Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-22
LEADING STOCKS
SINK STILL LOWER
No Change Noted in CharaC-
ter of Trading; Expectancy
of Rally Increases.
BY GEORGE T. HUGHES.
.al Dispatch to The Star


NEW YORK, April 22.-Still lower
prices for leading stocks were recorded
in today's market. There was no
changeAin the character of the trading
and there was no change in sentiment,
except perhaps an increasing expect
ancy of a rally.
In the first hour new lows for the
bear market were made by United
States Steel and by New York Central
Steel sold at the lowest since 1927 and
Central at the lowest since 1924. It
would have been surprising If lesser
stocks had not followed suit. The steel
trade reviews. while putting the best
construction on the news of the in
dustry, we're interpreted bearishly by
the trading element. In effect they
expressed the opinion that the i'm
provement which has now come to
halt was only seasonal
Scant comfort was cleaned from the
railway earnings statements for March.
Those to hand revealed a lower per-
centage decline from the same month
a year ago than was the case in jan
uary and February, but that was all.
1t was difficult to arouse enthusiasm
over the increase of 9,423 in car load
ings on the week when the total was
1882 under the same week a year
ago. New lows were made by AtchiSon
Baltimore & Ohio, New Haven and
Southern Pacific, among others. At
lantic Coast Line took another rose
dive, although there was no reason to
expect dividend action at Tuesdays
meeting. Union Pacific went down to
the lowest for the bear market, not on
its own earnings so much as in antici-
patton of a dividend cut by Illinois
Central. in which Union Pacific has so
large an interest.
The oil stocks were still friendless
The steady piling up of stocks of crude
oil and of gasoline in time OF declln-
ing prices is sure to be represented in
severe inventory losses, some of which
will be made public in the quarterly
statements. Among the new lows today
were those of Standard Oil Of New Jer-
sey, Standard of New York, Texas Cor
poration and Royal Dutch. Weakness
in Shell Union bonds brought some
selling into Royal Dutch.
The utilities made a poor showing,
contrary TO their custom. Losses were
not large, but there was a steady
stream of offerings. How much of the
selling was for short account it is i'm
possible to say Many authorities be-
lieve the short interest has been greatly
overestimated, but in any case there
was today, as there had been earlier
IN the QeClne, a scattering OF QlSCOuT-
aged LIQUIDATION. Dividend cuts, actual
and prospective, have created real con-
Germ among the actual holders Of stocks
who see their income reduced and are
inclined to shift their holdings.
Miscellaneous industrials, with the
notable exception of the tobaccos, SUI
fered with the rest of the list. Even
the food stocks sold of, with new lows
in Corn Products and National Biscuit.
American Tobacco shares were strong
at intervals. Allied Chemical rallied
temporarily, and here and there an
oversbld position developed, but there
was no indication Of change in the
trend.
The motor stocks came under fire in
the afternoon. General Motors broke to
a new low on the reaction and Chrysler
came down. U. S. Steel after rallying
point or so, had another dip TO the
lowest of the movement. Air pockets
developed in various parts of the list.
Atlantic Gulf 81 West Indies dropped
points from the last sale and Inter
national Cement, following reports of
price war in the industry, turned down
ward. In the railroad list Missouri Pa