New Britain herald., 1930-10-21
Stock Market Fails to Resist
 Fresh Onslaught of Selling;
 Issues Drop to Lower Levels
Westinghouse One of the Weakest Spots, Dropping 8 Points to New Decline Mark for Year Other Shares Suffer Also.

New York, Oct. 21 LP>-The stock market poked it's head up at the beginning of the week, only to be knocked down again by a fresh on slaught of selling today.
 The selling was not in large vol ume, but the lists showed, little re- sistance until it had been depressed close to the low levels of last week. Yesterdays rally had been so swift as to bring out further liquidation deferred for better prices, and had been too obviously the result of short covering to be convincing.
 Westinghouse Soft Spot
 Westinghouse vas a soft spot, dropping points 10 new low for the year, close to the minimum touched last November. Allied Chemical lost more of yesterdays 1l-point advance, International Har- vester reacting nearly as since the 1928 splitup. Shares losing or more points in cluded American Can, Eastman, Atchison, Safeway, Byers and Vest ern Union. while |. $. Steel, Amer ican Telephone and Texas Corp. lost about 3, and long list of promi- nent issues declined two or more. Oils and coppers broke to new lows.
 The drop in Westinghouse was directly attributed to publication of it's third quarter earnings state ment. showing net for the quarter of $1.12 share, compared to the quar- 'terly dividend requirement. of s1.25. Although better earnings earlier in the year indicate that the years div idend will be earned, and payment at the regular rate is regarded as as- sured, the statement was clearly disappointing.
 Anxious About Resistance
 Traders were anxious to see what sort of resistance would develop around the recent low levels before becoming active buyers. Although the feeling is growing that the de- flation must now be rather thor oughly completed in many stocks, investors appear to prefer awaiting a definite cyclical turn. buying at. higher levels IS the price of avoid ing the possible unpleasantness of seeing their shares sell below the figures paid Some observers point out that deflation of the high grade issues usually comes at the end of bear market, just as they are usual ly the last to turn downward, at the end of a bull movement.
 The days news was not wholly unfavorable, however. The gradual improvement in the cotton mill sit uation was reported as having pro- gressed further in the past week. The head of the international busi- ness machines said that his com pany was enjoying it's best year.
 Few Earnings Favorable
 A few earnings statements for the third quarter were regarded as fa- vorable. Chesapeake and Ohio re- ported net close to that of a year ago. Nickel Plate, however, earned only s1.3.1 a share on the 6 per cent preferred, against s6.96 share on the common in the September quar- ter last year.
 The weekly condition statement of reporting federal reserve member banks was disappointing to those who had looked for another large drop in loans securities. A decline of 0,000,000 compared with a drop of s153, 3,000,000 in brokers loans during the same period, and a drop of 5,000,000 in bank loans against securities in the previous week.
 It was regarded as reassurins. however, that most of the remaining increase in bank loans against secur- ities, over the figures of a year ago, is in New York, where the banks have a great surplus of idle funds. Barring further drastic declines in share prices, any necessity of re- ducing these loans is not at the mo- ment apparent.
 The money market was little easier, but the demand was negli- gible. Call money held officially at ? per cent, while some maturities of time money were reduced IA of one per cent.