The Waterbury Democrat., 1931-09-02
Bears Smashed The Market With Attack
 On Railroad Shares
Breaks in the Rails Went 10 More Than Points
 Entire Market Felt It and Became Very Weak

which ranged to more than points, quickly found reflection in other sections of the list and the entire market displayed a weak tone through much of the session.
 Accompanying the renewed sell ing activities was a sharp increase in the volume of trading from the profitless half million share turn over of the previous session. In- creased activity on the downsiyie naturally aroused fears of a re- establishment of downward trend.
 break in the rails and acute weak ness in few individual shares on outside exchange, was largely re- sponsible for the renewed selling attack. Losses in the industrial and utility shares for the most part did not run beyond technical pro- portions, although a number of shares penetrated previous import ant support levels.
 Ammunition for the attack on the rails was amply furnished py new developments. Suspension of dividend payments on the common stock by Lehigh Valley. sent this Pennroad Corporation investment down; z t-2 points to a new low for the year. Sympathetic weak ness was apparent in Pennsylvania Railroad, which controls Lehigh Valley through the Pennroad af- filiate.
 The Lehigh Valley action served to renew fears of adverse dividend action on other leading carrier stocks. Among the shares men toned were Pennsylvania and New York. Central. Another source of unsettlement in the railroad group was the uncertainty aroused over reports that trustees of the Ai- leghany corporation bond issues might impound income from the pledged securities underlying the bonds. The car loading report for the week ended August 22 showed a disappointingly small increase.
 Pressure on the industrials con- verged on Steel common, J. I. Case. Westinghouse Electric and other favorite issues. Losses in these shares, however, did not run be- yond several points. Weakness in Steel common was explained by the pessimistic tenor of the weekly steel reviews which noted further letdown in activity.
 Selling also came into the cleo trical refrigeration issues follow ing a to 10 per cent cut in frigid- aire. 10 to 20 per cent curt in Westinghouse electric mechanical refrigerator prices. Both Serxel and kelvinator were fractionally lower.
 EARLY TRADING
 New York, Sept 2.-CUP)--Duil and featureless trading was resumed in early stock market trading to- day. Opening prices were irregu- lar and showed only fractional changes from the previous closing levels. Trading activity contin- ued at a half million share rate.
 Changes in the initial trading were almost too small to measure and most of the larger operators who withdrew from the market several weeks ago continued on the sidelines. Transactions again com prised scalping operations of few floor traders. ..
 Much of the frmness that char aeterized yesterdays closing deal neoum,sa inso wss 'afsey fsr by fbe rsnewss @ weakness in the rails which were largely responsible for the previous days upturn. Selling in these is- sues was inspired by the less than expected b,y7b car increase Tn car loadings in the week ended August 22 compared with the preceding week. Pennsylvania dropped d point at the opening and smaller declines took place in New York Central. Baltimore and Ohio and Delaware, Lackawanna and Vest ern.
 After opening & point lower at S7%, Steel common fell to S7h. Case dropped to 62k from a previ- ous of 63 and Westinghouse Flee tric fell to 62S from it's opening of 63h. Among the higher-priced is- sues Auburn Auto slumped 1k points to 13s. Small fractional gains were made by Radio. Ma tional Cash, United Gas Improve ment, Chrysler. General Electric and Electric Power and Light. The market as a whole was not affected by the prompt oversuo- scription of the short-term portion of the recent treasury offering or by the news of had breaks in stock prices in Switzerland and Sweden. The drop in oil production during the last week to the lowest level in ten years was Ignored by the oil stocks.