New Britain herald., 1930-12-08
Several Rail, Oil and Spe- cialty Shares Retreat to Low Levels During the Storm.

New York, Dec 8 Gpr-The stock market ran into sloppy weather al the beginning of the new week to- day.
 The sprinkle Of selling which ap- pcared during the latter part Of las; week developed into moderate downpour, and several of the rail oil and speciality shares retreated tc lower levels than those of Nov. 10 when the market as q whole reach ed the years minimum. Most ol the pivotal shares. however, were we'll supported above their bottom prices.
 Baltimore and Ohio dropped points, and shares declining to 1 10 new minimum quotations includ. d New York Central. Erie. Frisco Great Northern preferred, Rock Is. land, Southern Railway. Western Union, Case, Eastman Kodak, Sur oil and Prairie Pipe Line. In small, CT declines, Standard of California Prairie Oil, Phillips and American republics reached new lows Othe, shares losing about . to 4 points in. cluded American Can, Amaricar Telephone, North American, Atchi. son, Pennsylvania Railroad. Chesa. pcake Corp, Johns Manville ant Union Pacific. L. s. Steel sold of l l-2 points. then rallied.
 Merely Continuation
 Weakness Of the rail shares seemed 10 be merely a Continuation Of the downward movement of the previous week News of the inter state commerce commissions order seeking 10 force Pennsylvania 10 di- vest itself in~its interest in the Le- high and Wabash could scarcely have been regarded as an aggravat- ing factor, since jt had been expect Cd for some time. The recent de- cline in this group appears to have been in large measure a response 10 the group appears to have been in large measure response 10 the publicity given the carriers troubles in connection with the demands for revision Of tho transportation act Furthermore, there is still pros pcrt that foW bond issues may be- come ineligible for New York say 3rgs banks, as result or in" drop in earnings although most issues that seemed to he in danger of that some weeks ago aro now regarded as secure.
 Oils Unsettled
 Selling Of the oil shares has been in response 10 Wall street rumors Of farther price reductions. Although pronounced proGrcss has been made in curtallment Of crude output, this is the low consumption season, and the industry IS still unsettled. The first nine months earnings state ment Of Richfeld. showing a deficit or about S470.00o.0U0 after payment Of prof"rrCd dividends. presented [ revealing commentary on the situa. lion. The company explained thar th" crude production curlailmcnt program had obliged it 10 clos, about 45 per cent of its output. and purchase in the market nearly 70 per cont Of it's requirements,
 There Were several items in the days news. however. enhancing th- prospects of stabiIizIng commodity prices.
 Javan and Cuban sugar producers have at last come to an agreement The department of agriculturc's ef- forts to induce farmers 10 feed wheat 10 livestock appear 10 b, meeting with Considcra ble success. The department estimates that 236, 000.o00 bushels will be fed during the current crop year. against only 9O,Ouu,00O bushels in the preceding year. The departments estimate ot the cotton crop as Of Dec. i was an nounCcd at l4.243,00O bales q re- duclion Of 195.0OG bales from the estimate Of month previously. and 5H5.0UO bales less than the crop oi 1929.
 Th" money market continued about stationary. with call loans off cjally at , per cent. The best com- lneutary Of the weekend on the short term credit situation Was in ;hc l", per cent rate for the treas hry's offering Of siN-month hills. the best rate the treasury has ever oh talned.