Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-10
DEPRESSED
BY FRESH SELLING
Market Resumes Downward
Trend Arfter Initial Show
of Strength.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 10-Liquida-
ton still pressed down upon the stock
market today, which registered new
lows for the list as a whole, as well as
for important seasoned dividend-p paying
issues.
At the start there was show of firm
ness in individual stocks, partly the re-
suit of short covering and partly, but
to lesser degree, rejecting the activi-
ties of bargain hunters. The improve
ment, however, did not last, and by
noon the whole list was again headed
downward
AS was the case last week, the brunt
of the selling was borne by the utili-
ties and the rails. In these stocks there
was not even temporary recovery. Two
| specially weak issues were North Ameri-
can Co. and Public Service of New Jer-
sey, both of which broke to new lows.
| A little later Columbia Gas and Con-
. soltdated Gas succumbed. American
Telephone & Telegraph was up on the
DAY during the first hour, but came
Gown with the rest later on.
1t was the same with the rails, al
though these were not as active as the
utilities. During the morning session
new lows were recorded by such high
grade issues as AtchiSon, off over 8
points; by Norfolk g. Western, which
now yields more than per cent on the
$l2 dividend and by Pennsylvania and
', Union Pacific. With these seasoned
| dividend-payers unable to resist pres
| sure, 1t was not surprising that rail-
road stocks OF lesser caliber went down
IN sympathy.
Leaders Sell OF.
A battle was waged around United
States Steel, with the victory finally
going to the bears In the early trad
ing the stock was up at one time almost
points from Saturdays final, but not
only was the gain Cancelled, but the
price went to a new low we'll under $140
a share, at which figure one lot of
10000 shares was taken.
AT noon the untitled tonnage state
ment of the United States Steel Cor
poration was made public. 1t showed
untitled orders as of October 81 at a
total of 3,481,763 tons, which was an
increase of 57,425 tons. This, at least,
was an Unexpectedly favorable develop
ment
New lows were made by General Elec-
trio, Bethlehem Steel, Mack Trucks and
scores Of other stocks representing prac-
ucally all groups. Royal Dutch was
the outstanding weak spot in the oil
list, rejecting the dispatches reporting
pessimism at the shareholders meet
ing in Amsterdam Incidentally the
continental markets were very weak
which did not help any on this side.
Urgent liquidation broke out in Fox
Film, resulting in a loss of nearly four
points and weakening the other amuse-
ment shares. Even merchandising
stocks like Macy and food stocks like
National Dairy Products, which had
been well supported In other weak ses-
sionS, sold off today. In fact, about
the only group to show any degree of
support was the coppers. Progress to-
ward an agreement for curtailing pro-
duction was the reason for the firm
ness here.
To add to the gloom, wheat went to
new lows for the season early In the
day and an American bank in Paris
suspended payments.
Decline During Morning.
Stocks, after their irregularly higher
opening, declined as trading progressed
during the morning Rails, oils and
utilities were especially weak spots, as
traders paid more attention to economic
and financial developments than TO
news of political agreement of the
major parties of this country.
Over the week end the average prices
OF commodities showed a further de-
cline which carried them TO a new low
Tor the year. The character Jf trade
news was not encouraging This situa-
ton was emphasized by fresh declines
in cotton, grain and sugar.
Although activity in the first half
hour. AIS. 800 shares against SAT, 900 in
the same Saturday period, was less than
in the preceding session 1t exceeded that
Of week ago. Call money renewed at
2 per cent.
United States Steel, which publishes