Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-13
STOCKS ARE LOWER
IN LIGHT TRADING
Rails Especially Weak in
Quiet Market-Leaders
Sell Off.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

NEW YORK. October 13-In quiet
and almost featureless trading, stocks
reacted In today's opening session OF
the week on the exchange. The losses
were due not so much to any increased
liquidation as to indifference on the
part Of buyers.
News over the week end was not cal
culated to arouse enthusiasm for the
stock market. The foreign situation dis
couraged buying and disappointment
was expressed at the delay in reaching
decision on the freight rate case by
! the Interstate Commerce Commission.
Finally, the failure Of an old and highly
respected brokerage house, announced
soon after the opening, had depress-
ing effect on sentiment, although 1t is
doubtful whether it materially affected
prices.
The rails were especially heavy, with
losses that up to neon ran as high as
points. Baltimore g. Ohio, New York
Central, Northern Pacific, Pennsylvania
and others sold off easily. Pullman
started in at new high on the move,
but reacted with the railroad shares
afterward.' Corn Products, supposed
to be heavily interested in raiIrOad Sc
curitieS, was weak.
The induStrials and utilities were not
quite as depressed as the rails, blI
nearly all the leading issues were low
er. u. S. Steel ruled under 10 with q
less OF point or two. The Street Is
already discussing probable action on
| the Steel dividend on october 81. In
any event. the third quarter statement
Is not likely to be cheerful reading.
The opening was fractionally lower.
The rails showed fairl- wide declines,
thereby expressing disappointment over
the fact that no announcement on
rates or wages came out over the week
end.
United States Steel at 7O34 was
of u. General Motors at 26@s was
| down 4, General Electric at 31A lost
q and Standard OH OF New Jersey
dropped a shade to 3134.
Chesapeake IL Ohio opened at 800 i,
OF l34. Southern Pacific at 56i2 wss
down Ia. Northern Pacific at PAS
was off 21k. American Tobacco COM
mon rose a to 81, but the shares
opened off ia at 1912. American Tel
ephone gained 81 at 1881. and Ameri-
can Water Works was up "a at 81 = g,
but Columbia Gas e. Electric lost p at
203A and Consolidated Gas was of /.
at T2I4. North American was down
point at 36A. as Public Service ad-
vanced ?. to 64l2. Du Pont lost "a at
6ll2 as did Electric Autolite at 267s.
Food and chain shares were little
changed.
President whitney announced from
the roStrum Immediately after the
opening the suspension for insolvency
Of Kountze Bros, one of the Older
private banking houses Of Wall Street.
The partners included Herman d.
Kountze. the floor member. and Charles
T. KountZe. Stuart Sidney Furman.
William H. Gregory. Denmsn Kountze,
Palmer D. KountZe and Frank Edgar
and Russ.
Trading dried up on the decline and
after the list had dropped fractionally
to points, a partial recovery set in.
During the first half hour volume
amounted to only 100000 shares. the
same as on Saturday. Call money re-
newed at per cent. this being the
first time since April it had opened
higher than ! IL per cent. Supplies OF
money were small and demand COM
paratively small.
Active issues like United States Steel,
]. l. Case. Columbian Carbon, and
Westinghouse rallied fractionally. The
rails did not rally at all. The market
for these issues was almost nominal,
however, so small was the trading. Util-
tiles, motors and oils were barely steady.