Evening star., 1932-11-23
STOCKS SELL OFF
IN QUIET TRADING
Traders Show Disappoint-
ment Over Conference
at White House.
BY GEORGE T. HUGHES.

bI 6EOhGE Il. HUGHES.
Special Dispatch to The Star.
NEW YORK, November 23.-wash-
ington dispatches reiterating the un-
compromising attitude of congressional
leaders on payment of the war debts
brought selling into both commodities
and securities today and general weak
ness.
Stocks declined slowly all day, al
though there was little short cover
ing at the end which left them a trifie
above the worst Losses ran from /
to 3 and 4 points, with no group ex-
empt from the liquidation Volume
was well over 1000, 900 shares, but the
trading pace was slow.
Wheat in Chicago came down to
within a cent of the record low for all
time. Cotton dipped below the Scent
level. Cocoa equaled its all-time low.
Sugar was relatively steady. but coffee
was the only market to move against
the trend and that was up only a
trifle.
Decline at Close.
Sterling exchange, slightly higher at
the opening, was down 20 a new low
Tor the year in mi1afte-noon. IG was
this weakness il s.erling which was
tha unsettling inf1u-nc, in commod-
%bANSs IL RO-lllS0 lCMt-EQ QcIla-
ton in world prices.
Stocks had another sinking spell q
few moments before the end.
The opening was iIregularly lower
and the decline was extended in the
subsequent trading. Most of the offer
lngS came from professionals, but they
were absorbed only at substantial con-
cessions. The Street seemed to have
expected something more definite to
have come from the conference between
the President and Gov Roosevelt, al
though there never was any real basis
for such optimism.
Pools Liquidate.
To add to the unfavorable technical
position, number of pools which mad
been unable to attract a public follow
ing felt it wise to liquidate, and their
selling, added to the other pressure,
gave the market a ragged appearance.
Coca-Cola was pressed for sale and
ran of to the lowest since the extra
dividend was omitted Loew's was
very weak and dividend doubts were
also given as the reason in this case,
although that may have been an ex-
cuse. Directors are scheduled to meet
Monday.
General Foods continued to decline
under relatively large offerings. TAX
ing the market as a whole, the volume
was small, suggesting that there was
net much stock coming in from the
outside. In the first half hour the
turnover was only 100000 shares.
Among the larger losses in the morn
ing session were thoze in Allied Chem
ical, Westinghouse Electric. Auburn,
and in the rail list. Atchison and Union
Pacific running from l to 8 points.
News Is Unfsvorable.
The industrial news was not of much
help The Iron Age reported steel
opera eiors fo- the week at 16 per cent
of capacity, against 10 a week ag-.
United States Steel common dipped to
rev low on the present movement,
but the decline was only little over
point, while steel preferred at 70 wei
of points. Gasoline stocks during
the week ended November 10 increased
A3, COO barrels, while the cut in Gulf
Coast crude by subsidiary of Standard
CT New Jersey forecast general reduc-
ion. The oil stocks, however. held bet
ter than most other industrials.0 IS
Electric ouput for the last week war
down 71a per cent from the same weed
a year ag9. Last Wednesday the d..
cline was 62 Fer cent. On the oth
hand. the New York Central report{
a falling of in loadings for the welt
of los per cent, which was the besi
comparison with 1881 made so far the
year.
Weakness Accentuated.
The weakness was accentuated in this
afternoon, as the Washington reports
became more insistent that no COM
promise was to be effected on the in
stallment of the debts due December
Is. Sterling exchange, which had open
ed higher on this side, reacted to the
low of the movement and commodities
turned downward, notably wheat and
cotton.
Stocks made their low of the day
in the second half of the session. In
the fourth hour International Business
Machines was off points, Allied Chem
ical down over points, American
Telephone down to points and other
leaders in proportion. The pace of trad
ing continued slow but there was no re-
covery.
tCopyrigh. 1897