Evening star., 1932-01-29
STOCKS DEPRESSED
|. ON HEAVY SELLING
Far Eastern Situation De-
CIared Cause for Weak
ness in Market.
BY GEORGE T. HUGHES.

Special Dispatch to The Star
NEW YORK, January 29.-Weakness
in today's stock market, which was pro-
nounced and covered both industrial
and railroad shares, was generally
ascribed to concern over the Far East
ern situation, although that may have
been only an excuse. In any event,
selling for both accounts went on
actively, with prices at new low on
the current reaction.
The market opened lower. and selling
gained headWay as the session went on.
The recession in the standard stocks
was orderly but in some of the more
inactive issues the market on the bid
side was very thin. Transactions in the
first half hour were approximately
three times as large as those in the
same time the day before. Volume
slackened after that, but it was still
more active than it had been in some
time.
Offerings Are Large.
American Telephone was freely offered
again and under III was off nearly
points and about the same amount
above the extreme low for the year.
U. S. Steel during the morning came
within a point or 50 Of the low. Auburn
Auto had a sharp break of over points
before support appeared. Allied Chem
ical, Eastman Kodak and American
Can went off with the rest Of the
market.
Stocks which had shown poor resist
ance in recent sessions continued their
decline New lows for the bear move
ment were made in General Electric, in
Of whose
rectors meet for dividend action tomOr-
row, and in Standard Oil Of California.
The decline in Bethlehem Steel to
new low was obviously the result OF the
omission of the dividend at the di-
rectors' meeting after the close on
Thursday, taken together with the poor
earnings statement, which duplicated
that of U. S. Steel earlier in the week.
Bethlehem Steel preferred broke points
to a new low.
Railroad shares made little, if any
better showing than did the induStrlalS
AS a market Stimulant reports from
Chicago that an agreement would be
reached on a wage cut fell fiat. Mis-
souri, Pacific preferred, in which so
much speculative interest has been CEN
tered of late, lost most Of the gain
registered since group operations IN II
began. Atchison. selling eX-divldenc.
was still down some 3 points. New
York Central, New Haven and Northern
Pacific were weak.
The market steadied somewhat just
before noon. 1t was unfaVorably affect
ed. however, by the weakness In the
bond list. An Offsetting influence was
the Steadiness IN commodities and the
realization that the weak long interest
in stocks had been eliminated long ago
Opening Prices Lower.
Bethlehem Steel at I6 opened off \
and extended its initial loss as the STOCK
turned quite active United States Steel
opened at 37l4. off ..
Among the factors affecting the mar
ket were the Shanghai situation, lower
London market. omission Of the Bethle-
hem Steel common stock dividend and
a continuance of previous trends in the
decline Of brokers loans, Federal Re
serve credit and money in circulation.
With the exception OF Union Paclhc,
which was up "a at 1874, the carriers
appeared either unchanged or 1rac-
tionally lower despite the Chicago Wage
Conference news. Du POnt was trlfe
higher at so. following publication OF
share. against S467 in 1880. Allied
Chemical lost - at ST. J. I. Case de-
clined a point to 35l4. General Elec-
trio was a shade lower at 20A. Inter
national Business Machines at SO was
off a point and Auburn Auto at l35 OF
American Telephone at ll3 was off
Il. as were Consolidated Gas at So 2,
American Power g. Light at IA and
North American at 32 Standard Oil
of California at 1915 lost Is.