Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-29
STOCKS ARE LOWER
IN SMALL TRADING
List Recedes Gradually in
Forenoon on Lack of
Buying Power.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK October 29.-Reaction-
airy but under small volume, the stock
market today observed the anniversary
of the great market collapse Of 1929
by fairly general declines.
Trading was dull and there appeared
to be only a moderate amount OF
liquidation, but there was no effective
buying power and the list worked
gradually lower.
UnfavOrabIe News.
The Street came down to business
with an assortment Of unfavorable news
items to digest. In the first place the
u. 8. Steel directors had not declared
any extra dividend on the common
stock. The we'll informed had never
expected that an extra would be paid
at this time, but on Tuesday there had
been precautionary short covering by
operators who did not care to take a
chance on the possibility of something
being done and there had been o GER
tain amount of margin buying on the
theory that the risk was worth taking
In midmorning the weekly steel
trade reviews appeared with q de-
cidely gloomy tone. Another batch Of
poor earnings statements came out, in
GLIDING one by Colorado Fuel q Iron,
which cut the dividend on the COM
mon stock in half The railroad car
loading statement was discouraging.
with falling of from the total of the
preceding week as well as large de-
cline from the level of year ago.
Opening Is Lower.
The result was a lower opening all
around. United States Steel started at
$50. OF over 2 points, and extended the
decline in the later trading. At the same
time the turnover in this stock Is well
as in the market as q whole was small.
Renewed pressure was directed against
7 Eastman Kodak and the stock broke
badly again, sinking into new low
ground for the year.
Colorado Fuel and Iron, which halved
Its common dividend payment, opened
on 81 points to 25l2. The food group
likewise softened. Shattuck was quite
active at approximately 2 points below
its previous close as the result Of third
quarter net earnings of % cents share
against so cents share in the same
period a year ago. Despite the talk of
q world copper output reduction, most
of the red metal shares reacted,
Active public utilities averaged Q de-
cline of a point. This list included such
shares as National Power & Ligh:, Inter-
national Telephone & Telegraph ana
North American Corporation. Eastman
Kodak opened OF 8 points today at 100
and later hit 1773s, at which point 1t
rallied slightly. q
Street Sentiment Mixed.
Sentiment in the Street was still
mixed. Despite all the professional
bearishness there were still q few mar
ket authorities who believed that quo
tations had discounted and in some
cases over discounted the situation. In
support Of their views the dizziness of
trading was pointed out, the argument
being that liquidation had already been
of q sweeping character. Besides there
was the excessive ease in money to be
taken into account. Call loans renewed
today oficially at 2 per cent, but money
was freely offered In the outside market
OF l per cent.
Operators for the decline made no
secret Of their plan Of campaign, which
was to sell the higher priced stocks on
the theory that price-earnings ratios IN
this quarter were too high, regardless
of whether or not earnings were being
maintained at a satisfactory rate, all
things considered. Eastman Kodak
suffered from these tactics and not from
any new adverse developments In the
affairs Of the company.