Show I H SECURITY PRICES IN NEW W YORK MARKETS j jI I SETBACK HITS STOCK MARKET Action of Labor Leaders Held Hel Responsible for Issues' Issues Downturn I v Br Dr A Associated d Pros Pre NEW YORK Jan 22 The 22 The stoc stock market Friday experienced its sharp sharp- cst setback since the January rail rall rally got under wa way Trading was moderate mod mod- crate erate until the last hour with a turnover turnover turnover turn turn- over over of only about shares share for tor the da day but losses of 2 to 4 points point Were er numerous in prominent issues Heaviness was first apparent in inthe the industrials and utilities with rails having a period of or strength in trading The carrier Issues however turned downward on news new that labor leaders at the Chicago conference con con- ference had demanded a definite answer answer answer an an- on their program for unemployment mont ment relief before further discussion n of or wage cuts Selling of the rails however was not particularly heavy SELLING SWELLS Stocks losing 3 to 4 points included such issues as U. U S. S Steel American Can DuPont Allied Chemical Case American Telephone Eastman Santa SantaFe Issues Fe c and Norfolk Western or off 2 points or so included New York Central Union Pacific Consolidated Gas American Tobacco B Liggett Myers B Lackawanna and others Week end profit taking found orders scarce and selling swelled in volume during the afternoon Some traders were said sad to be turnIng turning turn turn- ing ng to the view that final approval of the reconstruction measure and settlement of the railway wage wag conr controversy con con- would result in more selling sell seU r ing lag on the good lood news than new buy- buy in Sag Ing Long anticipated favorable development developments de de- de- de frequently bring a rush to take profits on the theor theory that with wih the good news finally finaly out no further uther upward stimulus can be ex expected ex- ex from rom those quarters quarters These Tese traders therefore were inclined to feel that fresh news of a favorable character would be needed within the next few days to extend the markets market's markets market's markets market's mar mar- ket's recent reent advance BILL Some quarters quarter were inclined to view as unfavorable to the market markette the te bill bi introduced in congress by Senator Glass Glas which proposes c among nong restrict stock market other things to credit credit Nevertheless certain important banking quarters are arc wholly in i ac accord accord accord ac- ac cord with wih the principle that measures should be taken to prevent any repetition repe repe- of or the speculative orgy of 1929 and ad titon the brokerage loan tabulation continues to show how little the supply supply sup sup- ply of at credit is affecting the current market Today's weekly tabulation showed market a decline of in inv v brokers brokers' broker loans loas the consecutive I weekly decline deline |