| Show I STOCKS REACT t THEN RECOVER Early Selling Depresses U. U S. S Steel to New New Low of 1431 14 By CLAUDE A. A JAGGER Associated Press Financial EdIto Edt NEW YORK YORI Oct 2 22 2 Oct Th A-Th AP AI stock market was W seized cle with al fresh Cresh spasm oC ot liquidation gaIu today but on once co more moro managed maed aar to throw r it off r alter pivotal l O nou to 10 now lOW prices prIce This familiar amiar ordeal carried prices down cown 1 to G 6 points point during tho to first tit hour of ot trading when sen selling VAS waa 4 active enough to delay Uie tho te ticker a afew afew a few minutes By afternoon how n ever most of or the te losses had hd been beert been regained and a. a a few ew shares showed advances o of a a point point or two an and an J trading turned tuned dulL dull American Can and sold old 2 points above yesterdays yesterday's cloeo cloa and ad Allied AWed Chemic Chemical Chesapeake Ohio Atchison and Union Pacific recorded moderate gains sans The early selling carried United States State Steer Steel Stee off ote 2 21 1 1 4 points to 1431 1 the te lowe lowest low- low e est cst t since 1 1928 28 Radio and General Genera Gener Electric dropped to new low prices for tor tho tile present shares and nd West West- sold of off 4 to t a new 1930 low ow Auburn Auto which sold early ely in tho tim year as M high as n 26 4 2633 J- J dropped 6 points point to 68 1 Recurrence of these thes sp spasms spasms' ms' ms oC ot liquidation lias has discouraging discouraging dis dis- grown gown decidedly to tho the brokerage nIl Although the tho days day's days business s news was not favorable many brok bk brokers bIk bIkers ers felt that the condition of ot business bust bust- ness floss has hI been fully tuly discounted by by the deflation In share values and and that further declines furher could scarcely be bo regarded aa a reflecting economic economic conditions now well wel understood It I I is h felt in some quarters that tho the persistent selling represents systematic liquidation of ot troublesome troublesome trouble trouble- some situations and that the tho process is I completed the market may be he expected to give a a better better account of ot Itself That That such suc liquidation dation daton has 13 progressed sed systematically systematical ly with little muo or no demoralization Is regarded as rea reassuring surIn alho although h somo some brokers feel fee that thaI It may my have ha caused considerable needless sacrificing sacr- sacr icing of ot holdings by worried In- In In Brokers Brokel explain that every ever selling order requires a buyer a n. fact sometimes sometimes some some- times Ures lost sight of ot and that tat much of ot tho the buying of ot late has baa ha been o othe of ot tho the best investment sort sorL sort Odd lot purchases by Investors are arc said Sd to have hav been In largo large volume volume One largo large house bouse hOle reports that tat It purchased 1133 13 lots lot of or stocks for tor yesterday of o which amount were odd lots Jot |
