Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-01
SHARP STOCK LOSS
SHOWN IN OCTOBER
Month Was One of DiSap-
pointment to Holders
of Securities.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, November 1.-Wall
Street was glad to say good-by to Oc-
tober. 1t hopes for better. treatment in
November.
The month that has just closed has
been one of the most anxious OF the
past IL for those who own securities.
1t will show a heavy depreciation in
the market values of listed stocks when
the figures are compiled in official and
unofficial sources. Unlike last Novem-
ber there has been very little recovery
from the low point of the month and
the averages today are not far from
those at the low of the year, made on
Otober %.
Not a few market commentators in
surveying the business situation during
October have found reasons for becom-
ing more optimistic as TO the future
than they did in August or In Septem-
ber The most important development
has been the more stable conditions in
the price of commodities, especially in
wheat and cotton. Other commodities
have dropped further down the price
scale, but not with the abruptness that
was so disturbing to sentiment through
out the Summer.
Poor QuarteIy Reports.
Against this has been the unfavor-
uuartely corporation statements, &C
companied by frequent announcements
of dividend reductions or dividends
passed, including those of such promi-
nent stocks as Montgomery Ward,
American Radiator, Pure Oil, Colorado
Fuel, Gillette Razor and Cerro De
Pasco. In all, about 100 changes have
been made downward in the dividend
list this month, which will result in
fnfo nf diyidnY1d W.
mentS for November than in the same
month Of 1929.
For the nine months, however, total
dividend payments are considerably in
excess of those authorized for the same
term last year.
The weakness in stocks during Octo-
Der has not, as at other times in the
past year, resulted in any expansion in
the volume of New York Stock or Curb
Exchange trading. In fact. one of the
much commented on features has been
the tendency of market volumes to de-
crease and frequently to reach the dry
ing up point Although the New York
Stock Exchange turnover was larger in
october than in August or September 1t
was about $4,000 900 shares less than in
the same hectic month in 1929, or re-
duction of over so per cent.
The largest net losses for october
have been in the So-called blue chip"
stocks and in those of the public utility
holding company issues. In the indus
trial list, Allied Chemical shows a de-
cline of over 80 points, j. /. Case, 20
points; Westinghouse Electric, "a points;
Eastman Kodak about IS points, and
United States Steel, 10 points. In other
industrials, there were such losses as 81
points in Gillette Razor, 10 in Sears
Roebuck and in Montgomery Ward.
In the public utility list, losses of
from 10 to nearly 20 points occurred in
the popular speculative issues like Amer
lean Power g. Light, American & For
eign Power, Columbia Gas & Electric
and American Water Works common.
American Telephone & Telegraph shows
a loss Of points, as does Consolidated
Gas, and Western Union is down is
points.
C0ppers and Motors.
The dedation Of the copper stocks
has been continuous for long while.
With further dividend reductions this
month to affect them they show COM
paratlvely small losses, with Anaconda
quoted slightly above its figure of Sep
TENDER 80. Similar trends are also in
dicated in the motor group, in spite Of
more dividend cuts and poor earnings,
and General Motors is off only about
points
During October Wall Street has been
more bearish on railroad stocks than
for some years and as car loadingS
have failed to improve, this sentiment
has expressed itself in heavy liquida-
ton not only in the stocks of roads
whose dividends are secure, but in
others where the margin of safety Is
moderate.
Atchison shows a loss of z points,
Union Pacific IL points, New York Gen.
trail 10 points and Southern Pacific
points. Pennsylvania is down only
points. other large changes since the
end OF September are 10-point drop
in Baltimore & Ohio, one of II in Rock
Island common, 10 points in Illinois
Central and 8 each in Louisville &
Nashville and Northern Pacific.
During october the general average
OF the market not only declined below
that of November, 1929, but touched
the lowest for three-year period.
Copyright, 1900