New Britain herald., 1930-11-26
Uncertainty Over Thanksgiving Days Effect On Stock Market
 Is Revealed By Wavering Prices
List Sags During Early Trading, Then Recovers: But Droops Toward the Close.

New York; Nov. 26 - Uncertainty over the effects of Thanksgiving Day upon the digestion of a none too TO- bust stock market appeared in a wavering price movement today.
 The list sagged 1 to points dur ing the early trading, recovered to show gains of point or so here and there by midday and turned downward again in the afternoon. Trading was extremely dull, and most of the so-called pivotal stocks showed resistance to selling pres sure.
 American Car and Foundry drop ped 1 points, on reduction Of the dividend of its affiliated company. American Locomotive, Standard Brands, however, rallied on an- nouncement of lower dividend, as shorts covered Nickel Plate, Union Pacific, Missouri Pacific and Illinois Central lost to 4. Declines of a point or so embraced much of the list. Sears Roebuck was a firm fea- ture, rising points. Woodwork gained ., and National Biscuit, Gold Dust, Baltimore and Ohio, and American Telephone showed tenn porary upturns of a point.
 The market appeared to be gov orned largely by pre- holiday trends. but business and trade news was nos in the main of a character to inspire fresh buying. Freight car loadings, as reported for the latest week, showed a rather larger than sea sonal decline with a drop of 52,159 cars.
 Steel Output Drops
 Iron Age placed steel production for the past week at Al per cent of capacity, against 45 in the preced- ing week. The steel reviews point ed out, however, that low inventor ies, and the 1irmer price stand re- gently taken, led leaders in the in- dustry to view the first quarter Of 1881 with moderate optimism.
 The reduction in American Loco- motive dividend to $2 from $4, after the cut earlier in the year from $ to s4. had little effect upon that stock. but rather caused selling of the shares of allied company. The cut in standard brands quarterly payment from STE cents to 50 cents was explained by the management as placing the rate on an extremely conservative basis, since october was the best month in the company's brief history.
 RumOrs Persist
 Along with strength Of Sears Roe buck, the rumor of merger neSotia- tons with Montgomery Ward was revived. The persistence of these rumors over the past several months, despite several denials has been per picking, Since officials of the com- panies disclaim any knowledge Of such developments, it is now said in brokerage circles that the negotia- tions are between large stockholders interests.
 Thc weekly statistics from the petroleum industry were the most encouraging in some time, showing q drop in gasoline stocks of 731,000 barrels, and the lowest crude output ia four years. It was announced that new drilling in the rich Elwood field of California would be halted or completion of wells now being drilled. Continued price unsettle- ment, however, was interpreted Tn Wall street as indicating that the industry is not yet out of the woods. oil shares were mostly under pres sure. Standard Oil of California sageed I little to new low Royal Dutch. however, recovered mod erately.
 Credit was a little frmer, reflect ing holiday and seasonal demands. Call money went no lower than l F per cent in the outside market against per cent lately, The of ncial rate, of course. held at ,, Federal funds, or member bank balances with the federal reserve. were in greater demand. with some anks bidding 112 to 1al per cent, as compared with less than 1 per cent recently.
 Weakness in Late Trading
 The market weakened in the late trading. Rails, utilities and special ties were extensively sold. and loss es ranged from l to points. Shares losing 3 to , points included New York Central. Chicago Northwest ern. Westinghouse Electric Public Service of New Jersey, Cruciblc Steel, and Allied Chemical. Such shares as American Telephone, North American, American Water Works, Columbian Carbon, and By