Evening star., 1932-10-30
STOCKS SLUGGISH
At SHORT SESSION
Traders Turn to Bear Side on
Decrease in Weekly
Car Loadings.
By the Associated Press.

BY the Associated Press.
NEW YORK, October 29-The stock
market was unable to maintain its up
ward slant today, in the face of mod
crate decrease in the movement of rev.
enue freight as reported for last week.
The list stiffened in the early trad
ing. showing signs of continuation Of
yesterdays slow advance, but the ap-
pearance of the freight car loadings
statement. showing that the week ended
October % registered a decline of 8,405
cars from the previous week. prompted
floor traders to switch to the bear side.
Seasonal Peak Passed.
The market was unable to break out
OF the narrow trading range of the past
week, but closed with several losses of l
to 2 points. which about Cancelled yes
terday'S gain. The final tone was heavy,
but the market remained almost en-
tlrely professional, as the speculating
and investing public continued to leave
the market severely alone. The turn
over for the two-hour session was
around 100000 shares.
Wall Street had been undecided as to
what to expect from the carloadingS re-
port. It had been evident from the re-
ports OF individual carriers which ap-
peared during the week. that the smart
upturn of the previous week would not
be duplicated. AS a matter of fact. the
manner in which Carloadings continued
TO increase up to the middle of the
month carried the usual seasonal move
ment past its usual peak, so a seasonal
letdown at this time was to have been
expected. Ordinarily. the freight move
ment holds up around the seasons high
est levels through August. then taperS
off N rather decisive fashion in No
vember. ....
Among a few shares losing as much
as points were Union Pacific Santa
Fe and LackaNana. while losses of a
point or so appeared IN New York Cen
tral, Southern Pacific, Chesapeake &,
Ohio. Northern Pacific, Great Northern
and others. Elsewhere in the list
losses Of point or so appeared in such
issues as United States Steel, American
Can, American Telephone, American
Tobacco B. National Biscuit. United
Aircraft, Western Union, Westinghouse
Electric. In the industria1s and util-
tiles, however, most net changes were
limited to fractions.
Trade Gains Maintained.
Week end trade surveys showed re-
cent gains were being maintained. Steel
production was placed at between 10
and 20 per cent of capacity for the
industry at large. The most enCOurag-
ing aspects of the situation. it W2s
widely felt, appeared in fundamental
financial conditions. Bank clOsingS de-
clined from September to October for
the first time in the past few years
Earnings statements indicate that in
GuStriaI earnings generally reached a
new low in the third quarter. The rail
road September reports have provided
the most encouragement. October; on
the basis Of car loadings, should be
even better, but with the trend usually
downward in November and December,
and many carriers still failing to earn
their fixed charges. bankers pointed out
that the carrier problem was far from
solved.
Foreign exchanges were marked by
further signs of restored stability OF
sterling Gables ruled at $685., up
u cent. The French franc was shade
lower
In commodities, silver futures, which
had a sudden hIHlssSs Sterday. lost much
of their geif4s--tedap- Cotton turned
moderately reactionary, losing IS to rs
cents a bale Labor troubles again
loomed in the Lancashire spinning in
dustry. threatening to disrupt foreign
business in that staple.