Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-30
SLOAN STATEMENT
UNSETTLES STOCKS
Market Affected by General
Motors Presidents Re-
marks on Business.
BY CHARLES w. STORM,

Eoltor, the news Service OF Wall Street.
Special Dispatch to The Star.
NEW YORK, March 2c.-Perhaps
nothing could have come at this time
70 jar confidence more than the re-
marks of President Sloan Of General
Motors. His statement to the effect
that no great business improvement can
be expected this year doubtless con-
tributed materially 10 the further I'M
settlement in stocks on Saturday.
Coming on top OF week OF adverse
developments IN the way of dividend
reductions and omissions. and the dis
appointing earnings statements, par
ticularly In the railroads, it had dis
couraging effect on sentiment.
Declines in the market were quite
general. with no abatement in the pres
sure noticeable. In fact, the declines
grew NOR severe as the session pro-
crossed. AS prices declined. liquidation
seem / to increase, measured by the
expanding volume. One redeeming
feature in the market, however, was the
stable short interest which Is thought
TO be building up. This should tend to
give the market better resistance when
ever pressure Hghtens.
Bethlehem Steel.
Heavy selling pressure was directed
against Bethlehem Steel throughout
Saturday morning, the stock dipping
sharply to new low levels for the move
ment. The action Of the stock sug-
gested considerable liquidation was in
progress, thought it was apparent that
heavy bear selling was an important
factor in the decline Spectators
working on the side Of lower prices
were operating on the belief that the
company'S annual report, to be pub
mi
showing. So far as earnings are con-
cerned, these have already been pub
lished in preliminary form, showing the
equivalent Of about S5.26 share earned
in 1880.
Auburn Inquiry.
The Attorney Generals investigation
Of transactions in the gyrating Au-
burn Motors stock has thus far dis
closed no irregularities to warrant in
tervention, Assistant Attorney General
McCauley stated on Saturday. He said:
The inquiry to date has disclosed
nothing which would warrant any in
tervention by the Attorney General, nor
is there any indication that there will
be any Intervention in the immediate
future" The Auburn sold as low as
609s last Fall and has since been one
of the most spectacular features of the
reached its peak Of 25112 and on Sat-
urday was reaetionary with the general
market, showing a loss of over Is points.
Coppers also met with quiet selling,
but short covering tended to steady the
decline. Copper was a shade easier,
with second hands offering the metal
at 934 cents International Nickel
Joined the decline of the mining shares.
Alaska Juneau, however, held fairly
well around the IL mark
Standard Oil of New Jersey was sold
freely, but thousands of shares were
taken at a. The a mark was said to
be the one at which important interests
were willing to repurchase stock sold
above 70 and on scaledown from A.
Oils generally were reactionary. but
because of the low level losses were
rather small.
United Corporation.
The Street was alive with runors Of
developments in the affairs
Of the United Corporation. But in
spite Of the fact that the rumor mills
were working full time in the matter of
supplying gossip. United was called upon
to absorb a good deal of selling, some
OF 1t taking the form of substantial
which it has a substantial interest are
credited with plans for extending their
holdings in various operating proper
ties. The old Consolidated Gas rumor
was revived again, and also that in
volving United Gas Improvement The
latter, in turn, is reported making ready
to extend fresh offer to Public Service
Trade Reports.
Week end trade reviews told of the
encouraging effects Of the early Easter
on retail trade, but generally the news
was lacking in anything startling, one
way or another.
Copyright. 1881, by North American News
paper Alliance.)