New Britain herald., 1930-12-12
Stock Market Fluctuates Today Between Industrial Utility Rise
 And Railroad-Oil Shares Drop
List Opens Buoyantiy, Re- trenches, Has Technical Rally and Finally Weak ems Again - Heaviness of Petroleums One Fac tor.

New York, Dec. 12 LP-The stock market see-sawed uncertainty today, trying to find trend between con fiicting periods Of strength in the injustrials and utilities and heavi- ness in the oils and rails.
 The list opened with considerable buoyance, as shorts. impressed with the equanimity with which the news of the closing of an uptown bank was received yesterday, hurried to covsr. The institution, however, was unimportant to Wall street.
 Technical Rally Fails
 A technical rally of some propor- tions seemed to be developing but before midday some Of the rails sagged, and dragged the list down. Another upturn, wider than the first, was followed by pronounced heavi- ness of the oils.
 Standard of California dropped ? points to new low ground, and Standard of N. J. lost more than a point. Texas Corp, Standard of N Y, General Asphalt, and Phillips were among issues selling of a point or so to new low ground. Atchison lost about points, rallied and sag ged again. Union Pacific dropped 3, then recovered. L. S. Steel was one of the f1rmest issues in the list selling up ? points, and refusing to yield much of its gain. Other is sues selling up ? or more included American Telephone, Westinghouse Electric, National Biscuit, Chicago &. Northwestern, and Johns Manville, while such issues as General Elec- tric, DuPont, and Pennsylvania gain ed a point or so. Anaconda drop ped to the lowest in six years, then recovered partially.
 Oils Still in Shadow
 Continued heaviness in oil and gasoline prices still seemed to be hanging over the petroleum issues, although the day brought forth nothing new of consequence in the petroleum situation. Shelley de- clared it's regular preferred dividend. Crude oil and gasoline prices are at unprofta ble levels, however, and fourth quarter earnings estimates arc rather gloomy. Most of the Standard companies report thelr earnings only once year.
 Several substantial orders for rail- way equipment were reported. and the efforts of the steel industry to stabilize prices seem to be meeting with better success than some simi- lar endeavors. Cotton has just touched the lowest prices in Is years. Furthermore, Silver Bullion had another drop, recording a new historical low at g IA cents once, or about 28 per cent under the price as of the first Of the year.
 The effects Of the heayiness of this metal are primarily in trade with the Far East, where the metal is still used as monetary base.
 Call money renewed at per cent, then rose to . P. the first time 1t has gone above per cent since Sep tember IS. The speculative demand for funds remains light. however and the change in the rate was without appreciable influence on the market. It was described in bank ing circles as in part a seasonal trend, and in part due to the with draWals by banks.
 Federal Reserve Report
 The federal reserve condition statements showed that the system was working to keep money easy. despite increased requirements. There was an increase of s41, 100000 III currency in circulation. s25,000,O00 in bankers acceptances. and s15,- 000,000 in government securities.
 The New York banks. however, sold bonds and purchased govern ments.
 Developments in the rails indicate slow progress toward consolidation. As expected, the Baltimore & Ohio purchased the Chicago X Alton from the auction block. Baltimore & Ohio also asked the interstate commerce commission to give 1t more time to dispose of Western Maryland. Pennsylvania. recently ordered 10 dispose of it's holdings Of Lehigh & Wabash, is also expected to request substantial time in which 10 do 1t, if it does not block the order in the courts.
 Conditional approval of the Den- yer, Rio Grande x Westerns pur- chase of control of the Denver &5 Salt Lake brought the Van Swerin- gen system a step nearer the Pa cifc coast. but early acquisition of Western Pacific is regarded as un-