Evening Star Newspaper, March 30, 1931, Page 13

FINANCIAL. EMPLOYMENT GAIN NOTED BY RESERVE Richmond Bank Finds Sea- sonal Pick-up in Fifth Dis- trict Worker Total. BY EDWARD C. STONE. Unemployment in the fifth Federal | Reserve district i3 decreasing slowly each week, according to latest reports from the Federal Reserve Bank of Richmond. The bank announces that both Federal and Elate employment agencies are presenting more encourag- ing reports. While no large private projects are being started right now in the fifth district, numerous small plants are resuming operations and the Spring seasonal pick-up is helping to add to the number of employed workers. ‘Ths Richmond Bank states that the Virginla Public Service Co. has an- nounced a budget of $4,600,000 for im- provements and betterments in its State-wide system during 1931. The company is to place a new $3,500,000 zlecme plant in operation In a few ays. ‘The Atlanta Federal Reserve Bank reports that retail stores are enjoying a heavy Easter trade in the sixth dis- trict and that business will probably exceed the totals of a year ago. Whole- sale distributors of foodstuffs report extra good business. The Birmingham district reports a marked upturn in steel business. Philadelphia Trade Improves. March has witnessed a steady and broadened gain in business generally throughout the Philadelphia district, an advance which promises well for the coming month. Seasonal demand for attractive Easter goods has been up to expectations, being stimulated by of- ferings at prices which appear to pre- sent special value. ‘The movement has encouraged man- ufacturers to speed up operations and production has been increased mod- erately, while another effect has been to stabilize wholesale prices, which are holding steady. The Easter period will end with stocks of merchandise much reduced and a general restocking will be necessary. Ontdoor operations are being pushed with greater vigor. There is a wide range in bid prices for big contracts, the low bids being very much to the advantage of State and municipalities. ‘The Pennsylvania Railroad has lot a| contract for excavation for its new pas- senger depot, the low bid being $1,50¢ 000. The Reading Co. will start operat- ing its newly electrified suburban sys- tem on July 1. Exchange Meeting Due Shortly. Following the rule laid down in the constitution and by-laws, the members of the Washington Stcck Exchange will meet soon to elect a president to fill the vacancy caused by the death of George O. Walson, who was serving his third year in the office. The constitution calls for a five-day notice after the intention of calling such a meeting has been declared. No action has yet been taken, so the mat'er nat- urally will not come up before next ‘week. The other officers of the local Ex- cha are Edward L. Hillyer, vice president; C. J. Gockeler, secretary, and James M. Johnston, treasurer. Mr. Walson took unusual interest in the affairs of the Exchange, and his leadership will be greatly missed. For years he and the late Charles J. Bell Eat together at the Exchange sessions and neither cne hardly ever missed & ay. When first asked to take the presi- dency of the Exchange Mr. Walson hesi- | tated over accepting the honor. In the cther old days it was felt that a broker should be president, that bankers should not be too closely connected with any stock exchange. The old idea that a bank official should not be an official in the Stock Exchange has passed, and Mr. Walson was prevalled upen to tak: the office. But would not accept it until aff he had consulted Mr. Bell, who de- clared that there