New Britain herald., 1930-11-05
Market Resumes Quiet Decline
 Finding Little Cheer In Election
 Returns Or In Business Reports
Liquidation Modest But List Sags Without Sup port and Many Issues Get Drops.


 market resumed its quiet decline to- day finding little cheer in the cleo ten returns or the trade news as appearing since trading was sus- pended on Monday.
 Liquidation was for the most part in modest volume. but the list was without support and g. long list O. prominent shares including L. s. Steel, penetrated new low ground. Losses ranged from l to points in prominent shares with il few issues declining 5 to 10. Utilities and in, dustrial speciai,ies displayed con- spicuous weakness. American Water Works lost nearly four and North American droprGd five points to new low ground. Eas: man Kodak, re cent weak feature, tumbled more than ten to a new low and Allied Chemical lost neatly as much. Shares declining uiCut 10 f points to new minnaum Trlces. included L. $. Steel, E.tts, Westinghouse Elec- tri" and Dupont, C,hcr shares - included A'arrican Cdr Amencan Tel"phonr, Johr5 M.Hville and United Aircraft sinclair sold at ion. off foUf points and new ioH, with a trlrs&C.ioD Of G,o09 sha'o@. The election news was received by the market at time when its position was widely regarded as shaky, so that 1t was difficult 10 es- innate the importance of the demo- cratic victories as q market intiu- Ience. Wall Street has expected eX- Itcnsive democratic gains although they exceeded expectations in some quarters.
 Bears Sell
 There was probably considerable bear selling by traders who felt that the indicated even balance of pow. CT in congress promised two years of legislative uncertainty. Furthermore the victory of candidates favorins strict control of public utilities pre- sumably had an adverse influence on those shares.
 l days news was the report of freight ear loadin~s for the week ended Oc- tobcr @j, showing q gain of 2S,2j9 cars over the previous week. The total, however. was still the lowest since 1921 and the increase was largely due to an enlarged move mcnt of coal, a seasonal develop mcnt at this time.
 Ingot Output Lower
 The weekly steel trade reviews iu- dlcatcd further curtailment Of ingot output Iron Age estimated produc- ton for the industry at 4g per cent of capacity, the lowest since the mid-year shutdovns for inventory. Finished steel prices seemed to be holding well but s.eel scrap prices saggcd further. Petroleum produc- tion was agaIn reduced last week, but further price cuts were an- nOunccd.
 The stock exchanges report Of merger borrowings at the end o5 October showing a drop Of moro than $995,000,ooU in the month, re- 0ucing the total 10 approximately $2,lQo, o,oo0ooo, or about $G.oHo, ,ooo,- 600 below the high level Of Septem- b"r, 1929, failed to stabilize the mar Let although it provided another striking example Of the extent of the defiation accomplished. Security ioans by banks, however, have still not been reduced nearly as far. The report Of weekly reporting federal reserve member banks showed loans against securities Of SS,o57.6o0,0op off $S5,O0o.Or0, in this week, and $t.222, 900 under a year ago. Call money held at per cent,