New Britain herald., 1930-11-12
Stock Market Palld Affair Now
 After Having Lost Its Flush of
 Recovery Which Appeared Lately
Unexpected Advance in Copper Prices Causes a Slight Rally in Those Holdings.

New York, Nov. r. A) - The stock market was q pallid affair again today, having lost the flush of recovery which appeared briefly in the previous session.
 The market was quiet but save in few prominent shares, it was un- able to resist light selling pressure, and losses of , to points were nu-
 lerous. An unexpected advance of l-2 cent in copper to 10 cents a pound, with reports that large pro- ducers were holding out for still higher pl.ces, caused a rally in the copper shares, but further heaviness of the rails kept the list unsettled.
 Steel Recovers
 U. $. Steel sold off points, then recovered. American Telephone dropped 4, and recovered ,. Shares declining 3 to ) points 10 new lows included Union Pacific, Atchison, Missouri Pacific preferred, Radio preferred B, Penney, Lehigh Valley, and American Tobacco B. Shares selling off , to 4 included American Water Works, Dupont, Air Reduc- ton, American Can, Coca Cola, Con- soldated Gas, General Electric. Ra- dio, Westinghouse, and Alleghany Corp. Kennecott and Cerro De Pas co rallied ?. and Anaconda l.
 The days industrial developments. however. were largely cheering, after making due allowances for the nor nal seasonal trends at this tiEe, Freight car loadinga, as reported for the week ended November l, showed q decline of about 2l4 per cent from the previous week, which was smaller than is expected for that period That weeks reduction for the past three years has averaged of , F per cent.
 Favorable AuguIy
 The stiffening of copper prices came as pleasant surprise. and was regarded in financial circles as 8 favorable augury. in view of the fact that the decline in commodity prices has now run for 15 months, which is about equivalent to the length of the decline in the major periods of Ge- flation of 1893 and 1921. Wall stree; has been Gisa ppointed in its hopes that commodity prices were scraping bottom several times since last June but in the light Of past history. it's present hopes seemed to nave some basis. The history of past periods of depr cssion, furthermore. show that business begins to improve when the curve of commodity prices fiattens out, and may work upward for scv- cral months before general uptuI 2 occurs in commodities.
 The copper statistics for October ! showed a slight gain in stocks above 1 ground, but this may have been at i tributable to the fact that some o | inc larger producers have been de | Clining to sell at the recent lov 1 prices. The weekly statistics iron l the oil industry, which along witt copper has been seriously affected | by ovcrproduction were the mos | favorable in several weeks Gasoline l 'l ONAS " IliGiI ldNt Jtttt IlItI tbSlIll ! stladily of late, dropped 2O3,00t barrels, to q level slightly below that of a year ago, A substantial reduc- ton in crude output wGs also achieved
 1ngO;S slump
 Tho weekly styal trade reviews ] showed further pronounced. slumr l in lngot output. Iron Age placed 1 operations at 4 per cent of capac, 1 ity, the lowest of the year ggains ,, tS week ago. such a decline early in November is in keeping i with the expected seasonal trend but starting from the recent low 1 levels makes an unusually advers, 1 showing
 Steel trade circles hope, however that the sharp decline Tn production 1 together with ;hc tirls stand against 1 further price reductions recently initiated by L. c. Steel. will place the industry in Il position for sub- stantial improvement after the frs, Of the year. The drastc character | Of the dehatica Jt inventories" said Iron Age, IS counted on 10 add force 10 the rebound in demand