New Britain herald., 1930-11-07
Stocks Again Burrow to New Lows After Days Respite; Many Shares
 Register Drops of 2 to / Points
Rail Shares Break Sharply and Weakness Spreads Throughout List-Defia- tion in Brokers Loans Continues - Commodity Prices Drop.

New York, Nov. P)-The stock market burrowed still further into new low price strata today after yes terday's brief respite from selling pressure.
 Rail shares broke sharply, several prominent issues recording the low est levels in past few years, and weakness spread throughout the lost. The pressure against tho utility shares showed no sign Of lifting, and the leading industrials. after re- sisting the trend for time, dropped through their recent resistance points. Losses ranged from to points in the more active issues. The selling, however, was in only moder- ately large volume.
 Leading Shares Tumble
 Bethlehem Steel, North American, Union Pacific. Allied Chemical, Coca Cola, Canada Dry. and Norfolk and Western tumbled 5 to more than ' points. Issues losing to more than included Atchison. American Can, Westinghouse Electric, American Water Works. Air Reduction, Johns Manville, New York Central, and Procter and Gamble. Such issues as L. s. Steel. American Telephone, Consolidated Gas, Public Service or N. J.. Pennsylvania Railroad, and New Haven all declined points or more to the lowest levels of the bear market The Standard Oil issues also sagged to new minimum prices. The demand for call money was more active than for some time. and although the rate held at per cent, there was virtually none avail able at lower levels in outside mar ket, where funds were abundantly offered as low as 1 per cent a few days ago. Other monetary accom- modations, however, were easy. The demand for Commercial Paper cX- .ceeded the supply. and a little short term paper moved as low as 21. per cent.
 Brokers Loans Decrease
 The weekly brokers loan figures showed a further drop Of s58,0OO.- O0t. making a total defation since mid September of s7GS,00000Q. It was notable, however, that security loans of New York banks to non- broker borrowers increased in the same sevcn-day perius by s@3.oOO,- o0o, making a total expansion since September 17 of $131.00O, 900. Some observers interpret increases in these loans as indicating accumulation of stocks by strong buyers. The in crease, however has been rather too small 10 bc conclusive
 The selling seemed to be primari- ly q continuation of the movement that has been in more or less steady progress for nearly two months, making one of tho most persistent declines in recent stock market his tory. Business news and statistics failed 10 bring out ary partic 7latIy new disturbing influences.
 Commodity Prices on
 Electric power consumption as re- ported for the latest week show cd the normal seasonal expansion. The fresh decline in commodity prices during tho past few days has been disappointing. The analist's weekly wholesale commodity index shows q decline Of l.G per cent. recording the lowest level since January, 1916. October automotivc production was estimated at l56.74$ units for tha United States and Canada, q decline Of 6n per cent from last year. A tabulation of the October sales rec ords of 2S chain store systems so far reporting shows about the same de- cline from year ago that was shown in September. about 6 per cent. although there has been a sea sonal pickup from September to october.
 UnscttlemeUt in the rail shares may have been aggravated by an nouncemcnt that bankers were working on plan to avert rrceiy- crship for Seaboard Airline, although tbie ie an isolated situation.