end was meager, but had its bright
spots. The demand for steel and steel
products was reported a little more ac-
tive at youngstown and Chicago, al
though trade reports from Pittsburgh
were scarcely cheerful. Trade reports
from Chicago also indicated some i'm
provement in wholesale and retail buy
ing in the Middle West.
In Wall Street banking circles, how
ever, there is tendency to look for
only gradual recovery in business, a
tendency which restraints investors from
buying stocks on advances. The Guar
anty Trust Co. in its monthly survey,
published today, says that although
business sentiment in some quarters has
sunk to depths of pessimism by no
means warranted by the facts, it must
be admitted that any recovery in the
near future is likely to be very slight. "
SILVER QUOTATIONS.
NEW YORK August IS P).-Bar
y.