Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-30
STOCKS DEPRESSED
. AS OFFERINGS GAIN
Market Forced to Absorb
New Liquidation as SeS-
Sions Are Resumed.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK March 3O.-Stocks were
pressed for sale in todays market and
the list went into new low ground on the
current reaction, with some issues SELL
ing at new lows for the year. At the
same time the losses TOR the most part
were small. measured by points, nor was
there evidence of any large scale out
side liquidation.
Largely because of the action Of the
market during Saturdays short session.
the opening found an accumulation OF
week end selling orders which were exc
cuted only at concessions. For an hour
or so activity was on a large scale and
new lows were registered for number
of prominent railroad and oil shares,
with utilities and industrials breaking
through the resistance points h1therto
holding on this decline. Then the list
hardened and volume fell off, but there
was only an Insignificant recovery.
Rail Earnings Of.
One reason for the widespread feeling
of disbursement was the February
earninc5 statements for the railroads
the effect of which on the speculative
mind was cumulative. For instance
Illinois Central reported February
net of SOB, SAT, compared with $l78S,-
486 in February. 1880. Rails therefore
sold off. with new lows for the bear
market in New York Central and in At
lantic Coast Line and for the year in
Louisville & Nashville, Pennsylvania
and Missouri Pacific.
Oil stocks were weak also, with new
lows for Standard of New York, Stand
ard of New Jersey, Texas Corporation
and ROYAL Dutch, among others. There
was nothing new in this situation, but
the stocks worked steadily lower. More
impressive was the reaction of the utili-
ties. where the pressure was greatest
against North America, American
Water Works and Standard Gas q
Electric. American Telephone & Tele-
graph sold off or points, and
hardly any of the electric light and
power stocks were able to hold.
Leaders Sell Of.
United States Steel broke through 140
to within less than 2 points OF its eX-
IRENE low for the year. General Motors
and General Electric went down with
the rest. and even American Can, which
had held UP so we'll last week, yielded.
It was the weakness in stocks Of this
caliber that produced the most untaYor-
able impression Doubtless a good deal
of the selling was for short account
largest bear operators of the street were
reluctant to take the short side because
they had so much company. Stocks in
which there were large outstanding
commitments for the decline made bet
ter resistance today than the standard
issues. showing that a good deal OF
covering was going on.
Among the high-priced issues which
Joined the downward movement were
Allied Chemical, off over points before
noon: Eastman Kodak, with a smaller
loss. and the always interesting Auburn
Auto Auburn, however, at various
times sold higher on the day, and that
was true of J. l. Case, but to a lesser
extent. Fairly good support was given
a few merchandising companies, such
as Best 81 Co. and Woolworth.
Opening Is Lower.
An accumulation of selling orders
over the week end sent the market
lower at the opening The declines were
not large, but they were sufficient in
many cases to make new low records
for this reaction and in few cases
new lows for the year. After the early
selling had been absorbed, activity fell
off and the list hardened.
Among the features in the railway
group were new low prices for Atlantic
Coast Line, Missouri Pacific, New York