Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-16
IRREGULAR |
ONL|GHT TURNOVER.
Continued Pressure on Rail-
road Shares UnSettIeS
Remainder of List.
BY GEORGE T. HUGHES.

NEW YORK., NOFGIllDcI 4O--"1tAl VIC
railroad shares still under pressure, the
opening session of the week in the
stock market was an unsettled and 1r-
regularly lower affair 1t had periods of
rallying but they were not sustained
On the other hand volume fell off
from that of the two preceding seS-
SiOnS.
There was pessimism on the railroad
outlook together with the sharp break
in silver that disturbed the market i'll
the early trading today. Besides the
New York Central dividend, doubt was
expressed about the New Haven dis
bursemcnt. The latter company has
already paid SIS so this year and 1t was
suggested that additional dividend
might be omitted.
Rail Group Weak.
New York Central made another new
low after a brief rally. Southern Pa
cific was weak, duplicating the previous
wears low. Illustrative Of the state OF
the market for railway stocks was
quotation on Atchison printed on the
tape in the first hour with spread OF
5 points between the bid and asked
prices.
other weak spots were to be found
among the induStrialS. Westinghouse
Electric was heavily sold and came
down within a fraction of its OCTOBER
low. General Electric yielded IN sym
pathy. Allied Chemical reacted not
withstanding reports that the regular
cash dividend had been earned and
would be paid and that there was
possibility of a stock dividend. Alnerl-
can Telephone 81 Telegraph and the
utility list generally were first hlgher
and then lower, but without any Wlde
changes. United States Steel showed
no definite trend but most OF the time
was under the preceding close.
International Nickcls directors de-
clared o dividend of 5 cents on the
common stock against 10 cents in the
previous quarter and Is cents before
that On the other hand Du Pont de-
clared the regular dividend on its COM
mon shares. The Kennecott meeting
scheduled for today was indefinitely
postponed None of these develop
ments had much effect ON the stocks
involved.
The break in silver was so severe
locally that it reached the 300-point
trading limit in certain positions in
which. under the rules Of the metal
exchange. business was automatically
suspended. The weakness in New York
was a sequel to a similar decline IN
London and in turn had been preceded
by selling for Indian and Chinese &C
counts.
A favorable development was a
brisk recovery in wheat. which during
the morning carried some futures up
over 2 cents a bushel-a rally inspired
doubtless by the Sino-Japanese news.
Opening Is lower.
The market opened irregularly lower
in fairly active trading.
Weekend news was generally OF
constructive nature, but the market
still had momentum from its decline
of Saturday. PadiO-Keith-Orphe
affected by new financing plans.
opened on 6,000-sharc trade at 3,
new low and off 3 on the day,
Active industrials we're offered freely.
American Can, A. NJ. Byers, Eastman
Kodak, Radio, General Electric and
Westinghouse were all lower. J: l.
Case, however. was over a point high
point at 40. Mine shares were of
Slightly. In the rails New York Gen.
tral opened unchanged at 421s and then
slumped below AZ, close to its previous
low. Chesapeake q Chic and South
ern Pacific both declined.
American Telephone was off only
fractionally at 1877 and most other
utilities held as close to their previous
closing prices. Standard Gas & Elec
trio at 80 was a point higher. The
motor stocks were f1rmer than the rest
of the list, with ChrySler, Dupont and
Hudson motors AL scoring gains. Au-
burn was off points. Oil shares were
quiet and unchanged.