Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-15
STOCKS DEPRESSED
IN SHARP SELLING
All Sections of List Affected
by UnfavorabIe Trade
News.
BY GEORGE T. HUGHES,
pecial Dispatch TO The Star

Special Dispatch TO The Star
NEW YORK, April 15.-Discouraged
by the tenor of advices from the steel
trade, stocks had a fresh sinking spell
in today's market under combination
of liquidation and professional short
selling. Both industrialS and rails were
affected. although the greater activity
was in the former group.
United States Steel made a new low
in the first hour of business The stock
sold at the lowest for the bear market
and brought offerings into the general
industrial list for the market still looks
to steel for leadership. The trade re-
views told about further reduction in
the rate of steel operation, with the
general average only slightly about so
per cent. and of an unsatisfactory price
situation, with the only favorable item
the demand for structural steel.
Vanadium Dividend Omitted.
Announcement was made that the
Vanadium directors had omitted the
dividend. The stock had been weak
all morning and sold off further when
the news came out.
Pressure continued to be exerted
against electrical manufacturing stocks.
Westinghouse Electric broke into new
low ground on professed doubt as to
the safety of the dividend. even on its
present reduced basis. General Electric
dropped to a new low on the movement.
Bethlehem Steel weakened and so did
Allied Chemical. American Can and a
long list Of active issues Air Reduc-
ton made a new low early in the day.
The automobile stocks came down be-
cause of statements in the steel journals
that demand from the manufacturers
sor steel products was disappointing.
Losses were not large in the group but
General Motors and Chrysler were
down point or so.
Railroad stocks worked irregularly
lower Special weakness appeared in
st. Louis-San Francisco and in South
ern Railway, both at new minimum
prices for the year. as were Canadian
Pacific and Lackawanna. Railway pre-
ferred stocks slipped off easily, notably
MisSouri-KansaS-T Texas preferred. Louis
vile & Nashville come down to within
a point or so of its previous low.
Earnings Reports Due.
March earnings statement for the
carriers are due to appear within a
few days while the comparison with
the same month year ago will not be
quite as unfavorable as was the case
with the February. reports. 1t is not
likely to bring support to railroad stocks.
The weekly statement of car loadings
revealed a lower total than the pre-
ceding week, but some decline is sea-
sonal at this time.
There was no improvement in the oil
group, although there was no import
ant liquidation either Royal Dutch was
one of the stocks that made a new
year low. The oil shares have still to
face first quarter reports from those
companies that make them and a num-
Der of important annual reports, among
them that of Standard Oil of New
Jersey. Meanwhile another cut in
crude is predicted, so that under the
circumstances the heaviness was not
surprising Amusements were weak
again and for the first time in a long
while the food stocks were easier, in
Guiding corn products.
Renewed weakness in United States
Steel, which dropped to a new low at
1347s, caused the early market to touch
new low levels on the movement.
After the first half hour there was
a small rally, which, however, left the
list still lower on the day and the Steel
group failed to rally at all IN early trad
ing. Bethlehem and Vanadium also
dropped of. Steel activity was reported
down and other statistical factors we're
Unfavorable. During the first half hour
trading amounted TO 100000 shares, or
the same as on Tuesday. Call money
renewed unchanged at y per cent
The railroad stocks we're again the
weakest group. Canadian Pacific and
Lackawanna both touched new lows for
the year. The oil shares were soft also,
with drop of over point in Standard
Oil Of New Jersey and a fractional loss
in Texas Corporation. The utilities made
the most progress on the rally, but the
main active issues. such as American
Telephone, consolidated Gas and Pub
lie Service of New Jersey, were still
lower IN the dav