New Britain herald., 1930-10-29
Further Decline In Steel Mill Production Weighs Heavily Upon
 Market During Morning Session
Score of Prominent Shares Take Drop of Two to Nine Points.

New York, Oct. 29 (P)-A further slump in steel mill production and in the movement of freight weighed heavily upon the stock market for a time today but it began to bear it's burden more easily by early aft ernoon.
 A score of prominent shares drop ped to 9 points during the morn ing, but the selling was in such tious and began to cover, inducing recoveries of a point or more from the lowest. Trading was sluggish.
 Eastman Kodak dropped 3 points, then rallied 4. |. s. Steel sold off , 5-S and rebounded more than point. Allied Chemical lost }, and recovered moderately. Among light ly traded issues, Radio preferred "B" dropped 6 points to a new low under so, and Missouri Kansas Texas preferred dropped to a new Colorado Fuel declined 4 points. refeCting the dividend reduc ton. Active shares losing ? 10 3 in- cluded American Telephone, Atchi- son, Westinghouse Electric, North Bethlehem, United Air craft, and American Radiator.
 Rumors Denied
 The weakness in Eastman. on top of an S-point drop yesterday, was little unsettIing, but rumors of wage cutting and laying off of employee were promptly denied, The corpora ton had more employees on it's pay roll in September than a year ago. Earnings are reported but once a year. and officials are chary of mak- ing any preliminary estimates. It IS pointed out. however, that the com- pauy should benefit from the low prices for silver, of which it is a large user. Conservative broke-s were inclined to attribute the de- cline in the stock 10 the fact that it had been selling at a rather high earnings ratio, on the basis of last years returns.
 Failure of 1T. S. Steel 10 declare an extra dividend as it did a year ago was a disappointment to the ultra hopeful, and may have con- tributed to the selling, although quarters usually well informed had not looked for such action. The cor poration's September quarter earn ings of S2.06 a share included a $2,- 412,S57 tax refund apportionment, without which earnings were only S1.7S share. or only 3 cents over the regular quarterly dividend re- quirement.
 Report Due
 Among the so-called independ ent steels, Youngstown Sheet and Tube reported third quarter net of S125 a share, just covering the uarterly dividend. Bethlehem Steel will make it's quarterly report tomorrow, and Wall street estimates indicate earn ings of only about half the quarterly dividend of S1.5O share will be shown, although it is understood the regular payment will be ordered. Colorado Fuel and Iron cut it's quar- terly payment from 50 to 25 cents.
 The weekly steel trade reviews in- dicated another drop in steel mill production, reducing output to about 30 per cent of capacity, the lowest since the midyear shutdowns for in- inventories. The late weeks of the year. however, are normally quiet "A sharp increase after January 1 has been the regular thing" Amer ican Metal Market said, and is al together probable, irrespective of general prospects for the year"
 Freight car loadings for the week ended Oct. 1 s showed a drop of 23, 7S9 cars from the previous week, a decline larger than normal for that period. The total was about 20 per cent under both 1929 and 1928 and the lowest since 1919. The weekly petroleum statistics showed moderate gains in crude production and gasoline stocks, despite the widespread price reductions.