Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-11
STOCKS IRREGULAR
IN DRAGGY MARKET
Industrial Group Shows Bet
ter Resistance to Pressure.
Weak Spots Appear.
BY GEORGE T. HUGHES.
neciai Disuakch To The Star.

special DiSpaCch 70 Inc star.
NEW YORK, November 11.-DeSpite
renewed weakness in certain groups,
today's stock market developed better
dustrials, at least, ranged irregularly
higher.
The street came down to business
with no apparent change in either the
technical market situation or the trade
outlook. Stocks had been going down
practically without interruption for
two months, the averages were back
where they were more than three years
ago and liquidation on huge scale had
been accomplished.
Nervousness Apparent.
Against this improved technical po-
sition was the nervousness caused by
the decline and the wild rumors which
grew out Of that nervousness. Con-
sidering that no responsible banking
or financial authority saw At to make a
statement, the market did we'll to make
the showing it did. ..
The weak spot in the early trading
was Fox Film, in which urgent selling
was plainly going on, with the price
making a new low on the movement
and affecting other amusement shares
including especially Warner Brothers
Pictures. Even more disheartening was
the lack of support for the railroad
shares because that was general con-
dition and not the outgrowth of any
special and supposedly temporary de-
velopment.
Industrial stocks rallied, particularly
those in which there was large short
interest, but the rails continued to
make new lows. Among the stocks to
break through the old resistance points
today were Baltimore e. Ohio, Lacka-
wanna, New Haven and Rock Island.
The directors of the Rock Island and
Of the st. Louis-San Francisco meet
Wednesday for dividend action and 1t
is understood that the regular rate
win be declared In both cases.
Leaders Advance.
Meanwhile, United States Steel, Gen.
eral Motors, Westinghouse Electric and
American Can advanced more or less.
Auburn Auto ran up more than points
against the short interest. Columbian
Carbon did the same after having gone
to a new low in the first hour and bet
ter prices were recorded for Worthing-
ton Pump Johns-Manville and du Pont.
The utilities steadied, but made no
important gains American Water
Works did well for a time, but North
American was still heavy and American
Telephone g. Telegraph met offerings on
every advance.
Support for the theory that the sell
ing had been coming from interior
banks because of declines in the market
value of collateral was not to be found
in the member bank statement given
out today This showed that for he
week ending November S, taking all the
banks together, there was an increase
in loans on securities of $24, 200, 900.
The preceding week there had been a
drop in this item of $85, 000, 900. What
has happened in the present week is yet
to be revealed, but it is doubtful
whether any liquidation of loans by the
so-called country banks could account
for the pressure on the market In the
last three or four sessions.
Rails and Coppers Sag.
After firm opening the trend be-
came irregular.
The railroad and copper shares were
ground for the year, along with q fair
list Of utilities, oils and industrials. But
United States Steel held unchanged at
40, while other market leaders like
Westinghouse, General Motors, General
Electric and American Can held fairly
we'll Money renewed at per cent
During the first half hour shares traded
amounted to 1890, against ass, 800
during the same period Monday.
Missouri with a drop of
2 points to 1874, or a new low for the
year, led the rails down. Other new
lows were made by Allegheny, Baltimore
81 Ohio, Chesapeake Corporation, Lack
awanna, Kansas City Southern, Mis-
souri-Paciflc preferred, New Haven,
Rock Island and Great Northern pre-
ferred. Chicago Great Western pre-
ferred was higher, rejecting the first
dividend payment since 1919.
In the motors Packard and Mack
Truck made new lows. United Aircraft
was another weak spot. Pacific Lighting
and Peoples Gas were lower among the
utilities. American Smelling, Cerro de
Pasco, and st. Joseph Lead made new
bottoms in the mine group. Lambert
dropped over points to new low and
Columbia Carbon sagged over point to
4 new bottom.