New Britain herald., 1930-05-14
Rails and Leading Indus trials Attract Attention Freight Car Loadings More Favorable - Steel Reports Show Further Production Drop.

New York. May fl tP) - The forward rather feebly today. with professional operators turning their attention 10 the rails and some Of the leading industrials. Oils and some Of the utilities which were urged upward yesterday. were per mitted to lag until after midday when renewed strength appeared in those groups, Trading was slightly more active than during the prnNi- ous session, but the public remained apathetic.
 Loadings More Favorable
 The movement in the rails was aided by more favorable weekly report of freight car loadinss than has been received of late. although it held to the low levels Of 1924 Re ports Of April railway net operating income will begin 10 appear short ly, and are expected to show little or no improvement over March, but Wall street IS hopeful that the downward movement has been ar rested. osdings as reported for the week ended May } totaled 94o S99 cars. 35,725 more than the previous week, but 109,635 less than the like week Of 1929.
 The weekly steel trade reviews reported a further falling of in steel mill operations, and substaT- tial price reductions, but 1t vas r-e- ported in trade circles that large producers are determined to sup pert prices at current levels. Iron Age stated that L. s. Steel is hold ing operations at So per cent Of capacity. while the industry ss a whole has slumped 10 75 per ce&,, against - last week. Iron trade review pointed out that lrices for plates and shapes are nov the low est since 1915. having declined fl a ton this year.
 Large Orders Help
 Large orders for heavy construc- ton. particularly for pipe and struc- tural steel, appear to be exerting 2 stabllizlng influence. while railway buying remains light, and automo- tive demand is losing q little Of its recent vitality. Iron Age stated that Columbia Gas is gong ahead with plans 10 build a 400-mile gas line from West Virginia fields 10 Wash Ington and Baltimore, and this strengthened the belief that q large eastern natural gas merger IS in the making.
 It IS understood that United Corp. will shortly make an exchange Of | fer for another large block of Co., ! lumbla Gas, and will make 4 simi- | lar offer 10 stockholders of Public
 Service Of \. J, Wall street gossip ! also has it that United has been in- ! creasins it's holdings Of Consoli-
 dated Gas by open market pur- Chases.
 Radio was pushed forward, de 1 spite the hing Of antitrust pro- 1 ceedlngs by the department of Jus- | tIct, and |. s. Steel sold up mod
 erately 10 the best levels for the
 recovery. Shares gaining or more | included New York Central, Atchi- son, Missouri Pacific Lackawanna, 1 Texas and Pacific Eastman Kodak, ! American Can, Nesting shouse Elec- 1 trlc Eanadium and Warrington | Pump. Some of the comparatively ] inactive rails made wide gains, l Hooking Valley and New York and 1 Harlem gaining about @o points. Profit Taking Appears
 There vas considerable profit talk | ing in various groups during the morning. The coppers turned down [ ward, as the recent covering move ment appeared 10 have been com pleted. The American Tobacco ls- sues, and Columbia Gas also sagged 1 for time. International Salt, which | has had q spectacular rise. fell back more than i6 points, ], I. Case. aft
 or an carly rise, sagged under
 realizing.
 Credit conditions remained sta
 'jonary, with cali money holding at 1 9 per cent. There was better de-
 mand for bankers acceptances but
 rates were unchanged.