Show TT ATT POINT 7 DECLINE UNSETTLES UNSETTLE WHOLE STOCK MARKET MARKEE MARKETt AVERAGES DROP TO l 1936 LOWS By ELMER ELIR C. C W A United Press Financial Editor v. NEW YORK ORK April 29 A 29 A re bre k or of f more mora than seven points in Amer Amez er Ican can Telephone Telegraph capital f 1 i tock stock plunged the te utility Into nto new low ground gound for tor th the ye year yet Wednesday and unsettled the tho l stock ock market market which on the average was back to early January Tho rho To industrial average wa was wa d down nearly 17 points point or more than tan 10 per cent from its It high of or the made nado on April Apri 6 OUe Other sections have suffered similar declines delnes In Ift recent sessions without t much rally Hence Wall Wal ste street t was w World Markets Off Of Word went around that foreign era ers were sellers today but hut these re- re I ports port proved d false fabe The e unloading In n A. A T. T T. T appeared to come from small smal holders frightened by ly the recent investigations into the the- company's business World markets market generally general were down dow Tho The Amsterdam w was w depressed and there wa was consider t table Wa able selling in London x xi change was wa steady in dollar ter terms terms' except tho the Swiss franc Tho latter later also al broke broko in fri London n. n Further talk was wa heard about Franco France leaving gold shortly and many may traders sold stocks on t that t fear Some turned to the te gold shares as a hedge against a another th upset in world currencies Silvers Up Then Thea hen Down Traders Trader bid Dome Mines ines up mor tl than n three points point to a a new high for forthe forto the tho to year and McIntyre Porcupine gained more than tan eight points poInt For Fot For atmo the te silver siver issues were higher I but they clipped off oft as pressure prese continued on the tho main mai list Coppers Coppe Copper weakened to net losses of ot a ft point or more Steel Stee shares were distinctly weak Most Mot of the te steel units the first quarter had bad disappointing earnings earing United States Steels Steel's Steels re report report re re- port was wa the te best for a first quarter quartez since sinco 1031 1931 but below what m many manSi ny had bad anticipated Steel shares Jot lost one to more than four points pit with wit many may issues at new lows Jows for t the year Among stocks making new 1936 6 lows lo were American Rolling Mill MU Bethlehem Betlehem Steel National Steel Steel Republic Steel preferred Briggs Consolidated Edison Edison Du Pont Pont Glidden GUd den Pennsylvania Railroad J nd Standard Brands Some Sonic Issues Rise ithe Allied Aled Chemical was off oft 4 Case Ce off oft 4 Borg Warner off of 2 Deere off oc 3 34 f Du Pont off oft 4 Standard of Now of-Now Now Jersey off ott 2 Western Wester Union Unon off of 3 58 8 and ad e EI Elec c trie of off M t tA A few v Issues moved against the tho to trend American Can touched 15 up 2 2 points point front from the previous prevIous' close and held beld half the te rise Crosley Cros- Cros Cro ley Icy Radio made a new high for the year It touched 26 up 1 18 B 8 8 and ond then lost part of the rise Yellow o Truck and Woolworth made small mal gains gins Support failed to develop In In- t Inthe the tho te main list however Automobile shares made new now lows low for tho the ses session BC sion slon in the te last lat few minutes minute with wIt Chrysler off ott more than tha two to points |