Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-20
STOCKS ARE LOWER
. IN QUIET MARKET
Continued Weakness in Rail
Issues Noted-Leading
Issues Sag.
BY GEORGE T. HUGHES.
Special Dispatch to The Star

Special Dispatch to The Star.
WALL STREET, New York, Novem-
Der 20.-Stocks drifted lower again to-
day without any change in the outside
news. The decline seemed to be due
more to lack of buying interest than to
any pronounced pressure, but it was
sufficient to carry the averages down to
a new low on this reaction and peri
lousy close to the october lows.
The market OF ed lower and con-
tinued to sag throughout the morning.
tt. downward trend was evident in all
groups, although covering in one or
two of the rails, notably New York
Central, gave them an appearance OF
relative firmness. The rails, however,
as a rule extended their declines. Union
Pacific was onc of the weakest. The
Street was discouraged over the out
look for wage reductions and uncertain
about the success of the application to
the Interstate Commerce Commission
for a revision of the proposed pooling
arrangement.
Weak Spots.
Among the industrials Eastman Ko-
dak yielded easily, dropping below par
for the first time on this movement.
The most attention was paid to the
situation in United States Steel, which
before noon was within a fraction OF
its low for the bear market-which in
cidentally was the lowest since 1915.
Other weak spots included Johns
Manville and Ingersoll Rand, both at
new lows: Allied Chemical, in which
the loss was more moderate; American
Can, and other so-called trading IA
vorites.
In the motor group Auburn Auto
was singled out for selling and 1t
dropped back or points without in
termediate rally. Motor stocks should
have been helped by the confidence ex-
hibited by the Hudson Motor directors
in declaring a 25-cent dividend pay
able the first of the year, the same as
had been paid in the three previous
quarters.
Public utilities went off with the rest
of the list. Western Union, which has
had the questionable distinction of
leading the way into lower ground, sold
under anything hitherto recorded in II
years. Electric Power 81 Light made a
new low and American Telephone &,
Telegraph weakened.
Opening Is Lower.
Declines predominated at the open
ing. The rails were heavy, but motors
and coppers we're firmer.
United States Steel opened at "a, of
"a. Union Pacific at 9412 was down
ia Atchison 1T 104 lost l q, as did
Delaware g. Hudson at 8812. New York
Central declined IS to 1912 and South
ern Pacific was off 12 at 4312. Inter
national Nickel opened at 9. off Il, al
though Anaconda was up y at 14l2
Copper metal, Doth here and in Lon
don, was offered at lower prices. Partly
offsetting this, however, came London
cables indicating that eventually some
curtailment agreement was likely.
General Motors gained a. fraction at
1854 and Nash was up u at 1894
American Telephone was off Is al
1341s, while Public Service of New Jer-
sey was off p at IS. Consolidated Gas
declined 2s to Tll2 and United Cor
poration at 1914 lost shade. Standard
Gas at 1914 opened off 2 points Stand
ard Oil of New Jersey and Texas Cor
poration were both slightly higher
Loews, rejecting the extra dividend OF
81, opened up a point at 1885.