| Show RAILS B EAK BADLY ON M KH Unsettlement Prevails on All Al Security Lists Steel Tumbles m By CBs' Associated Press Irrl NEW N YORK YORE Oct 5 World 5 World financial fian- fian finan finan- cial markets market began bg the new week with unsettlement Monday ad and security prices In New York were marked down dow severely several era se prominent tocks stocks dropping 3 to more than 7 stok points pint Sales Sees approximated three thee million mUon maesA shares maes A report of suspension of a a well wel known kow Montreal investment house hous reached rached Wall Wa street stet In I the te last hour hOu and ad presumably contributed to the of selling It was wa distinctly a day of ot dIscouragement discouragement In 1 financial quarters The Te sudden udden death deat of Senator Dwight Morrow of or New Jersey Jery a former partner part part- pat pat- nor ner ne In J. J P. P Morgan Co C and highly high high- ly l respected In i Wall Wal street was wa a deep sho hock to t former or r associates RAILS BAILS RA BREAK The Th-e rail stocks broke badly bady Union PacIfic fell feU below blow par pa for the first fist time Ime tie since tlc 1904 Santa Fe dropped under par for the first fit time since 1924 U. U S. S Steel tumbled about abut 6 pI points to t a new low since 1915 Amer- Amer lean can Telephone lost about aut 7 points pit American Can Ca Liggett Myers Consolidated Consolidated Con Con- Gas Oa North American Southern Suter Pacific and nd New York Central Cen- Cen ral lost 4 to t 6 points Allied Ailed Ale Chemical Chem Chem- cal ical sold of off of more mor than 7 pits points The market maket was wa under uder pressure throughout through through- though though- out most mot of the day with wih selling par- par active In the final hour Closing prices were around Broud the low low- est et Uncertainty over the prospect of a general geera election electon In England continued continued conti- conti contin contin- to keep the London market unsettled unsettled un un- un- un settled and ad large lae offerings In the New York market marke from abroad were again agai reported The Te Paris Pai market was w weak wak OFFERINGS LARGE But domestic offerings also al con continued continued co large larg and ad despite the belief belef In some quarters quarters that stocks are definitely definitely def nIely on oil the bargain counter cunter In Investment investment in- in i- i vestment buying was described wa as cautious and scale down on se The weekly surveys of or the te Investment ad- ad conservative vs tr services were wee cautious and Rails Balls were wro unsettled apparently by growing skepticism In i brokerage circles ciles over prospect of any real re rele relief relief re- re le lief front from fm the Increased freight rea rate rt pla plea on which a decision deClon feigt Is I expected th this month It I is Is' Isten taken for granted In I some quarters In Wall Wal street stet that thai an effort to t reduce railway wages wages' will wU be b made Third quarter earnings statements about abut to t appear are ae re receiving re- re considerable coment comment Wall Wallstreet street expects expect New York Central Centa will wll show how net for the quarter qua o of abut about abou I 30 to 40 cents a share ma against 93 cents cent I n the previous quarter quater and in inthe inthe I the third quarter of last lat year Pen Pen- sylvania Is expected to t show between 15 5 and 25 cents a a share as a decreased I from 36 cents cent in I the preceding quarter quarter year yea ter er and 1621 in the like Ue period of ot last lat The Te publication Steel Stel advancing avancing the he publication o of its weekly review from rom Wednesday to Monday reported report report- ed that ingot output this th week would advance slightly from last lat weeks week's rate of ot 29 per cent capacity Steel production pro pro- pro ducton however has ha fluctuated around aroud 30 per cent of capacity for tor tormore more than two months month and it will wU require a a decisive upturn to t bring brig much encouragement Perhaps when belated production on new automobile automobile automo automo- bile bie models is i started the steel stel re reports reports r ports will wU brighten Wall Wal street t estimates et- et esti mates mat indicate that tnt the two largest makers have earned nothing on their ter common stocks stock In 1 the third tid quarter |