was no sound reason why he should not serve. Mr. Bell hin- self was a former president of the Ex- change. Sources of Trust Business, ‘The securing of leads, says Trust Companies Msgazine, is not much of a rmblem in a well organized and smooth- y working institution. The principal sources are as follows: (a) Prom the bank's own officers, de- | partment heads and employes: | (b) Prom the branch managers and | employes; | (c) From the bank's own depositor | or customer records; (d) From satisfied persons previously sold; (¢) Prom friendly insurance men: | «f) From th> bank’s own stockholcers. | (8) From news items. Trading on D. C. Exchange. | Trading was quiet on the Washington | Stock Exchange today. The market opened with three transactions in Fed- eral-American National Bank & Trust | Co.. totaling 50 shares, selling ex-divi- dend at 50. After call 15 more shares sold at the same figure. | Pederal-American Co. common als appeared on the board, three 25-share transactions being recorded at 23’ The final sale was & $1.000 transfer in | Capital Traction 5s at 817 | Stock of the Prince Georges Bank & Trust Co. has been added to the rather | extended list of issues now being quoted ex-dividend. | Financial District Comment. Albert S. Gatley, vice president of the Lincoln National Bank, recently com- | pleted 41 years' active service with the | institution. He has also been treasurer of the District Bankers' Association for more than two decades splendid work in keeping a substantial surplus on hand, always meriting his re-election. Joshua Evans, jr. president of the District National Bank, is back at his desk after & trip to Fiorida The Treasury Department announces that the contract for the Boston Fed- eral Building has been awarded to N P. Beverin & Co. of Chicago, under a supplemental bid of $4.643.900 The interior of the International Ex- rhange Bank is now being redecorated This is the bank to which Joseph | Schiavone recently returned as presi- dent and Pernando Cuniberti became chairman of the Hoard. ‘The weekly news letter of G. M. P. Murphy & Co. publishes a report that the Chase National Bank in New York now controls 51 per cent of the stock of the Corn Exchange Bank. as com- pared with 47 per cent at the end of | the year. In connection with the offering today | ©f $8,145,000 City of Chicago 4 per cent gold bonds, the bankers announce that 75 per cent of the bonds have already been sold. FURNITURE INDUSTRY GAINED DURING FEBRUARY By the Associated Press GRAND RAPIDS, Mich, March 30.— ‘The furniture industry made consider- able strides in February over January, Seidman & Seldman, accountants, re- port. “Shipments went ahead by 26 per cent and pay rolls increased 6 per cent in amount,” the report said. “For the first time in many years new orders booked in February were almost as much as in the preceding January. As a result, unfilled crders at the close of February were equal to 18 days’ produc- tion, against 17 days at the end of January.” Compared with last year, however, the rt said 1931 still is lagging be- hind, Pebruary shipments being 67 per per cent of Pebruary last year, orders were 78 per cent and the number of empioyes 71 per cents THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Note—All stocks are sold in one hundred-share lota excepting those designated by the letter s (80s) (2508), which shows those stocks were sold in odd lots. Individ: ~Prev. 1931 Stocx ana Saies— High. Low. Dividend Rate. Add 00. Hi 14% 9 Abitibi Pow & Paper 13 34 25 Abraham Strauss.... 1 23% 16% Adams Exp (1.60)... 91y 831 A . 324 2214 Adams Millis (2).... 