Evening star., 1931-12-03
STOCKS IRREGULAR
NEAR LOW POINTS
Railway Situation Still Over
hangs Misunderstanding
Interest Small.
BY GEORGE T. HUGHES.
pecial Dispatch to The Star

Special Dispatch to The Star.
NEW YORK, December 3,-Nervous
and irregular, today's stock market
f1irted with the october lows as it
struggled to assimulate liquidation
brought on by the discouraging posi-
ton of the bond market. Losses were
not large but they brought the aver
ages dangerously near the minimum
for the two-year decline.
The cloud that overhung the market
at the opening was still the railway
situation. Anxiety over the state of
affairs illustrated by the Wabash re-
ceivership was still in evidence At the
same time the railroad stocks in the
early trading had no important de-
clines. Pennsylvania Railway made a
new low, but that was only by a frac-
ton. Reading made a new low, but
that Is too inactive an issue to be
typical, New York Central was we'll
supported around the preceding close,
either because of the large short In
tereSt or because 1t had already dis
counted the worst possible.
Decline Is Gradual.
1ndustrials slipped off slowly, without
any sharp breaks. U. S. Steel made
new low in the first hour, but that did
not attract as much comment as Steel
preferred. off at one time points and
also to a new low. 1t is the lack Of
buying interest in strictly investment
issues which gives the market so ragged
an appearance. That is true of bonds
as we'll as of stocks. General Motors
,,;t III,
small fraction of its previous minimum.
Johns-Manville was weak in new low
ground. Western Union sold off again
and the rubber stocks gave way.
How much the market was oversold
was question to which no ready an
swer could be given. Auburn Auto at
intervals gave indications of the strong
technical position that might be ex-
pected Of stock with fewer than
100000 shares outstanding.
Presumably there is a large short
interest In the railway shares, but II
so 1t gave no sign OF anxiety. From
time to time the Street has heard that
the exchange was to impose new re-
strictions on short selling but all these
reports have proved to be false alarms.
There was no outside news of char
acter to influence stocks, Sterling ex-
SiiohSC wac uE punt VI 81, Uut LlldL
was offset by sudden break IN Brit
ish bonds. Commodity markets seemed
to be waiting on stocks, Traders we're
looking to Washington for a construc-
tive development, the nature of which
was outlined only vaguely. 1t was
hoped that something would be done
to rescue the railways, but no great
confidence was expressed on that score.
urlu n-.x,iSuT t.
The market opened active and lower.
U. S. Steel common, at 81 "a, was off
a. and the preferred shares, at 108l2,
were off n, both of them being at new
low prices.
A rise in sterling here, higher sheet
and strip operations in youngstown, and
scattered trade improvement reports
we're constructive factors. Offsetting
them were suspension of the freight
rate rise by the Interstate Commerce
Commission, reduced automobile output
in November and irregularity in the
London market.
Delaware Lackawanna q Western at
81 u, was up p. New York Central was
unchanged, at 30H. Pennsylvania, at
22H declined 3s and Western Mary
land, at S u. reached a new low level.
Chesapeake & Ohio, at 27%, and Ca
madam Pacific at 1872, were each of
"a. A block of 1000 shares of Anaconda
Copper opened at 1914, off 81, and at
new minimum. Johns Manyille, at 10,
was off like amount.
Westinghouse, at 3o34, dropped Is,
and General Electric, at 263s, declined
u. A block of 5000 shares of General
Motors opened at 22I2, unchanged.
Standard Oil Of New Jersey was shade
higher. American Telephone, at l25,
and North American, at 35, each lost
3. Electric Power & Light, at 1424,
was unchanged Rights to subscribe for
this stock close today. Western Union,
at At, was off l point.