Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-07
DECLINE IN STOCK
!: ! !: PRICES CONTINUES
~
Market Called Upon to Alb.
serb Further Selling at
< Week End.
BIZ CLAUDE A. jaeger.
Associated Pness Financial EDITOR.

:. NEW YORK, December 6.-The stock
market ended the week with a further
Downward drift of prices to-day.
< Trading was in light volume, but rails
were again conspicuously heavy, several
penetrating further into new low
ground, and elsewhere in the list losses
OF to points were common, although
lew declines exceeded 2 points,
= The market gained little comfort
from reports from merchandising or
CARNATIONS indicating that retail trade
was showing no more improvement than
expected, and reports that there had
been some necessitous selling in the
past few trading sessions dampened
gained from the limited rally in the
last hour yesterday. Selling was not
Inclined to swell in volume, however,
the days sales aggregating only about
100000 shares.
Rail List Weak.
!. In the rails, Erie sagged 2 points to
25&4, the lowest in six years, only this
week, however, the company has re-
Jceived permission from the Interstate
Commerce Commission to increase its
depreciation reserves, permitting it to
take another step IN its rehabilitation
program started three years ago. Frisco
dropped points to new minimum,
and Rock Island nearly 2, although the
latter recovered and closed firm New
Work Central sagged point to another
new low.
4 Eastman Kodak and Allied Chemical
lost nearly 5 points, Case and Youngs-
town Sheet 3 and points, and shares
losing 2 or more included American
Telephone, Sears-Roebuck, American
Power & Light and Worthington. Issues
losing q point or more included United
States Steel, American Can, Console
dated Gas. bethlehem Steel, National
Biscuit and North American.
In the, main, final prices were lowest
Of the day and the lowest of the week.
The list opened about steady, but grew
Increasingly heavy throughout the two
hour session.
= The week end reports from the
youngstown steel area were encourag-
ing. It appears that sheet steel orders
placed by automobile manufacturers
viii bring . distinct upturu in the OPP
erations OF some Of the smaller inde.
pendents next week, which will Offset
q decline in Republics operations, leav-
ing the aggregate at about IS per cent
Of rated capacity.
Bank CIearings Gain.
= An encouraging aspect of the week
end reports was the increase shown in
the volume OF bank clearingS, preSum-
ably Indicating that holiday require
ments - funds are being felt in fair
%olume. =; % leading cities the de-
Cline from 80 year was less than a.
per cent. the smallest in several weeks.
Recent weekly declines have averaged
about 80 per cent.
HsFurther heaviness in gasoline prices
complicated the already disturbed pc
troleum situation, but crude prices
seemed still to be holding fairly steady.
The action Of Prairie in withdrawing
as a general crude oil purchaser, how
ever. may be rather hard on some Of
the small producers.
= The sag In Allied Chemical stock
seemed to be attributable TO nothing
new In the situation, for the issue Is
always o wide mover. Financial news
tackers printed an estimate Of 1880
earnings Of better than e12 Q share,
H about what was shown last year.