Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-01
REACTION IN STOCK
PRICES CONTINUES
Market Says Further Under
Steady Stream of Selling.
SpecialtieS Weak.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, October 1-Still forced
to accept large scale liquidation, the
stock market again reacted today. The
chief significance Of the losses was that
they came on top Of 50 large q previous
decline.
The market opened hesitant. but with
rather acute weakness in special issues.
In Woodworking volume increased and
the usual list Of new lows was regis
tered. Among them were such promi-
nent stocks as American Telephone &
Telegraph, Standard Oil of New Jersey,
United States Steel. General Electric,
Allied Chemical Woolworth and Cen
eral Motors. In some of these the
losses were only fractional and the
market was at all times orderly. There
were always buyers for stocks.
Source Of Selling.
There has been much speculation rs
to the source of the selling. The best
opinion is that in large proportions It
has been coming from abroad and from
Canada. stimulated by the exchange
situation which made it relatively
profitable to obtain American dollars
for foreign owned American securities.
In addition today there was much
forced selling to protect accounts, not
only in brokerage offices. but those car
ried in banks. While the margin
trading in the market is extremely
small in comparison to what 1t was two
years ago, it still exists 1t did not
look today as though there was much
II any short selling 1t would be A
to sell stocks short at this level, in the
face of the sentiment against such
operations in and out of Wall Street.
United States Steel at 72ls, was up
u at the opening. American Can was
up a at 76ls and Westinghouse lost a
fraction at 437a. General Motors
opened unchanged at casa and later hit
"a. American Telephone at l297s de-
clined q to new low for the year,
which also was true Of North American
at 35 of i. and Pacific Gas & Elec-
New Jersey gained 50 to 56%.
Standard Oil of New Jersey at 291s
dropped "a to a new low for the bear
market. Other issues to register new
minimum prices for the year or longer
were Radio-Keith at T3s, Johns Man
vile at 36is, General Foods at 3312.
Standard Brands at 1924 and Sears,
Roebuck at 33a4.
Pennsylvania opened at 33l2, up Ia
pOAIltS- OlllOIl HI 1IOi4 Was up
like amount Baltimore g. Ohio
opened up a point at SO and Chesa-
peake g. Ohio was up - at 2ei4. Ana
conda climbed fraction to l5ls. Au-
burn Auto opened up u at 96l4 and
Du Pont rose So to go.
Utilities Under Pressure.
Utility stocks were subjected to the
heaviest pressure. Virtually all OF the
active issues made new lows for the
bear market. American Water Works
American Power &, Light. Pacific Gas
& Electric. Southern California Edison
and Western Union followed American
Telephone into new low ground.
Standard Oil Of New Jersey made a
new low. In the steels. National Steel
and Youngstown Sheet g. Tube made
new bear market bottoms. but United
States Steel held at small net gain.
InduStrials were fairly firm, though
Allied Chemical and Johns Manville
extended their opening losses.
During the first half hour trading
amounted to 100000 shares. against
700 900 on Wednesday. Call money re-
manned firm at la per cent.