Evening star., 1932-01-04
STOCKS SELL OFF
TO NEW LOW MARK
Losses Not Large, but Pres
sure on Market Con-
tinues Steadily.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, January 4.-Subjected
to heavy pressure, the stock market
reacted again today, with new lows IN
a number of important 1ndustrlaS ana
utilities.
The market opened lower, sold off
steadily during the first hour ana tnen
stabilized without, however. rega1nlng
any material part of the loss. The
weakness was explained in various ways:
Some of it was said to be the result OF
liquidation consequent upon recent
banking troubles. Some OF 1t was due
to concern over the German outlook, a
perennial source of worry. Some of 1t
doubtless came from holders discour-
aged by the action of the market on
Saturday. the first business of the new
year, which it had been hoped would
signalize a turn in both business and
securities.
Losses Mostly Small.
There we're few large declines. 1t
was the fact that they came on top CT
all the previous losses that made them
look so significant. For example,
General Motors, under $40 share,
new low for the bear movement, was
off only a point or so. United states
Steel broke through its old low OF 80,
but even there it was down not quite
points Westinghouse Electric, similarly,
was less than 2 points below Saturdays
final Other new lows were made by
General Electric, American Can, Du
Pont, Consolidated Gas, American Tele-
phone and Eastman Kodak.
Rails were not as active as the in
dustrials, but that was about the best
loo po1tiT1onrp r. ohin
was especially weak, making a new low
along with Union Pacific. Selling OF
railway bonds unsettled their respective
stocks. Motor stocks were heavy,
Auburn came down sharply in the first
hour and then partially recovered
Trade reports concerning Auburn are
optimistic and the motor car producers
are far more cheerful than the stock
quotations would indicate. Detroit
advices today stated that Hupp had
shipped l, ,O44 cars in December, against
248 in November and 327 in December
a year ago.
Among the earnings statements COM
ing to hand, that Of Endicott-JohnSon
was notable. For the IL months
ending November % last net was equal
to S4.84 a share on the common STOCK,
whereas for the entire year of 1881 only
IA Genus IL SIldlG WdS LSpOL OCN'
during the first half hour was 100000
shares. against 100000 on SATURDAY.
Call money renewed at 3h cents.
Market Opens Lower.
The market opened lower in moder-
ately active trading.
General Motors opened at its previ-
Gus low, 20ss, off a shade, on 2,40O-
share transaction. Other motor shares
were also lower.
American International, compare
lively inactive usually, started off on
l5,O0O-share transaction at 514, of a
small fraction, but still "a point above
its 1881 low. United States Steel was
fractionally lower at 81. Bethlehem
Steel lost a shade at 18. Active indus
trials. such as Allied Chemical, Gen
eral Electric and National Dairy Prod
ucts, were all heavy The latter, to-
gether with Bordens, failed to reflect
an increase in cream prices. American
Can dropped to fresh bottom for the
bear market at sta, off 5s.
The rail shares were of with the
rest. Baltimore & Ohio, st. Paul pre-
ferred and New York Central all had
opening declines. Loose Wiles, with a
loss of nearly a point to S0Ks ignored
the declaration of the usual 10-cent
extra dividend The utilities were in
active. Consolidated Gas and Public
Service of New Jersey were slightly
lower. Oil shares were unchanged.