New Britain herald., 1930-09-22
Disappointment of Wall Street Over Business Conditions Showed
 In Terms of Widespread Decline
Unsettlement in Wheat Market Held Partly Re- sponsible for Drop Since Friday Session.

New York, Sept. 22 Rl-Wan Streets disappointment over busl- Eess conditions again was expressed n terms of ] declining stock mar l>ot today. Offerings from profess slonal shorts increased slightly in comparison with Saturday and the absence of important support brought in some liquidation of pool holdings, but trading Jagged we'll behind the pace set last Friday.
 Cnsettlement in the wheat market and the softness of prices on some of the large European exchanges, to- eether with the absence of fresh sta tistics on the state of trade, turned the market definitely lower after the opening, although rallying tendencies appeared shortly after publication of Secretary Lamont's statement on business. A few prominent stocks, including U. s. Steel, reacted to new lows for the movement. AS was the case last week, pressure was espe- cially insistent against the utilities and steels
 Loses Noted
 Losses of 3 points or more in North American, American Power & Light, Auburn Auto, International Telephone and iDamond Match were accompanied by drops of to nearly 5 in [. s. Steel, New York Central, Bethlehem Steel, International liar vester, Westinghouse, Johns Man Vile, United Aircraft, American Tel ephone, Consolidated Gas and R. H. Macy Delaware & Hudson Case and Warrington Pump lost 3. Allied Chemical 8 and Peoples Gas 12. American Can and General Electric sagged about point. New lows for the year were made in International Telephone, United Fruit Republic Steel. Calume ct 6 Hecla and St. Louis Southwestern.
 Failure of the market to make an appreciable recovery last Saturday caused considerable discouragement Tn circles which had been hopine for technical rally of some propor- tlons based on the assumption that the short interest had been we'll ex- tended since the current decline started from the post-June price peak around September 10. AL though real liquidation was relative ly light in the decline late last week, some traders held to the opinion that sizeable volume of stock was waiting sale should the market make and maintain an advance be- hind the highs of late summer.
 Secretary Lamont's statement on business called attention to some favorable aspects of the current sit uatlon. The head of the commerce department said the governments lnc!ceS on business showed that the market decline had ceased and that there were some distinctly en- couraging features" including the gain in August exports. Prelimin- ary figures on retail trade, he said, indicated gain larger than is usual at this season. MT. Lamont also confirmed reports that large indus tries were making commitments in raw materials.
 Scattering announcements from the steel centers revealed that that industry was at least holding it's own as the new week opened. Opera tons in the Youngstown area remain unchanged. Republic Steel report cd 17 per cent increase in orders for the first three weeks of Septem- Der over the same August interval. One L. s. Steel subsidiary was said to be operating the best ratio in 10 years, while Otis Steel is stepping up its sheet and strip production.
 Money was easy and plentiful. Call funds renewed at ? per cent.