New Britain herald., 1930-12-09
Stock Market Drops Its Anchor Today After Drifting Steadily
 Lower for Past Five Sessions
Some Rails and Specialties Depressed to New Lows During Mornings Fur ther Selling.

New York, Dec. LP,-The stock market dropped anchor today, after drifting quietly lower for five ses- sions.
 There was further selling during the morning, depressing some of the rails and specalties to rev lows, but the industrial shares, which have re- sisted selling pressure of late, soon began to work higher. Early de- clines of l to points were reduced, and several prominent issues sold up point or two
 U. s. Steel, Bethlehem Steel, Con- solidated Gas, Athchison, New York Central, Baltimore and Ohio, Wool worth, American Telephone and Goodyear gained about a point, and shares advancing points or so in- cluded American Can, Sears Roe- buck, and Allied Chemical. During the early selling, Western Union, Lackawanna, Missouri Pacific pre- ferrcd, American and Foreign Pow CT, International Telephone, and Case all slipped to points to new minimum levels. New York Gen. tral, Atchison and Baltimore and Ohio, also recorded new bottom prices before turning upward.
 The strong support accorded the industrial shares as their general level approached the years low point, recorded on November 10, was regarded as distinctly encour- i aging. The rails, as measured by the price index of 20 issues, broke through their November bottom yesterday and recorded the lowest level since May, 1926. Had the in- dustrials also been permitted to break into new low territory, it would, according to the Dow theo- ", have confirmed the decline in the rails, and indicated a further downward movement
 Steel Will Gain
 Strength of the steel shares was presumably a reflection of forecasts that United States Steel's thrilled orders, to be announced tomorrow, Will show a fair gain. Recent price advances for some of the hea vier steel products are reported in steel | trade circles to have brought more active inquiry from consumers, and ffrmer prices for lighter products are understood to be in prospect. Efforts to strengthen copper prices,
 ct, ,,, l, since the metal has been heavy in i London this week.
 1 The improved statistical position of the tire industry was reflected in announcements of increased manu- | featuring activity at both Goodyear 1 and Firestone plants. Wall street was inclined to regard the latest es- timate of November automobile out put, at 124 900 units, the lowest in
 years, as unduly conservative, and expects a little higher total will be
 shown when the final figures ap-
 pear.
 Credit Unchanged
 The treasury departments figures ] cS lb money III tlFtulGllOn at the Gn0 of November, amounting to s37.59 per capita, an increase of s1.29 ! cents during the month. was inter- esting as reflecting the normal in crease in money requirements as the holidays approach. Credit conditions were virtually unchanged. Call loans held steady at per cent, all though early in the day there were limited outside offerings at IF per cent.
 Tho weekly condition statement of reporting member banks provided a possible clue to some of the recent heaviness of bonds, There was a slight increase in the holdings of government securities, but other se- curities held decreased s55.000, 900. All other, or commercial loans, de- clined S19,000,O00 while loans against securities increased sS,000,- ! 00Q.