Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-29
DECLINE IN STOCK
MARKET CHECKED
Pressure Lifts and List
Makes Slow Recovery
After Midday.
BY GEORGE T. HUGHES.

Special Dispatch to The star.
NEW YORK. October 2s.-The pres
sure on the stock market lifted today
and prices made q modest recovery,
presumably on short covering.
The Street was confronted with
number of dividend meetings again
today. the most important Of which
was that Of Bethlehem Steel, to be held
after the close. In view Of the y. 5.
Steel third quarter statement, traders
were prepared for q poor showing by
Bethlehem and the possibility Of an
omission Of any disbursement 10
shareholders and the probability OF a
reduction If something Is paid. Bethle-
hem made q new low during the nrst
hour. rejecting this sentiment.
American Tobacco declared the
regular sl25 dividend on its shares,
but the stock was weak, perhaps be-
cause there was no extra but more
likely because Of bearish propaganda
about the competitive situation.
Other weak spots included Lambert
and IngerSoll- Rand.
The general list once the overnight
selling, which was not particularly
heavy, had been absorbed, showed dis
tinct rallytng tendencies. Short cover
ings came into the rails and prices
recovered as much as points in the
case of New York Central. There was
still talk Of negotiations between the
railway executives and the brother
hoods looking to q wage reduction. but
nothing authoritative was to be had.
Union Pacific was an exception to the
trend in the carrier shares, dipping at
one time below par, close to the low OF
the year. Atlantic Coast Line made
new low and Louisville & Nashville
was weak IN the early trading.
Commodity Outlook Better.
The enthusiastically inclined put the
most emphasis on the better outlook
for commodities They watched the
wheat market closely and propnesleo
that any extension Of the recovery In
grain will be reflected in better stock
market. On the same theory, any
hardening Of prices in other commodi-
ties was hailed as good omen for
stocks. It was felt that the mail
order shares would respond to agrt-
cultural improvement sooner than any
other stocks, and -Roebuck and
Montgomery Ward worked higher in
this hope.
Trading continued in small volume
| with large operators standing aside
In fact, the turnover was so low that
it was unsafe to attach significance TO
the movement in either direction.
About the best that could be said was
that concern over third-Quarter earn
ing reports was not as pronounced, and
that the liquidation, If any, was never
pressing.
Call money renewed at az per cent
and was easy in the outside market
at ga per cent.
Opening Is Lower.
Prices opened lower, continuing the
trend in evidence at the close here
Wednesday and in early dealings on the
London Exchange.
United States Steel at 641t was off
Il. Bethlehem Steel, whose directors
meet for dividend action today, opened
at % "a, on Is. Air Reduction which
showed earnings of go cents a share for
the September quarter against $l.53 a
share in the same 1890 quarter, opened
at 81 *, of a.
Canadian Pacific, despite its net
operating income for September, which
was about half Of that for the same
month of 1890, opened up a shade
AtchiSon at 104 lost a fraction, as did
101 y and Great Northern at 2434
General Motors opened at IS, on X,
but Du Pont vas unchanged at 557s.
Auburn Auto at 116l4 declined ia and
Electric Auto Lite at 2Sss dropped * :.
The declaration Of only the regular
common quarterly on American Tobacco
caused it to open at IS, of a point
Fractional losses were recorded by
Texas Corporation at 1895 and General
Asphalt at 1872. Most of the utilities
were slightly lower, including American
Telephone at 134ls. International Tele-
phone at 1915, North American at 36
and Public Service at SOS. Both Gen.
eral Electric and Westinghouse were
unchanged. American Can at sos de-
clined Il.