The Waterbury Democrat., 1931-10-05
New Low Levels
 Reached By
 Market To-day
Liauidation Forced Prices Down Steadily-U. S. Steel
 Led With Lowest in l6 Years

New York, Oct 5-(UP)--A steady stream of liquidation brought prices to new low levels for many years on the stock ex- change to-day. All groups were forced down fractions to more than 5 points. Support was absent.
 Heavy pressure was exerted against U. s. Steel common stock which broke to a new low since 1915 at 65 1-2 off 3. Taking into ac- count the 40 per cent stock divi- dend paid in 1928, the price of steel to-day would be the equiva- lent of about 91 in the stock before the dividend. This would be new low since 1923 when Steel hit 85 1-2. From 1925 to 1891 the price of steel common never dropped be- low the 100-mark.
 At to-day's low, Steel was down 196 IA points from its record high of 261 3-4 made in 1929. Based on stock outstanding, this represented shrinkage of $1,706,0OO,00O (billion) for all the shares.
 There was nothing tangible in the news to account for the de- cline. Fears of the unknown-the reported situations overhanding the market-were predominant In the psychological factors.
 r The Weekly Trade magazine, Steel Industry except to hazard a guess that the present week might bring a slight upturn in the present 29 per cent of capacity operations. No improvement was voted in the automobile business. Steel prices were found to be at new Post war lows.
 All the leading industrials were hammered down. Eastman drop ped to 94 off 5; American Can 73- l-S off 2 1-2 Du Pont 56- 1-2 off 2; Woolworth 45 off 2; and case 37 off 1 1-18.
 American Telephone broke to a new low since 1924 at 124- 1-4 off 4 points, while North American lost 1-2 points and Western Union 2. Consolidated Gas was down l 5-S at GA.
 Railroad shares. Nickel Plate dropped to 10 1-2 off 1-4; New York Cent al 52 off 1-S; Chesa- peake & Ohio 35 5-8 off 1 5-S; Chesapeake Corporation IS off :; Baltimore & Ohio 29 IA off 1-2; Atchison 100 off 2 3-4; Union Paci- fic 100 3-4 off 3-8 and Southern Pacific 45- 1-2 off -1-4.
 New York, Oct 5.-(UP)-United States Steel common stock dropped to a new low for 16 years at the
 The first sale was for 1,500 shares at 671z off, full point: The issue broke below that level in the early trading and the whole market was in new low territory for the bear movement.
 lows were American Telephone and Telegraph at 126h off 2B after opening at 127M; Eastman Kodak 9S off l.; Westinghouse Electric 10% off 1H; General Electric 25% off %; Du Pont 5S off k; Republic Steel off E; American and For eign Power 1lH off M;; ,;o GS9dyea1 sSsl af' 3A and Baldwin 25h off |.
 Railroad shares continued to de- cline to new lows. New York Gen. tral made a record low at 53A ofi 1M, and new lows for sveeral yaers were made by Chesapeake and Ohio at 25Y off and Southern Pacific
 The tendency was downward ir the ealy trading and volume was heavy, with considerable selling traceable to foreign sources. Stock' holders in countries which have sus- pended the gold standard or whose currencies are at a big discount found 1t profitable to sell thei: holdings here despite deflated prices. The American dollars so re- ceived could then be converted into their own currency with profit. Fol example, the Canadians with thell dollar at a discount of around + .ar nanf xynuld rapaiVa a Canadian dollar for each sS cents of American money.
 Steel dipped to 67M where 1t wa; off IS from the previous close. Sell ing continued in American Tele' phone, and other leaders. Utilities were under pressure. Radio was ac' lively sold.