Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-21
STOCKS SELL Off
IN LIGHT TRADING
UnfavorabIe Factors In Busl'
ness Situation Stressed
in Street.

Special Dispatch to The star.
NEW YORK, october 21.-Stocks
went OF easily today, Is the buying re-
serves Of Monday seemed to have been
exhausted, and more attention was
given to unfavorable industrial and
railroad reports.
The decline in prices, however, was
on such limited volume Of transac-
tions that 1t lacked the significance at
sales and falling quotations combined
to disturb confidence last week.
Reaction in Coppers.
The volatile shares dropped q point
or more between trades and In the FORE
noon registered net losses from 3 to 5
points. The most disturbing incident
In the market was the slow but per-
Sistent reaction IN the copper group,
most Of whose members, including Ana
conda and Kennecott, sold ct new low
prices for the year.
Naturally, there was much disap-
pointment in the failure Of the market
to continue the improvement which
took place Monday and which had en-
couraged Wall Street to believe there
might be rally carrying through the
remainder Of the week. The ease with
which prices declined indicated that
supporting orders had been removed
and that the trading element was TAX
ing profits on the stocks bought last
week end.
After a Arm opening, stocks turned
dull and irregular. Trading was In the
smallest volume since last Thursday.
sales during the first half hour amount
ing to only 285, 300 shares, against $780,
100 In the same period Of Monday. Cali
money renewed at per cent. There
was little In the news TO affect the
market.
United States Steel remained within
an eighth Of Mondays closing level ct
point. General Electric came out frac-
tiona1ly higher and then dropped to
show q net loss Of . point. Westing-
house, Radio, Montgomery Ward and
American Can had similar movements.
Mine shares were weak, Anaconda,
Cerro de Pasco, Kendecott and Calu-
met d Arizona all making new lows.
Rails were of q shade all around.
General Motors rose fractionally, and
other motor shares also retained part
Of their early advances. Utilities held
better than the rest of the list, led by
Electric Power & Light and Public
Service of New Jersey. In the oils, Ma
tional Supply touched a new low, while
Pure Oil and Richfeld OIL equaled their
previous lows.
Motor Group.
The motor shares were Influenced by
the September production figures, indi-
eating q decrease Of 46 per cent from
ton Of low profits Of some of the motor
car manufacturers was given in the
nine-month report Of the Hupp Motor
Corporation, whose net earnings
amounted to only sos, 672, Is against
1929, AL m the year provi0uA
OH company securities were heavy In
line with the spreading area Of reduced
gasoline prices and rails were influenced
by September reports, now coming in,
which indicate heavy net decrease,
though not so large one for the month
Conditions outside the market were
generally favorable. Higher prices
were reported In London and on the
continents with German. exchange again
strong and at q level where there Is no
longer any occasion for alarm over the
effect of a flight of capital" Com
modities were steady for the most part
and wheat was firmer In connection
with the prediction of Chairman Legge
of the farm board that prices Of agri-
cultural commodities had reached bot
tom and would gradually improve.
Liquidation Of bank loans against
securities reported today did not sub
stantiate the recent limitations that
q considerable part Of the selling Of
securities had been for institutional
account. Other surveys very positively
proved that some institutions had been
increasing, rather than decreasing, their
stock holdings. A great deal of interest
was displayed In the New York City
bond sale as an index of the banking
attitude toward long-term investments
and the extent TO which they are ex-
pected to separate themselves from the
influence Of speculative markets.