New Britain herald., 1930-10-31
Stock Market Slips Still Lower Dumping Bottom Levels Reached
 Ten Days Ago During Dull Spell
Decline Meets Resistance Around Recent Lows While Bears Seek Soft Spots.

New York, Oct. 31 (Pj - The stock market slipped still lower to- day, pumping the bottom levels re- corded ten days ago.
 The decline appeared to meet re- sistance around the recent lows, but trading was too sluggish to give clear indication as to the character of the resistance offered. Bears seemed to confine their activity to seeking out individual soft spots.
 Bethlehem Steel actually broke into new low ground with a 2-point drop. Radio did likewise, selling off l 1-2 to 19 4. It had previously held firmly at 20. Other shares reaching new bottom levels included Dupont. kennecott, Childs, and Mis- souri Kansas Texas, off about ,, and Gillette. American Metals, Auburn, General American Tank, Crucible Steel. and Canada Dry, off to D. [. s. Steel sagged to within point of it's low. Coco Cola was again heavy, losing ,, and Corn Products dropped 4. lngersoll Rand, an cratic issue, broke II.
 The drop in Bethlehem was in re- Gponsc to it's quarterly earnings statement, showing net of G3 cents share. It regained much of it's loss as shorts covered later. how ever. Earnings were about in line with expectations. as it has been widely believed that the corporation had earned less than half it's quar- tcrly dividend requirements. Presi- dent Grace's statement that inn provemcnt was not yet in sight only confirmed recent analyses by steel trade publications.
 Overhead High
 ! The steel industry in these slack times has had large overhead charges in the maintenance of its vastly expanded and modernlzed plant, but President Farrell of U. $. Steel. in an address at Pinehurst last night, said the millions spent | in modernization would be justified by future demands upon this basic industry, save in those lines where 1 capacity had outstripped potential demand for some years to come. The weekly mercantile reviews stated that retail trade appeared to | be maintaining it's volume of earlier in the month, although wholesale trade and manufacturing seemed a trifle quieter.
 Call money held at per cent having set a record by remaining stationary at that level for the en- tire month. Although call money has averaged lower, as recently as
 February 1916. this seems to be the first time the official rate has re- maincd unchanged for so long a period. Last October tho average was above per cent. The official rate has been somewhat artificial, however, with outside offerings of | funds as low as per cent.
 The further decline Of $101 ,o00,- 900 in the weekly brokerage loan figures cerried the total to the low est since 1926. in which year the tabulation was started The New York banks loans to brokers for their own account dropped $S0,O00,- 900, against decrease in all secur- ity loans of only s50,000,000, indI- eating an increase of $30.O00,000 in security loans to others than broh- CTS. Some observers interpret an increase in these loans as showing Ithat there has been accumulation of stocks by strong interests. A gain of S120.000,0O0 in the New York 1 bank loans under the classification 'all other loans" was a little pug zling, as there had been little indi- cation of increased commercial bor- rowing,