Evening star., 1937-04-25
Many Extreme Declines Re.
duCed After Brief Mar
ket FURRY.
LOWER PROFITS FEARED
WITH COSTS SOARING
Possibility of Gold Change Again
Discussed With Labor News.
Summer Lull Predicted.
What Stocks Did.
BY FREDERICK GARDNER.
Associated Press Financial Writer.


Associated Press Financial Writer.
NEW YORK, April 24.-Stocks took
another nose-dive in today's market.
many leaders dropping fractions to
or more points to new years lows
in the most active Saturday dealings
in six weeks.
The list displayed some steadying
tendencies at the start For half an
hour declines were moderate. Then
a flood Of offerings was unloosed on
trading forces and virtually all securi-
ties toppled. The downward rush put
the ticker tape behind for a few min
utes.
The furry was comparatively brief
and mild support soon put in appear
ance. Later activity was slow, but ex-
treme losses were reduced in numerous
instances before the close.
Brokerage analysts, trying to put q
finger on the cause Of the third sue
cessive setback, found nothing out
standing in the immediate news.
But number of factors were cited
which taken together, 1t was said,
may have gone a long way toward
shaking confidence OF recovery con-
tingents.
Gold Talk Revives.
Among these were: Revival OF dis
cussion in Wall Street over the Gov
ernment's gold-buying policy and the
possibility despite official denials any
change was contemplated in the pres
ent price Of the yellow metal, that
some step may be taken to stem the
heavy flow from abroad; growing
doubts industry will be able to hike
prices of goods sufficiently to offset
mounting pay rolls and operating costs;
possibility of at least a recession in
business over the next few months,
and realization labor controversies are
still matter of serious consideration
for corporations. Larger selling from
abroad was reported.
There were number OF resistant
spots in evidence during the erratic
session. Steels and motors bucked the
trend for only small declines as pro-
duction in both these fields was re-
ported holding at post-depression
peaks
The Associated Press average of 60
stocks was off 6 Of point at 50, an!y
3 Of a point above the 1887 bottom.
On the week the average was down
full point. Transfers amounted to
807, $40 shares compared with 444,100
last Saturday.
Lead in Recession.
Conspicuous share losers included
American Telephone at 166. Western
Union 64, Westinghouse 1879, Ameri-
can Smelling s61a, schenley 4324,
Sears Roebuck $50, Montgomery
Ward 55A, Loew's 7s12, Du Pont
1851. Continental Can SIS, American
Can 80. U. S. Rubber 6lls, Marshall
Field Is, Air Reduction u, B. w.
Green 59a, Homestake Mining $50.
Seaboard Oil At, Standard Oh of N. J.
6612, National Supply 90 and S. H.
Kress a.
Just a shade lower were U. S. Steel
at 1lo12, Bethlehem s87s, Chrysler
1857, N. Y. Central 4sas, Southern
Railway 3s12, Consolidated Edison
1872, Kennecott 5s7s and Paramount
22&. Unchanged were General Mo-
tors and Anaconda. Slightly improved
were North American, Public Service
Of N. j., Dome Mines and Interna-
tional Nickel. Union Pacific was up
at LAG.
Some Bonds Improve.
Some Improvement was shown In
several sections of the bond market
today, although it was clear sentiment
continued to grope for direction
factor.
United States Governments and
high-grade corporation issues were the
principal benef1ciaries of q selective
light demand, while railroad bonds
gained momentum on the downside.
(see STOCKS, Page G-2.)