The Waterbury Democrat., 1931-04-29
United States Steel Had Been Crashed Down to the Lowest Point in Very Many Years-It Reached l165I = The Market Was Very Weak
BY ELMER C. WALZER United Press Financial EditOr)

New York, April 29-UP)- Pressure was lifting on the stock market as the end of the fourth .hour neared to-day and leading is- sues rallied from the lows of the day, where they were down 1 to 8 points.
 United States Steel had been de- pressed to the lowest point in four years, touching 116 5-8 where it was off 2 3-4 points. Westinghouse Elec- tiic made a new low at 58 off 1-2 and Bethlehem was driven down to 42 3-4 off 4.
 The market was weak most of the day following the severe break in U. $. Steel. Liquidation went ahead in volume and periods of steadiness were of brief duration in the first half of the session.
 The afternoon rally was started by the oil shares which had been meet ing substantial support since yester- day afternoon. Standard Oil of New Jersey headed this group. Near D. m. fractional gains were noted in Standard of New Jersey. Texas Cor poration, and Standard of New 1 ork.
 Railroad shares were sharply de- pressed, Nickel Plate preferred mak- ing the widest decline-8 points to 60. For a time the other group fol- lowed. Late in the day Illinois Gen. tral resumed its rally which yester- day followed reduction of the divi- dend.
 Among the industrials making new lows were Du Pont and Corn Prod ucts. American Can. Case and Me- keesport Tin Plate were heavily sold. Utilities were driven down with the general market, but at the beginning of the last hour they were coming back. Electrical output showed a further decline this week, but the setback from 1880 was less than the previous week.
 At 1:30 p. m. the Dow-Jones indus- trial average was at 143.91 off 4.O4 points and new low for four years. The railroad average was down only about 1-3 point at S5.20 and the Utility average was down 1.26 at 57.59.
 Sales to 1:30 D. in. totaled 2.2OO,- 900 shares. the same as yesterday. Chicago Prices Chicago, April 29.-(UP) .-1:3O prices: Bendix 16 Is; Borg Wagner IS; Cities Service 137-S; Cord 10 5-S; Corp. Sec. 165-S Insul 3l 3-8: Mid West Util. IS 1-2; Swift Int. 35 1-2; U. $. Radio 19; Wal green IS 1-2.
 EARLY TRADING New York. April 29.-UP)-United States Steel common stock broke to 11S% off points and new low since 1927 on the stock exchange in the early trading to-day.
 This drop, which lopped off more than $51,000,000 from the valuation responsible for heavy selling in the entire market. Dozens of stocks oi high caliber made new lows for sew eral years.
 Selling spread rapidly, but near the end of the first hour support was de veloping and dealings, which hat | been at the rate of 5,000,000 shares for full day, slowed up. New York, April 2s.-(UP)-Fur. ther selling came into the stock market to-day. Dealings were on g larger scale than in the past few sessions. with prices down fractions
 United States Steel common stock opened 6,000 shares at 121A off 2A Later 1t dropped to 121M, new low since 1927. A block of 1000 shares followed at 121.
 Selling of steel followed publica. tion of the corporations first quar. | ter report which showed earnings Oi l but cents common share, against dividend requirements of $1.75 com mon share. The regular diyidend wal declared.
 Nearly all sections were affected