New Britain herald., 1930-09-25
Confusion Marks Today's Stock Market Session But Main Trend
 Depresses Issues to Low Levels
Business Moves With De- cided Irregularity, Devel- oping Little Strength On Rallies - Pressure Is Strong.

New York. Sept. 25 R-Stocks bobbed up and down in confusion today, but the main trend was down. ward. The market, nervous after its recent experiences, moved with decided irregularity, developing lit tie strength on the rallies and, on the other hand, becoming more ac- tive whenever professional offerings were pressed. Sentiment was im- proved somewhat by the early frm- ness of wheat.
 Selling, however, was directed more noticeably to individual issues and a couple of well-defined groups, and the so- called pivotal shares as a rule found support on the reac- tions. Pressure was particularly strong against the farm implements and the oils; more than a dozen of the latter classification broke to new lows for the year.
 U. s. Steel, after making fraction al improvement, sagged a couple of points and American Can turned a one point advance into a moderate loss. On the whole. the same course was followed by other investment stocks, including American Telephone and Gen. Electric. Case tumbled 10 points, International Harvester 4 and Prairie Pipe about 5, a to new mini mums. Allied Chemical, Auburn and Auto and American Smelling lost g.. ro q S stocks, in which liquidation was se- were yesterday, were again heavy. Radio, Standard Oil of New York, Gillette, Packard and Chrysler, among many others, dipped to new 1930 lows.
 Traction Shares Strong
 New York City Traction shares were a strong feature and made some prominent advances under buy ing stimulated by belief that re- cent developments forecast import ant and possibly successful efforts toward unification. Brooklyn Man hattan Guaranteed, an inactive stock, scared more than IT points and gains of 3 to in the active members of the group were general.
 The gloomy rumors which have accompanied recent pressure against stocks were largely missing and al- though such reports find little cred ence in calmer circles of the finan- cial community, their absence Was something of a relief.
 Last weeks gain in steel opera tions drew considerable comment. Some experts on the industry felt that the upward trend might not be so evident when the next reports come out, passing their contention on the ground that production might again pass requirements for finished goods, thus permitting a slackenine in output. In this connection il was pointed out that the railroads have so far made little or no inquiry for rails, notwithstanding the fact that the usual season for this de- mand is now at hand
 The automotive industry, another important user of steel, is likewise apathetic. One of the trade papers expressed the opinion that produc- tion of motor cars this year would probably fall below 100000 units for the first time since 1927 unless an unforeseen improvement appear ed. Another publication asserted that large volume of deferred purchases of automobiles had piled up and that manufacturers were expecting to reap the benefits of large replacement orders next year when the business uncertainty should have been allayed.
 The dividend actions by the Ana conda Copper group had been ex- pected. Anacondas cut to a s2.5O basis brought rally in the shares on covering from shorts who had thought that a larger reduction was likely. Greene Cananea, in which Anaconda holds 90 per cent in- terest, and Inspiration consolidated, another member of the family, omitted their common payments entirely.
 Money was almost embarrassing ly abundant. Some of the brokers in the outside market quoted call loans as low as one per cent. Reduc- tions of 1-4 of per cent on several time loan maturities were also re- ported and s months accommoda- tions, in a few instances at least, were available as low as ? 3-4.