New Britain herald., 1930-10-08
Stock Market Withstands Shock Of Discouraging News From Steel
 Industry With Heroic Fortitude
Leading Shares Drift Lower But Offerings Are Light and Easily Ab- sOrbed.

New York, Oct R)-The stock market withstood the shock of dis couraging news from the steel in dustry fairly well today.
 Although leading shares driftad lower several penetrating still fur ther into new low depths, offerings were light and easily absorbed, and rallying tendencies appeared during the afternoon.
 |. s. Steel dropped more than , points to new 1880 low at 151 Is, then rallied point Youngstown Sheet dropped 6 points to new minimum and Crucible, Bethlehem and Colorado Fuel were other steels losing points or more. American Telephone dropped more than 2 points, but was supported close to 199. Shares selling down to in- cluded Stone and Webster, Ameri- can Water Works, Air Reduction and Corn Products. St. Louis South western dropped 5. Gillette was a soft spot, tumbled points to a new low at 46, evidently refecting re- ports that the proposed acquisition of Autostrop would require large is suance of senior securities
 The resistance offered by the list as leading shares approached last November's lows yesterday was in- terpreted in bearish quarters as in dicating that further campaigns would be opposed with cash, as well as warnings about unethical tactics Furthermore, dullness of trading in dicated that urgent liquidation had for the moment, been completed.
 News ColorIess
 Business news, however, was dis tinctly not of character to induce either investors or spectators to bid for stocks. The American Iron anl Der steel production showed the low est output for that month since 1924, and clearly indicated that the more active inquiry from consumers had been overestimated. Output was even 1 lower than that of July although July had been widely accepted as the low month of the year.
 It appeared that mills had been able to bill much of the months re- quirement, from stocks on hand. U. s. Steers unified tonnage figures will be published on Fridty, and may give a clearer picture of i'le situation. In discussions of steel de- mand, it must be remembered that the mere making of contracts does rot definitely promise new business, for these contracts are obligations of the mills rather than the con- sumers, who may refrain from specifying against them.
 Iron Age" estimated that steel production in the week ended yes terday had dropped 8 per cent to 5S per cent of rated capacity. It's composite price for finished steel fell back to the low of the year. "Steels composite for iron and steel products reached the lowest in 10 years.
 Despite these dark aspects of the SlludllOll, llaly ODSeGNeTS continue to believe the worst is about over, basing their convictions on course of previous business depressions. h. vcstment buying on scale down con- tinued to come into the stock mar ket from important sources, al- though there was still a decided ten dency to place orders slightly un- der the market and to refrain from bidding for stocks.
 Freight car loadings, as reported for the week ended Sept. 27, at 950,- SS1 cars, were at another new low for the decline, and against the nor nal trend, but the drop from the previous week was only 2,131 cars, Which may indicate a flattening out of the downward curve. Nash Motors, although earning only 65 cents a share in the third quarter, felt that the outlook was encourag- ing enough to justify payment of the S1 quarterly dividend. Call money was steady at per cent.