Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-18
REACTION IN STOCK
PRICES CONTINUES
Market Says Further on
Steady SeIIing-Volume
Is Small.
By GEORGE T. HUGHES.

Special Dispatch to The star.
NEW YORK. November l8.-The re-
action in the stock market was carried
further today, with a generally lower
range of prices for both rails and in
dustrials.
Declines were in the majority at the
opening, and all through the morn
ing there was desultory selling, a good
deal of it evidently from bearish pro-
fessionais who were encouraged by the
lack Of resistance the list had shown
Monday. On the other hand there was
! little indication of important liquida-
| ton. Trading went on at a leisurely
pace.
Weak Spots.
The utilities and the rails were the
weakest groups during the early deal
ings. North American Co., as on the
day before, gave way easily, at one time
showing a loss Of over points. Con-
solidated Gas, Public Service Of New
Jersey, American Water Works and
other stocks Of that grade continued to
| sag. American Telephone & Telegraph
made no better showing than the rest,
considering the high investment rating
accorded to the stock.
Among the rails there were a number
of new lows, including Illinois Central,
Delaware, Lackawanna g. Western and
| Nickle Plate. Here the losses were
small, but easily explainable, as read
| justments to the present level Of earn
ings. Union Pacific sold off 4 or S
points, and New York Central, though
better supported, was well under the
| preceding close.
United States Steel led downward
movement in the standard industrials
| Selling under 143, 1t was more than 5
points below last weeks high. West
| inghouse Electric and American Can
ruled lower, but not significantly so.
Exceptions to Trend.
Notwithstanding this show Of heavi-
ness there were numerous exceptions
| to the trend One of these was Sears
Roebuck, which was strong on the dec
| laration of the regularly quarterly stock
| dividend in addition to the cash dis
bursement. Montgomery Ward rallied
| fractionally in sympathy. Rubber stock
were in good demand, notably Good
rich. Predictions are made that next
| year will see an acute shortage Of tires
and meanwhile there are no inventory
losses to write of by the producers.
Elsewhere in the list Auburn Auto
rallied against the shorts quite sharply
and it looked as though the short in
terest In j. I. Case was not making the
progress it had hoped to make Amuse-
ment stocks held well, especially War
ner Bros. Pictures and Loew's, and there
was no weakness in the tobaccoS.
Opening Is Lower.
The market, after an actively lower
opening, turned dull and prices sagged
| steadily in thin trading.
At the opening there were a few
| large blocks. One block of 5000 shares
of United States Steel was of nearly
point but later the price receded
almost another point, to 1427s. Gen.
eral Motors started with q 10,000-share
block. of "a, later going slightly lower
| to 1894.
North American featured the utility
| group, dropping actively to 653z,. of
| az, in q string of sales. one of which
was a 5,000-Share deal. Radio de-
clined to l4H at one time, down rs
There was a 5,10o-share sale of radio
Money renewed unchanged at 2 per cent
| In the first half hour sales amounted *
342, 400, compared with $40, 800 in the
same period Monday.
Active favorites. such as Air Reduc-
ton, American Can, Case Threshing
WESTINGHOUSE, General Electric, Wool
worth, Kennecott and Vanadium, fell
l to points Sears, Roebuck was 9
| strong point, up ~ points at 49A, on
declaration of a stock dividend. Three
rails, Lackawanna, Illinois Central and
Nickel Plate made new lows. Oil shares
4 dropped narrowly.