11% 5% Adv Rumley (new).. % 3% Ahumada Lead 109% 9214 Air Reduction (t4%) 27 10% 6% Air Way Elec Appl.. 4 12% 7 Alaska Juneau (40c) 820 12% 7% Alleg Corp. iy 594 39% Alleg Cp$30 wwb%. 1 46% 40 Alleg Steel (12.80). . 182% 147% Allied Ch & Dye (n6) 32% Allis Chalmers (3).. 18% 15 Alpha Port Cemt (1). 23 17% Amerada Corp (2)... 20 Am Agri Ch of Del 54% Am Bank Note (+3). 62 Am Bank Am Br Shoe (2 40) 2 3 14 @ 2 > sEoRawnawmRuneSinalaas anm— 106% Am Can (15). Am Can pf (T) Am Car & Fdry (3).. 29% Am Chain (3)....... 38% Am Chicle (13) £% Am Comel Alcohol 9 Am Encaustic (1). 19 Am European Secur. 26% Am & For Power. 74 Am & For Pw pf (6). 8% Am & For Pw pf (7). 6714 Am & For Pow 2d pf. 6% Am Hawaitan S8.... 1% Am Hide & Leather.. 10'% Am Hide & Leath pf. 47% Am Home Pr (4.20).. 23% Am lce (3)... 181% Am International. 20% Am Locomotive (2). 31 Am Mch & Fdy 1.40.. 314 Am Mach & Metals. . 16% Am Metal Co.... 19 Am Nat Gaspf () 5 Am Pow & Lt (21). % Am Pow & Lt pf (6). 78 AmMP&LEPLA (4).. R0 AmP &L pf A st (5) 15'% Am Rad & St San (1) 64 2615 Am Roliing Mills.... 12 57 Am Safety Razor (5) % Am Ship & Com 40% Am Sm & Ref (4 931% Am Sm & R 2d pf 87 AmSnuff (13%). 214 Am Solv & Chem 25 Am Steel Fdy (3) 37 Am Stores (12%). 42% Am Sugar Ref (5)... 96 Am Sugar Ref pf (7) 8 Am Sumatra Tob.... 176% Am Tel & Tel (9) 104 Am Tobacco (16) 104% Am Tobacco B (16).. 25 124% Am Tobacco pf (6) 6 53% Am Water Wks (3).. 40 6% Am Woolen. R 21 Am Woolen pf. 12 2 Am Writ Paper R 415 Am Zine Lead & Sm. 6 20% Anaconda Cop (1%%). 130 27 Anchor Cap (2.40). 13% Andes Copper....... 151 Archer-Dan-M (2).. 49 Armour of Del pf (7) 2% Armour of Il A..... 1% Armour of I11 B 24% Armour of 11l pf. 19% Asso Apparel (32)... 22 Asso Dry G (2%) 2614 Asso Ol (2 10, 178% Atch.To & S Fe (10). 1 1024 Atch T & S Fe pf (5) 102 Atl Coast Line (10). 18 Atlantic Refining (1) 97 Atlas Powder pf (6). 208 2% Atlas Tack 3 a 101% Auburn Auto (f4)... 82 1% Austin Nichols...... 1 3 Aviation Corpof Del 22 0% Baldwin Loco (1%). 36 881 Baldwin Loco pf (7). 20s 6814 Balto & Ohlo i5). 35 7214 Balto & Ohio pf (4).. 3 108 Bang & Aroos pt (7). 10s 5% Barker Bros.. 308 11% Barnsdall (A) (1)... 15 87% Bayuk Cig 1st pf (7) 208 66 Beatrice Cream (4).. 7 50 Beech-NutPkg (3).. 3 16% Bendix Aviation (1). 77 32% Best&Co (2)... 10 45% Bethlehem Steel (6). 223 114% Bethlehem Stpf (7). & 24 Blaw-Knox (1%) 92 Bloomingdale pf (7). 20% Bohn Alum & Br1%. 67% Borden Co (k3)... 20% Borg., Warner (1). 1% Botany Con M (A). 16% Briggs Mfg (11%) 16 Briggs & Strat (2) 2 Brockway Mot Trk 58% Bkiyn-Man Tr (4). 8 Bklyn & Queens..... 52 Bkiyn & Qu T pf (5). 103 Bklyn Union Gas (5) 10% Bruns-Balk-Col 5% Bruns Ter & Ry 8. 14% Bucyrus (1) 25 Bucyrusev 111% Bucyrus pt (7). 4 Budd (EG) Mfg.. 9 Budd Wheel (1). 11% Bullard Co... 11% Bulova Watch (1%). 21' Burroughs A M t1%. 231 Bush Terminal (2%) 1004 Bush Term deb (7). 30 12% Butterick Co. 37% Byers (A M). 41 Calif Packing (4). % Callahan Zinc & Ld.. 36% Calumet & Arizona.. 8 Calunet & Hecla 11% Camp W&C Fy(1). o 9 PIPEITE TS annon Mills (1.60). 915 Capital Admin A 81% Case (J 1) (6). o (J 1) pt (1) erpillar Trac vanaugh-Dobb avanaugh-Dobbs pt 80s ‘elanese Corp. “elotex Co. ... “elotex vic ctf: “er de Pas Cop ertain-teed Prod. .. hecker Cab ME. ... “hes & Ohio (2% ) “hesapeake Corp (3) 1 & Alton. ...vouns “hi Great Western. . hi Great West pf hi M1l St P & Pac “hi Mil St P& P pf.. “hi & Northwest (4). *hi Pneu Tool. ... . . “hi R 1 & Pacific (5). hiR1&PDL(6)... hi R 1 & Pac p? (7). “hickasha Cotton Ol *hilds Co (2.40)..... “hrysler Corp (1)... ity Ice&Fuel (3.60) ity Ice & F pf (63%4) ocoa-Cola (17%)... “olgate-Pal-P (234). 