Show STOCKS DROP AT MESSAGE Rails Recede From Highs but bul Behave Better Than Other Utility Shares By ELMER IER C. C United rr Press Financial Editor NEW YORK Jan 4 A 4 A majority of or stocks declined Friday following President Roosevelt's message e to con con- gross gress Railroad shares received some rome attention at at- when the president announced announced an an- transportation regulatory bodies would be combined They sagged from the highs but behaved better than other groups Utilities were affected adversely by indications indications indica there would be further government govern ment regulation oi ot holding holdin com com- panics The president indicated further attention attention at at- would be given housing activity activity ac but the building stocks moved irregularly Perm Penn Dixie Cement issues issues issues is is- sues and U. U S S. S Gypsum advanced declined and American Amen Amerl Manville Johns-Manville can Radiator was unchanged Farm equipments declined a poInt or more Leading automobile shares share sagged while low-grade low issues gained slightly Steels were fractions to a point lower Silvers declined a point or more Fertilizer issues continued strong Railroad equipments were up Failure of ot the president to mention the he dollar or give any hint of inflation Uon tion ma may have brought some selling sellin into silver shares Losses Lasses of more than han a point were made by U U. S S. Smelting and Cerro de Pasco while American Smelting was down a point |