Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-22
STOCKS SELL OFF
IN DRAGGY. MARKET
Trading Volume Is Smaller,
With Leading Issues
Under Pressure.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, October 22.-Dull and
slightly lower, the stock market today
reflected the prevailing uncertainty
with regard to the next move Of the
railway executives and the resultant eff
feet on trade and securities. The mar
ket was not weak and volume was much
below that of Wednesdays session, but
aggressive leadership on the upside was
lacking.
Leaders Under Pressure.
Overnight reflection on the Commerce
Commissions ruling in the rate case
emphasizes the completely Of the prob
lem that confrontS the railway presl-
dents. Carrier stocks sold of without
attracting any increased supply at the
lower levels. Baltimore g. Ohio, down
2 points at the start. but rallying
somewhat later; Pennsylvania at new
low level on the reaction, yet down
Wednesdays low, and still of only frac~
tionally, were typical of the morning
trading in this part Of the list.
HeaVineSs In u. s. Steel featured the
industrials, perhaps expressive OF I'M
easiness about the dividend meeting
next Tuesday and the third-quarter
earnings statement. American Tele-
phone e. Telegraph yielded. but held
above the minimum OF the day before
North American was under mild pres
sure and fractional losses were recorded
liz General Motors, Woolworth and
long list Of popular utilities and indus
trials.
Here and there a stock stood out be-
cause of its resistance to the trend
One of these was Ingersoll Rand, which
advanced sharply in Wednesdays weak
market and added to the gain To-Day.
The buying was accompanied by reports
of better business: Allied Chemlcal wa
very firm, responding to announcement
of price increases on certain OF us
products. The strength in American o.
Foreign Power was connected with de-
yelopments abroad Copper stocks were
steady, but not much changed. Inc
success Of the conference in cutting
down production would probably have
more effect on the metal market than
on the stock market.
Opening Prices Mixed.
Opening prices were mixed. Rail
shares were almost uniformly lower.
The arrival OF Premier Laval in the
financial district just previous to the
market opening made discussions about
the Laval-Hoover conference over
shadow all other pre-opening develop
Lie OPCACA 49,
at $685., or of 70 cent. Sterling at
$685. was of 224 cents, as London
turned irregular on profit taking.
United States steel at 704 opened
unchanged. American Can at 85l2 was
up u. American Telephone at l4l was
off p. Chesapeake Corporation lost
point at 25l4 and Chesapeake 6; Ohio
"a at 3lls. New York Central was of
- at 5734. New Haven dropped "a to
"a and Southern Pacific was down a
fraction at SO.
Copper exhibited an almost uniformly
upward tendency. American Smelling
gaining y at 273s and Anaconda "a at
172s. International Nickel and Nevada
Consolidated each gained "A at 1914 and
79s. respectively.
General Motors at 81 rose a fraction,
which was also true Of du Pont at 81
and Electric Auto Lite at 29ss. North
American lost "a at Al and Interna-
tional Telephone was down So at 1872.
Consolidated Gas lost "a at rs. Stand
ard Oil Of New Jersey at SO was I'M
changed. Westinghouse Electric at 48l4
declined IA. General Electric was off
slightly at 3l7s. Allied Chemical lost
134 at IS.
Trading continued dull after the
opening. The general list displayed a
steady tone. with price fluctuations of
unimportant dimensions. During the
first half hour trading amounted to
100000 shares. compared with 100000
on Wednesday. Call money renewed at
2l2 per cent.