Show PRICES I IN Net Losses at Close CIOs Mo Moly Most Mostly ly Fractional and Issues Advance I By CLAUDE A. A JAGGER Associated Press Financial E NW Dec 27 T AP stock market braced itself today a alter slipping close to the low mark Substantial liquidation came canie into the tho market during the first bour suggesting a combination of boH t tax ax and bear but the Hat hat stiffened in the tho last half belt hour and axy recovered slightly from the tho days day's minimum levels The Tho market displayed a somewhat heavy tone tont- at the tho close Total sales Bales for the ti t hour two session aggregated 1359 shares Net losses at the tho finish l largely fractional and a few shares closed higher General Ele Electric w was oft off 4 3 after sagging a ii i to toa a anew new low Westinghouse Electria declined 1 3 1 to a new bottom and closed oft off 1 International TOm Tele Phone was off a point near tho days daya low lay which was a new mink mini mum Other shares closing about ra point lower Included North American Amen Ameri can Pennsylvania a and Standard of Mow Nd Jersey New Central was down 2 11 1 2 1 and Johns Johns- 1 13 United States Steel lost 3 J. I After saggIng cogging for a time American Amen Ameri can Telephone closed up a. a fraction Eastman converted an early loss of 2 into a gala gain of nearly J. J American Tobacco B Corn Prod International Harvester and United Fruit gained a point or or so o. o Local transactions were a a. conspicuous con con- strong spot reflecting further fur fur- ther rumors of an early announcement announce announce- ment o ot u. u consolidation agreement Such an announcement now is ex expected cx- cx next week gained 3 points net after selling up G 5 and Manhattan Brooklyn closed 1 higher The Tho list still was under andor tho Influence once ence of apathy for the leading European markets closed Christmas for the tho remainder of the tho week and many active traders iu hi this thin market were staying away from town until Monday A bright pot in the tho days daya news was yaS the tho estimate of next weeks week's steel mill operations in the Youngstown Youngs- Youngs town area indicating substantial resumption of activity Jn in some come plants Operations will bo be stepped up to 37 27 per ct of capacity front from the tho extremely low level of 23 3 per percent percent cent Jn In Steel will up 35 5 to CO lO COper per cent and I Hoop front from 30 to 60 per pei cent Corn Products was wa-s firm In re response re- re to Its declaration of an extra dividend of in addition to the tho regular quarterly and the tho lifting of the tho department of agricultures agriculture's regulation requiring that the tho use uso of corn sugar in food products must bo be so designated on the package Although tile tho stock exchange money market does not operate on cit Saturday there were important de developments de- de In n credit including this the announcement of tho Cleveland federal fed fed- eral cral reserve banks bank's reduction of its rediscount rate froth from 3 31 1 to 3 per percent cent indicating that the tho recent re reduction zo in New York might lead V tp nationwide cheapening of credit Tho Thu overnight announcement oc ufa oca a cut in the Interest which clearinghouse clearing house banks may pay on deposits to tho lowest rates on record and a further drop of in lit brok brokers brokers' ers ers' loans to a ROW new low for 10 recent years were susceptible to constructive tive tivo interpretation |