102 Golg-Palm Pt (6).. 9 Collins & Alkman. .. 21% Colo Fuel & Iron (1) "0l Gas & El (2).... “0l Gas & El pf A (8) ol Graphoph (a% ). “olumblan Carb (16) “omcl Credit (2).... “omel Cred pf (1%). 2 “omel Cred 15t (6%)110s 5% 1% Comel Cred pf B (2). 108 23% 26 Comm Inv Trust (2). 23 29 82 Comel I Tcvpf(e§). 1 H8% 16% Comm Solvents (1).. 98 17% % Cmwith & Sou (60c). 139 91's Cmwlth & Sou pf (6) 1 6% Congoleum-Nairn... 16 22 Congress Clgars (4). 1 25'% Consol Cigars (5).... 2 8 Consolidated Film 3 15% Consol Film pf (2).. 2 82' Consol Gas N ¥ (4).. 290 101% Con Gasof NY pf(5) 2 14% Consol Laundries (1) 1 % Consol Textile. . 15 5 Container Corp (A) 3 17% Contl Baking A... 2% Contl Baking B..... 6474 Contl Baking pf (8). 62% 47 ContlCan (2%4) 16% 10% Contl Dia Fibre 51% 41 Contl Insur (2.40) 4 2% Contl Motors. 12 9% Contl Oll of Del..... 22 12 7T Cont Shares........ 10 86% 76l Corn Prod (+34)... 11 152 146% Corn Prod pf (7).... 108 18 8w Coty Ine. 28 £% 4} Crosley Ra 284 81 Cr Cork & Seal 2. 6% 4 Crown Zellerback 63 48 Crucible Steel. . 106 96 Crucible Steel pf (7). 60» - 2% uscuucocm:. - b In sales compiled to noon—complete in 5:30 Editlen. Prev. Low. Close. Close. 10% 344 19% 27 31 9% " 9% 1 9 16% 10% 344 19% 87 31% 1025 15 49% 41 1 4 94 14 9974 8100% 102 15 103% 15 14 6% 18% 2% 63 58 14 10% 34 20% 88 3114 LY 54 72 44 4 Grt Nor Ore (2) stock ana Bales— Dividend Rate. Add 00. High. Cuban-Amer Sugar.. 6 4% Cuban Dom Sugar... 3 b Cudahy Packing (4). 2 464 Curtis Publish (t7).. 1 91 Curtiss Wright Corp. 75 44 Curtiss Wr Corp A 14 6 Cushm of (1) §0s 111 Cutler Hammer. .. 3 28 Davison Chemieal. .. 17% Deere & Co pf (1.40), 21% Drlaware & Hud (9). 139 Del Lacka & Wn (4). 77 Diamond Mateh. .. .. 19% Dlamond Mtch pf 134 25% Dome Mines (1). 12% Domn Stores (1.20).. 21% Drug Corp (4) 784 Dupont de Nem (4) 95% Eastman Kodak (18) 165 Eaton Axle (1.60)... 19 19% Eftington-Schild pf.. 2 65 Elec Auto Lite (6)... 64% Elec Boat. .. L | Elec Pwr & Lt (1)... 289 521 Blec Pow & Lt pf (8) 1 97 Elec Pow & Lt pf (1) 2 107% Elec Stor Bat (5).... 11 64 £Eng Pub Sv (2.40)... 44% Eng Pub Sv pf (5). .. 86 Eng Pub Sv pf (53%).1002 Ea Office Bldg (2%). 2 Erie RR...... aveine B Eureka Vac Cleaner. 2 Evans Auto Products 4 Exchange Buf (13%).110s Fairbanks Co pf..... 108 Fairbnks Morse 1.6 1 Fed Lt & Trpf'(6).. 108 Fed Mot Truck (40c) 2 Federal Screw Wks.. 6 Fed WatSv A (2.40). 4 4 Federated Dept Strs. 5 Fid Ph Fire In (2.60) 2 Filene's pf (6%).... 108 Firestone T&R (1). 1 Firest T& Rpf (6).. 2 First Nat Strs (2%). Fisk Rubber Fisk Rubber 15t pi Foster Wheeler (2).. Fourth Nat Invest, Fox Film A (4) Freeport-Texas (3).. Gamewell Co (5).. Gardner Motor. Gen Am Investors Gen Am Tank Car(4) Gen Asphalt (3). 4 Gen Bronz Gen Cable A Gen Cigar (4) Gen Elec (1.60 Gen Elec spec (60c) . Gen Focd Corp (3).. Gen G & El A (e30c). Gen G & El cv pf (6) GenG & EIpf A (T). Gen Mills (3). Gen Motors (3) Gen Motors pt ( Gen Out Adv A (4) Gen Ptg Ink (234). Gen Pub Sv b6% stk. Gen Ry Signal (5)... Gen Realty & Utl. Gen R & Ut pf (e6).. Gen Refractories (4) Gen Theater Equip. . Gillette Saf Rasor., Gimbel Bros Gimbel Bros uf (1) Glidden Co. % Glidden pr pf (7) Gobel (Adolf)... Gold Dust (234). Goodrich (B F) Goodyear Tire (5). Gotham § H pf (7) Graham-Paige. Granby Consol (2). Grand Sil Strs (h1).. Grand Union. 