Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-22
LOSSES ROUT HOPE
FOR RALLY ON CURB
Oils, Rails and Public Utilities
Head Lower Movement on
Increased Offerings.
BY JOHN A. CRoNE.


NEW YORK. April 22.-Hopes for
rally around the end of the first hour
on the Curb Exchange faded before
midday today as oils, rails and public
utilities, in order named, moved lower
on increased offerings.
In the power and light list Electric
Bond e. Share was down about half
point, and so was American g. Foreign
Power Warrants but American Super
power and a few others firmed. Cities
Service. after opening on a block Of
4,100 shares at 1872, off 20, showed lit
tie sign of rallying.
Standard Oil shares by the merest of
fractions entered into record low price
territory for the year or longer. Stand
ard Oil of indiana, Vacuum, Standard
of Kentucky, South Penn Oil, Interna-
tional Petroleum and Humble Oil shat
tered previous minimum quotations.
Pennroad Corporation was relatively
inactive until noon. when block of
1000 shares came out at 6. The next
sale was at SIS. new record low price
since the stock was issued about two
years ago American Gas e. Electric.
among the more seasoned utilities, was
the first to establish new bottom price.
Ford Motor, Ltd. improved on De-
troit adviceS that the company plans TO
maintain a uniform production rate
Offset the announcement that the CO.
1ogne assembly plant opening, with
initial output of l40 units daily, has
been postponed to May /.
Hudson Bay Mining marketwise paid
little attention to the encouraging re-
marks of the president of that concern
at the annual meeting of shareholders in
Toronto today. Niles Bement Pond was
the first of the air shares to nose
dive to new low.
The manner in which many shares
ignored favorable news developments
was typifed by Trans-Lux Daylight Pic
lures Screen Corporation, which barely
budged after the announcement that all
litigation had been settled between it
and News Projection Corporation
new company, Translux Movie Ticker
Co., will be formed to consolidate the
movie ticker business of both concerns.
Brazilian Traction & Light was one
of the first international utilities to
record new low mark. Bwanna Nc
Kubwa, ex rights, sold at is lowest
price and Newmont Mining came with
in a fraction of its low as result of
lowered red metal quotations.
Earnings reports and dividend pay
ments had some effect in early dealings.
Parker Rustproof responded TO the first
quarter report showing a surplus Of
S208, $50, against S155.797 in the same
1880 period Deere & Co improved dur
ing this same movement following
declaration of the regular quarterly
dividend.
Texas dispatches indicating that the
immediate outlook for pipe line projects
was clouded by a proposal to tax all
such lines. gas as well as oil, were at
once mirrored in a drop Of 9l2 points
In A. O. Smith Co., supplier of consid-
cradle pipe to lines finished or now I'M
der way. Memphis Natural Gas, de-
spite March and l2-month sales gains
Of 19 and 81 per cent. respectively. eased
at the opening, as did its parent COM
pany. Appalachian Gas. Lehigh Coal
81 Navigation was forced to new low
as a result of the refusal of Panther
Cheek Valley miners to work Saturdays,
thereby blocking the opening OF other
mines. Indiana Pipe Line scraped
new bottom. Fox Theaters A broke 10
a new low record.
copyright. 1919