Evening star., 1932-02-08
decline IN STOCK
| MARKET RESUMES
Early Gains Whitfield Away
When Selling Pressure
ReviveS.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, February 8.-The de-
cline in the stock market was renewed
today, but on small volume and with a
few industrials meeting good support.
At the start the list was slightly
higher, an improvement generally
ascribed to the publication after the
close on Saturday Of figures showing an
increase in the short interest. This
firmness did mot last, as individual
stocks came under pressure and the
list slowly gave way.
j. I. Case was the object Of consid-
cradle selling, dropping to a new low
under s28 share. The decline was
accompanied by reports Of new financ-
ing. Columbian Carbon made a new
low early in the day. Other stocks 10
reveal weakness were international
Business Machines and International
Harvester, both at new lows.
Rails Unsettled.
2 The market for the railway shares
was unsettled by the selling in Atchison
and in Union Pacific. Directors of the
latter are scheduled to meet for dlVl-
dend action on Thursday, and it is be-
lieved the rate will be reduced from the
present $40 basis, following the example
of the Atchison board. There was no
explanation, however, of the weakness
in Atchison.
Other railway stocks reacted sympa-
thetically. Chesapeake q Ohio was
one of those making new low. AS 1t
stands, about everything has been done
that Can be done for the railroads ex-
cept to regulate truck competition.
Rates have been advanced and wages
reduced and through the Reconstruc-
ton Finance Corporation bond matur-
tiles and bond interest are to be cared
for What is needed now is mere
traffic and an upturn in net income.
Until one or both of these appear there
is no incentive on the part Of traders
to buy the rails.
Brokers reported a good deal OF SELL
from Palm Beach. Other houses were
said to have liquidating orders from
London. The volume was so small,
however, that no part of the decline
could have been blamed on the general
public
During the morning the best sup
port was evident in United States Steel,
General Motors and, to lesser extent,
in American Telephone g. Telegraph.
Standard Oil of New Jersey also held
well. The tobacco stocks were weak.
Merchandising stocks yielded. especially
Sears -Roebuck and Woolworth. Out
side of American Telephone the utll-
tiles were neglected.
Opening Prices Higher.
The opening was irregularly higher.
This slight reversal of trend may have
been due TO the publication after Sat-
urday's close of the short interest fig
ures, which within the last month have
increased almost 81 per cent.
United States Steel at 39l. was up
*. despite the unfavorable weekly steel
review. Rumors of bond financing for
j. /. Case had little immediate effect,
as the stock opened at 30a, up y.
Goodyear Tire & Rubber was off *
at 1898, following publication of its
1881 earnings. American Telephone at
111l2 and General Electric at 10 we're
unchanged International SHarvester
opened down l point at %. WeSting-
house Electric at 24i. and American
Can at 58l2 each gained 30.
Consolidated Gas lost 3s at 56i4 and
Columbia was down J.. at 12ls, but
fractional gains were recorded by Au-
burn Auto at 1862. du Pont at 1872
General Motors at 2lls and Electric
Autolite at 262.. The rails were mixed.
New York Central advanced - to 81
and New Haven was up IA at 2324, but
Chesapeake Corporation was off Is at
1874 and Chesapeake g. Ohio declined
q to 22l4 Missouri-Pacific preferred
rose a fraction to 16A. Standard Oil
of N. j. gained 80 at 261s.