5 Grand Union pf (3).. Granite City St (3).. Grant (WT) (1).... Grt North pf (5). e - Grt Western Sugar.. Grigsby Grunow. Gulf States Steel. ... Gulf St Stl 1t pt (7) Hackensack W (1%) Hahn Dept Stores. .. Hahn Dpt St pf (6%3) Hall (WF) Pr Co (2) Hanna pf (1).. Harb Walk Ref Harbison W pf (6) Hartman Corp (B) Hayes Body..... Hercules Mot (1.20). Hershey Choe (5) ... Hersh.Choc pf (15).. Foe (R) & C Hollander Son: 4 Holland Furn (12%) Houdallle Hershey. . Household Fin pt (4) Houston Of1 Houston Ofl (new) Howe Sound (3)..... Hudson & Man (334). Hudson Motor (1). Hupp Motors. . Illinols Central (7).. Indian Motor Cycle. . Indust Rayon (4). Indian Refining. Ingersoll Rand Inland Steel (4). Inspiration Copper Insuranshar Del 40c. Insur Shrs Md (40c) . Interb Rap Transit.. Int Agricultural.. Int Agricul pf (1). Int Bus Mach (n6) Int Carri int Cement (4) Int Combustion Int Harvester (234) . Int Harvester pf (7). Int Hydro El A (e2). int Mateh pf (4). Int Merc Marine (2). Int Nickel g Int Paper & Pow A. . Int Paper & Pow B Int Paper & Pow C Int Pap & P pf (1)... Int Printing Ink. . Int Print Ink pf (6). Int Rys Cent Amet. . Int Salt ¢3). . Int Tel & Tel (2). ... Inter Dept Strs (2).. Intertype Corp (2) Investors Equity . ... Island Cr Coal (4)... Jewel Tea (4) Johns-Manville (3).. Jones & Laug pf (7). Jordan Motor Car. .. Karstadt(R) (a1.03). Kayser Jullus (2%4). Kelly-Sprink Tire. .. Kelly-Spr T 6% pf.. Kelly-Spr T 8% pf.. Kelsey Hayes (2). Kelvinator Corp. . Kendal! Co pf (6). Kennecott Cop (2) Kinney (G R) pf (8) Kolster Radio. .. ... Kolster Radio ¢ Kres 85) Co 1.60. Kress (S H) (1)..... Kreuger & T (a1.60). Kroger Groc&Bak (1) Lambert Co (8)..... Lee Rubber & T Leh Port Cmt (1), Leh Valley Coal. Lehman Corp (3). Lehn & Fink (3). Lib Ow Ford Glass. . Lizg & Myers B (15) Lima Locomot (m2). Liquid Carbonic (3). LoeWw's Inc (3). Loew's Inc pt (6%). Loew's pf xw (6%).. Loft Inc..... Loose-Wiles (1 Lortllard (F) Co Lorfliard (P) pf (7). Louisiana Ofl....... LouG&EA (1%) Louis & Nash (7) Ludlum Steel. . Ludlum Steel pf. McCrory Stores A(2) McCrory pf (6)..... Mclntyre Pore M (1) McKeespt Tin P(15). son & Rob (1) s&Rob pr(3%) McLellan Store Mack Trucks (3).... Macy (R H)&Co(n3) . Mad Sq Garden (60c) Magma Copper (2). . Man Elev mod g (d5) Manhat Shirt (1). Maracaibo Oil Exp. S w Y 3 [OPFICTUIUTOIVETIVEVIUS TPPN 3 JUPHS.- 1 VS0 OT T CTOYOISTNE-R- W T S PP SRR =Y 117 au g 16 99 101% 6 17% 34 7% 6315 5214 114 T 3 OO PR, < Ereaa A - ks @ - mNeR—eaRNOReE — pE e ARt~ 92w 11% 32u 7% 364 93% 7 20% 33% 11 24 st 0DYDUCE n'hhh‘t - STAR. WASHINGTON, isold off, with new lows for the bear | Auto. Auburn, D. C., MONDAY, STOCKS DEPRESSED AS OFFERINGS GAIN Market Forced to Absorb New Liquidation as Ses- sions Are Resumed. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK March 30.—Stocks were pressed for sale in today's market and | the list went into new low ground on the | current reaction, with some issues sell- ing at new lows for the year. At the| same time the losses for the most part | were small, measured by points, nor was | there evidence of any large scale out- side liquidation. Largely because of the action of the | market during Saturday's short session, | the opening found an accumulation of week end selling orders which were exe- | cuted only at concessions. For an hour | or 5o activity was on a large scale and | new lows were registered for a number | of prominent railroad and oil shares, | with utilities and industrials breaking through the resistance points hitherto | holding on this decline. ~Then the list | hardened and volume fell off, but there was only an insignificant recovery. Rail Earnings Off. One rezson for the widespread feeling of discouragement was the February earning; statements for the railroads, the effect of which on the speculative mind was cumulative. For instance, | Tllinois Central reported a February | net of $108.547, compared with $1.788,- 486 in February, 1930. Rails therefore | market in-New York Central and in At- lantic Coast Line and for the year in | Louisville & Nashville, Pennsylvania | and Missouri Pacific. 