The Waterbury Democrat., 1931-08-25
By ELMER c. WALZER United Press Financial Editor

New York, Aug 25.-(UP)- Weakness in special issues such as the tobaccos and American Can turned the trend of the stock mar ket downward to-day after an early period of firmness.
 The whole list joined in the downturn, but volume did not in- crease, tickers standing idle part of the time.
 Good news was more than over- balanced by adverse items. The early rally in leading industrial shares was helped by the turn to the coalition government in Great Britain, a move that was believed to eliminate England as 8 source of anxiety to Wall street in that it could now obtain credit without difficulty.
 Late to-day it was learned the Berlin bourse was to be reopened on September 3. This was seen as further indication that Ger many was fighting the bad finan- cial condition that developed into a serious crisis late in July after the Hoover moratorium proposal was announced and foreigners withdrew credits in huge amounts.
 Failure of the market to rally on the good news discouraged traders working fro technical rally and they sold stocks. Helping the bear forces were adverse news on American Can, prospects of widespread state taxes on cigar cites, a drop in cotton futures and new lows in all grains at Chicago, lower prices for bank stocks, clos ing of small national bank in New York city, poor railroad earnings and prospects of dividend reduc- tions by railroad companies.
 Added to this array was further weakness in railroad bonds, a fac tor which brought new selling into railroad shares and sent that group to within a shade of the low level for the bear market made on June
 The oil shares had good news in the for moi reduced production throughout the country, develop ment of several new mergers and further negotiations on others, and rise in gasoline prices in middle western cities were gasoline price wal llau DCCh PAooA SoS' NAsS sold off late in the day however.
 The break in American Can came suddenly, having earmarks of bear drive. The issue had been carried up to 92 3-8. From there it dropped to 89 off 3-4 points. Selling was ascribed to re- ports of lawsuits against the com pany charging preferential prices for large consumers.
 Westinghouse Electric dipped from 63 7-8 to 62 off 3-4; Ameri- can Tobacco from 109 3-4 to 107 off 2 7-S; American Tobacco B from IA to ,110 5-8 off 1-8; Eastman 139 1-2 to 137 off 2 1-2; Woolworth 70 1-2 to 6s 5-S of 1 1-8.
 Another factor which worked against American Can was reduced output in tin plate which indicated lower production for the company This also was reflected in a sharr drop in MeKeesport Tin Plate that issue making a new low since December 1880, at 65 1-2 of l2 3-4.
 Heavy selling came in Canadian | Pacific Railroad and the stocl broke to a record low for the pres ent shares at 20 1-2 off 7-8. New York Central dropped from 69 l. to 67 5-8 off 1 3-8; New Havel from 55 to 54 unchanged; Penn sylvania from 38 1-2 to 38 off 5-8 Union Pacific from 142 3-4 to IA off l and Southern Pacific iron 72. 1-2 to 70 5-8 off 3-8.
 The first IS railroads to repor thus far, had July net operating in come of $9,761,000. against $14. 921,000 in July. 1880, a decreas' of 34 1-2 per cent. The July fig ure was off 57.7 per cent below July, 1929, when net operating in come of the group aggregated $23, 095, ,0O0. | At 1:30 D. m. the Dow, Jones 6 l Company railroad average was a 67.39 off 0.36 and within a frac tion fthe low for the bear mar ket made on June 2 at 66.85. Th' industrial average was off 1.52 a 136.10 and utility average off OH at 56.43. Sales to 1:30 ?. m. to taled 600.o00 shares, the sam' 1 amount traded in the correspond ing period yesterday.
 EARLY TRADING
 | New York. Aug 25.-UP)-A slightly firmer tendency was notet