New Britain herald., 1926-10-06
MARKET STILL IS
 SOMEWHAT WObBLY
More Than Dozen Issues Drop
 to Lower Levels

New York, Oct. s OpI-The line 0 least resistance in today's stool
 market was still on the downside despite an attempt of spcculatori
 for the advance to bid up prices or the strength of lower money ratei and the optimistic resume of busi
 ness conditions by Chairman Gar,
 of the United States Steel Corpora.
 ton. Early gains ran from one tc two points in many issues but the higher prices attracted a renewal ot selling pressure and the market Wa. headed downward again by early afternoon.
 Bear trades succeeded in uncov. oring a number of weak spots, fore. ing more than dozen issues to new low levels for the year. Manhattan Electrical Supply broke fl points Burroughs Adding Machine : and several others from to points.
 Except for another drop in bal silver to the lowest level in several years and an increase in crude oil production last week. there was nothing in the days news 10 account for the selling movement. The week ly steel trade reviews reported that pig iron production last month was the largest of any September since 1918.
 Floor traders reported that pow erful bear cliques were actively sell ing several of the specialties, ac- counting for the drastic breaks in those issues. The rapidity of the de- cline resulted in the touching off of number Of stop-loss orders and the liquidation of weakly marginal ac- counts. Meanwhile, operators for the rise were endeavoring to rally the market by active bidding for l.. S. Steel common and General Motors, but they appeared to be making lit tie headway by early afternoon.
 Rails received better buying sup port than the industrials although net declines of a point or two also were quite common in that group
 Wall Street Opening. .
 Stock prices moved irregularly higher at the opening of todays stock market under the leadership of L. $. Steel common, which showed an initial gain of points in re- sponse to the optimistic statement on business conditions made by Chairman Gary after the close of the market yesterday. Initial gains of point Or more also were record ed by American Smelling. Reading, New York Central, Atchison. Nickel Plate common and Mack Truck.
 With the top-heavy speculative of the market corrected by the sharp decline of the past two days. operators for the rise had lit tie difficulty in bidding up their fla vorite stocks. The lowering of call money rates yesterday had removed at least temporarily, the fears of credit stringency. and the continual tion of weekly railroad car loadings above the million mark testified to the largo volume of goods entering into consumption. Short-covcrin was aggressively conducted in of recent weak spots, such IS Atlantic Coast Line, Colorado and Southern, Montgomery Ward, |. S. Cast Iron Pipe and Dupont, all of which quick rallied 2 or more points lbove yesterdays final quotations. Foreign exchanges opened firm. de- nand sterling ruled unchanged at S4.S4 11-16, while French francs and italian lire each advanced about points 10 2.S7 F and 3.Sl2 cents, 'espe ctivoly.
 "As rail rollings for 1927 will be 'n no considerable scale for several weeks, continuance of the present ate of steel production hinges large y on the extent to which orders anne in. this month and next, for 'lates, shares and bars" Iron Age avs. Present bookings of these products are not equalled to the date f the beginning of third quarter, or f either of the two preceding quar- CTS"
 The Iron Age pig iron composite 'rice, due to advances at Pitts 'urgh is now s1963 cents per gross on after weeks at s19.46, the years ow. The finished steel composite