Show MARKET RECOVERS Several Rails Break to New 4 Lows Grains Drag Securities Se Se Securities Down B Br Associated Press NEW YORK Nov 20 The 20 The stock market recovered slightly in the final dealings Friday alter after one of the sharpest harpest setbacks of the month Ex- Ex Extreme losses ranged from 1 to more than ban 5 points in prominent issues but several everal recovered from fractions to 2 2 p points from the lowest Sales approximated m mated shares Rails were conspicuously heavy s everal breaking to new lows for the tle m major bear cycle as did U. U S. S SteeL W Wall all street took a somewhat pessimistic pessi pessi- ra view of the possible results of t he conferences of railway employers a and nd It was rumored that N New ew York Central might shortly un undertake un- un d an issue of in fi 6 p per er cent year 10 debentures The se- se c markets were dragged down downy b y a break in grains Japanese bonds r recovered in the late trading helping t he general tone of the bond market U. U S. S STEEL DROPS U. U S. S Steel dropped 4 points to a anew n new ew low close to 60 and closed near th the e bottom Miscellaneous issues losing los los- ju ing g 2 to 5 points included American T Telephone American Can Santa Fe B Baltimore altimore Ohio Southern Pacific N New ew York Central Eastman Consolidated Consoli d dated Gas Case and others Issues olf olfa a point or more included E General Motors and Bethle- Bethle h em SteeL The favorable banking and credit s situation revealed by the weekly federal fedral fed fed- e eral ral reserve statements was ignored b jy y a market which obviously felt the d decline had gained sufficient momentum momen momen- t tum urn to warrant lower prices espe- espe d aily since week end trade revie m made ade rather negative comment on s tate state of trade s Nevertheless Wall street could not e entirely disregard the story told by bythe t the he bank figures Money circulation d dropped indicating that t he bad case of nerves which ha had p prompted a serious amount of hoardIng hoard hoard- i Ing ng was responding to treatment It It was interesting to note that a year a ago go circulation expanded b more t than han Monetary gold stocks were increased through releases from e earmark and receipts from Japan Japao while the brokers brokers' loan total s a drop of nearly 89 per cent from f rom the speculative peak reached s slightly lightly more years ago WEATHER BLAMED Retail trade is running considerably b behind a year ago but weather condi t Lions ions are largely seasonable Duns Dun however felt justified in saying that s sales ales totals for November and DC Dea c ember cember would be brought nearly t to o the 1930 level Christmas club f funds soon to be released are arc ex cx expected to stimulate buying however i it t is possible that an unusually part of the e savings will be left in inthe t the he banks this year Although the meeting of the raIlway railway rail raIl- way labor leaders and road executives executives tives continued it was vas felt in some Wall street circles that any decisions made there might not have any im immediate mediate effect One view u was nias that a few roads might take independent nt action on the matter of wages b 71 Call funds eased slightly outside but there was little real change In the complexion of the money markets |