The Waterbury Democrat., 1931-08-21
BY ELMER c. WALZER United Press Financial Editor)

New York, Aug 21-UP)-De- clining tendencies in the stock mar ket gathered momentum in the afternoon and the whole list sold off to losses ranging to more than q point.
 The Dow-Jones industrial aver age at 1880 was at 140.20 off 1.73; railroad 69.69 off 0.35 and utility 57.43 off 0.78.
 Sales to 1880 totaled 500,o00 shares, against 100000 shares in the corresponding period yesterday.
 Selling converged on the leading issues. Steel common broke to 89 IA from the early high of 90 3-4 made in. the first few minutes of trading. The issue closed last night at 90 1-2 where 1t opened to-day.
 According to Dow, Jones & Company indications of lack of sustained buying power encour- aged bearish professionals to re- sume operations for the decline on the basis of the outlook that wage reductions In the steel industry will be undertaken in coming weeks"
 Rumors in London that the gov- ernment was about to resign ad- versely affected the London stock anu IItLu d ByHlDdLHeLIC effect here. Traders were appre- hensive over the prospect of a gen era1 election in England at this time on account of the unsettled conditlo/ in Europe.
 Along with the decline in stocks, cotton futures sold off, and corn met further liquidation, the Sep tember corn option making a new seasonal low at 42 1-4 cents bushel. Bonds were depressed with domestic rails under pressure.
 On the stock exchange Amrei- can Can sold down to 93 1-2 off 1-S; U. s. Industrial Alcohol 32 5-8 off 1 7-8; kreuger & Toll 16 3-4 off 7-8 and a new low; Con- solidated Gas 94 1-8 off 5-8: American & Foreign Power 28 5-8 off l Is; Johns Manvills 51 3-8 off l Is: Chesapeake & Ohio 36 off 7-8; American Tobacco B 116 off l 1-8; Case 63 IA off 2 1-2: Du Pont 84 3-4 off 3-4, and In- ternational Harvester .37 1-8 off 1-8.
 In the oils profit taking reduced prices fractions to a point. Texas corporation dipped to 26 IA off 1; Standard of New York 19 3-8, ex- dividend off 7-8; Socony-Vacuum 19 1-2, ex-dividend, off 3-4: Phil lips 1-8 off 7-8; Standard of Call ifornia 40 3-4 off 7-8, and Stand ard of New Jersey 40 7-8 off 5-s.
 The decline was gaining momen- tum as the market entered the fifth hour. Around 2 p. m. Steel came out 1,500 shares at 89 off 1-2 from the previous close. It broke below that level later. Other lead CTS followed 1t to lower ground.
 EARLY TRADING
 New York. Aug 2i.:.-iUP)-A steady to firm tone prevailed on the opening to-day. Trading was at about the same pace as yesterday which In turn was a duplicate of Wednesday.
 Steel common held unchanged at 99oK at the outset on a block of shares; General Motors sSM off #; Montgomery Ward 21N up K; American Can 95A up x: and American Telephone 173h up M.
 Tobacco shares were depressed on duction in July. July output total ed 10.700,001. .604 cigarettes. against 5o,3o5,542 n year ago. American Tobacco B dropped to 116 off 1M, following decline of 2M points yesterday
 Utilities were firm. Oils moved up small fractions but trading was lighter than recently. Rails held well. Coppers eased off fraction ally.
 Radio Corporation opened on block of $500 shares at 20N up X Case rose fractionaly to e8. Auburn gained nearly 2 points to 140k..
 Small declines were noted in Kcnnecott. Paramount. Liggett and Myers issues. American Smelling, Sears Roebuck, Transamerlca. Du Pont, Krcuger and Toll, General Electric. North American and A. NJ. Byers.
 During the early trading volume slowed up and prices moved in a narrow range. steel held around the opening. Some selling came into tho oil shares. Industrials were holding near the previous close as were rails.
 MORE DIVIDENDS
 New York, Aug 21.-(UP)-Divid- nda yt1I hn tpo tnA