0Oil stocks were weak also, with new lows for Standard of New York, Stand- | ard of New Jersey, Texas Corporation and Royal Dutch, among others. There was nothing new in this situation, but the stocks worked steadily lower. More impressive was the reaction of the utili- ties, where the pressure was greatest | against _North America, American Water Works and Standard Gas & Electric. American Telephone & Tele- graph sold off 2 or 3 points, and | hardly any of the electric light and power stocks were able to hold. | Leaders Sell Off. | MORTGAGE & GUARANTEE MARCH 30, 1931. Central, Pennsylvania and Louisville &! Nashwi'le. These were, of course, & re- flectiom of the February earnings state~ ments with their extremely unfavorable comparison with those of a year ago. At the same time, there was no impor- tant outside liquidation in the rails. Utilities sold off today with the in- dustrials, and yet losses here were not large either. Standard Gas & Elec- tric, North American and American Water Works dropped back over a point, but other declines were merely frac- tional. United States Steel, under 141, was at a low on this set-back, but less than a point under Saturday's final. . Government losses on rice purchases in Japan to date are estimated at $55,- 000,00 Money to Loan Secured by first deed of trust on & Pre & interest and commiss Joseph 1. Weller 5" & N3 REAL ESTATE LOANS Made at Low Interest Rat TYLER & RUTHI Applications _invited apartments and dwelll larly on well located b for 3.6 or 10 sears. if s0 desired. 1520 K St. NN\W. National 0475 FIRST MORTGAGE NOTES Secured on Homes and Properties Located in The Nation’s Capital These notes are secured on con- servatively appraised properties lo- cated here in the Nation’s Capital, and further secured by our enor- mous resources A e and sure investment, yielding a liberal return. ilable in de- Wt INTEREST REAL ESTATE Monthly CORPORATION 1610 K St. N.W. Cail_National 1403 United States Steel broke through 140 to within less than 2 points of its ex- | treme low for the year. General Motors and General Electric went down with the rest, and even American Can, which | had held up so well last week, yielded. | It was the weakness in stocks of th caliber that produced the most unfavor- | able impression. Doubtless a good deal | of the selling was for short account, | but it was known that some of the Jargest bear operators of the street were | reluctant to take the short side because | they had so much company. Stocks in which there were large outstanding | commitments for the decline made bet- ter Yesistance today than the standard issues, showing that a good deal of | covering was going on Among -the high-priced issues which | ned the downward movement were ‘Allied Chemical, off over 5 points before noon; Eastman Kodak, with a smaller | Joss, and the always interesting Auburn | however, at various | times sold higher on the day, and that | was true of J. I. Case, but to a lesser | extent. Fairly good support was given a few merchandising companies, such | as Best & Co. and Woolworth. | Opening Is Lower. An accumulation of selling orders| over the week end sent the market lower at the opening. The declines were not large, but they were sufficient in| | many cases to make new low records for this reaction and in a few cases new lows for the year. After the early selling had been absorbed, activity fell off and the list hardened. 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