New Britain herald., 1929-12-23
MARKET SAGS IN
 NEW BEAR RAIDS
Active Stocks Drop 1 to 12
 Points, Traders Cautious

Nrw York. Dec. 2& LP;-"Hcar' traders and sold out bulls" were inc only ones able to derive any the only ones able from today's stock market, as prices of active issues dropped Ito ] ? points under hoav" volume Of selling. Sporadic rallies developed from time to time, but invariably fresh offerings of stock appeared on the rccoveriCs, the mar kct showing little signs of any or aani2ed buying support.
 Reasons Are Plentiful
 Wall street found plenty Of reus- ons 10 explain the decline, such as selling for the purpose of establish ing income tax losses, "bear' raids. liquidation of support stock and thc tightening of investment holdings as d result Of recent untavorabcl bus mess developments.
 The market, having recovered nearly t0 per cent Of the ground los; in the Octobor-Novcmbcr break. in the rally ended about fortnight ago, as measured hy the leading stock averages, was believed by other observers. however. 10 be following the traditional course of all major declines
 While there is considerable diff ference of opinion as to whether the general level Of prices will go through the November lows. most observers are agreed that little gen cral Improvement may be expected until after the turn ot the year, be cause of tn" peculiar conditions which govern trading at this time. several of the leading commission houses and statistical services have advised their customers to stand on tho sidelncs until the current period of un@cttlcmcnt has passed.
 Farrell Statement Cheerful
 One Of the most interesting busi- ness developments Of the day WAS the publication of statement by James A. Farrell, president Of the Unitcl States Steel Corporation, who said that Tit is confidently expected that after the turn of the year op- or;tions. Of the steel industry will substantially improve in heavier products, such da railway material. and structural steel for buildings, 1 bridges and ships, as there is q large demand at this season of the year with prospects, of capacity demand in the near future" 4 sharp de cline in the production and sale of steel sheets was reported for No vember l.y the Flat Rolled Steel Manufacturers association. Samuel Nauclain. president of the Baldwin Locomotive Co.,, stated that bookings this year totaled $t5,00o.oQ0 as against $I9,o0o. 900 in 1928
 Selling iE today's market ombrac.d Il q wide lis. with the high priced in IGustriHl srccialtics, Public l'tilil,s and Steel shares among th" hard' ri hit. Columbian Carhon showed an 1 extreme decline of II r points, John Manvillc 101a. American & Forrjgi Power S&,. General Electric an. Simmons Slg each, American CIr s l-4, and Stanard Cis X Electric { Safew9y Stores. A. N. RygrS. l'oN Film, Air Reduction, Worthingjol Pump, American Water Works 1 Western Union. Houston Oil and American Power X light sold down , to 7i2 points.
 [. x. Steel Drops
 |. <. Steel common, which touch 1 cd 1S9 on the recent recovery, fr!I | back more than 6 points to i56 %-S which contrasts with the low of l.l established last month and the years high of G61%l established on Sep
 T.
 1 Prospects that the revised consoG- L&tiOn plan of the interstate coil mcrce commission will meet serious ! opposition if attempts are made tC i bring about the algnmcnts proposed i probably inspired some of the sell ing in the railroad group. New YoiN 1 Central, Canadiai Pacific and Lack. wanna each dropped points, St 1 Paul preferred 1 and a flock O. others, including Erie, Chesapeake X 1 Ohio, Delaware X Hudson and Rocl 1 Island, lost to : points.