Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-06
STOCKS DEPRESSED
IN HEAVY SELLING
Utilities Group Forced to New
Low Point by Persist
ent Pressure.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 6.-Princi-
pally because of the aggressive and
large scale selling of the public utilities
the stock market today looked weaker
than ever. In the list under pressure
new lows were the rule, and declines in
a long list of miscellaneous industrials
brought many of them down below any,
thing recorded so far in this bear move
ment.
The market started in still appre-
hensive over the results of the elections
upon the affairs of the water, electric
light and power corporations. Liquida-
ton in these stocks continued and was
helped along by offerings for short ac-
count. Before two hours had passed
almost every active issue in this class
had broken through its old resistance
point.
New Lows Recorded.
Among the notable new lows were
those in American Water Works, Co
lumbia Gas, which went through 40 for
the first time; Consolidated Gas, con-
sidered a high-grade investment issue,
but which sold under co. also for the
first time; North American Co., one
of the oldest Of the holding organiza-
tions; Standard Gas & Electric, United
Gas Improvement and United Corpora
ton. American Telephone 81 Telegraph
was not exempt from the downward
trend and likewise sold at a new low.
That the market is exaggerating the
political factor In the outlook for the
utilities admits of no dispute. In the
present state of the Wall Street mind,
however, fear and not reason rules,
and besides, the utility stocks have long
sold on a high appraisal OF earning
power and to give modest return on
the investment. The two latter condi-
lions were in fair way to be remedied
at the pace the market was going today.
Losses Are General
Sympathetically with the break in the
utilities, General Electric went to new
low, but curiously enough Westinghouse
Electric received support, probably from
previous sellers for the decline. The
high-priced industrialS ranged lower
during the early trading, with new low
In Eastman Kodak, although here, too,
there was an exception In American
Can, which benefited from short
covering.
The outstanding case OF support was
that of u. S. Steel, which, although 1t
broke through 142 soon after the open
ing, rallied over a point. On the other
hand Republic Iron g. Steel went to a
new low following the third quarter
statement showing new loss OF $1,74O,-
500 after interest and depreciation.
Radio made new low by a fraction
and so did Vanadium, Bethlehem and
Crucible.
Railroad stocks were not as active as
the industrials but they had their share
of new lows. Among them were Lacka-
wanna, Pennsylvania and Southern Pa
cific. to take three issues of investment
rating New Haven came down not
withstanding the fact that it has made
a bet$H showing this year than most OF
the carriers, and Southern Railway ex-
tended its loss.
Opening Is Lower.
Stocks, after opening lower and regis
tering numerous new 1880 minimum
quotations, rallied after the first half
hour Sales in this time amounted to
AIT 300 shares, against 260, 100 in the
same Wednesday period.
The weak opening doubtless was due
to the impairment of accounts as a
result of the scores of new lows made
near Wednesdays close. Softness Of
public utilities was attributed in some
quarters to the unexpected reopening OF
the Federal Trade Commission investi-
cation as well as to the psychological
effect of the elections
Public utilities scoring new low
levels before the rally included Amer
lean Power & Light, American Water
works, Columbia Gas & Electric, De-
troit Edison. Electric Power & Light
and Pacific Lighting.
General Motors stood out prominently
because of the number of big blocks
changing hands. Packard and Nash
hit new lows. The gain in gasoline
stocks created heaviness in the oils,
sending Atlantic Refining, Mexican
and Ohio Oil to new lows.