Show o. o 2 SECURITY PRICES IN NEW W YORK MARKETS j I I STOCKS NEARING BEAR MART lOW Rails Weak Drag Entire List Down Losses Are From 4 2 to 5 Points m H Hr Associated run Fru NEW YORK Feb 5 Rails 5 Rails backed up slowly in Fridays Friday's I stock tock marl market et dragging the entire list Us close to the bear market lows of ot early January Trading quickened but moderately the turnover aggregating gati c shares but net losses of 2 to more than 5 points were numerous The closing tone was weak The approach of price averages to the bear market lows made traders extremely cautious for if the market tails falls to meet support at those levels chart readers will vill look for continuance ance of ot the decline Sentiment in brokerage quarters was predominant predominantly business and trade r reports rh re- ly bearish as ns ports remained DU bu short selling was said to be meager in jn view of the difficulty in in putting out short lines in sagging market market under uder the exchanges exchange's restrictions I OFF 5 OR OB MORE Issues off 5 or more included Delaware Delaware Dela ware vare Hudson or Norfolk Western Wester and Atlantic Coast Line while losses Coast of about 2 to 4 appeared in New York ork Central Southern Souther Pacific Chesapeake Ohio N New Nw w Haven Hayn Union Pacific Reading and Louisville Nashville others In other sections of the he let lt losses of ot 2 or more appeared in m i U. U t. t S S. S S Steel American Telephone American Products Allied Tobacco B Corn Com Product Aled Chemical and Eastman Auburn dropped about 8 Standard of New Jere Jersey and General Electric sagged a point the latter to a new low In the thc rails rais the coal carrying roads were particularly heavy heavy- The Te mildness mild mildness mid ness of the winter had adversely affected affected af af- af the te traffic of those lines Carriers Carriers Car Car- rier serving the soft coal regions arc are also feeling the low rate of industrial activity While Thile the wage rate rte reduction has been regarded in financial quarters as highly constructive it ft i is pointed out a n that revival real of ben benefits freight t will wi- wi movement depend upon GIVES T INDICATION The Te announcement of the Pennsyl Pennsyl- van L na mh il it would seek a loan from the reconstruction finance corporation corporation corpora tion to aid in fri its is electrification proW pro pro pram gram gam provided another indication of r the difficulties which the lending s systems systems s are having in raising funds Nevertheless the steel industry Is still hopeful of a substantial amount of bu inc from t the e railroads as rea re re- I a suit stilt sul of the lower wages and ad probable aid ad from the reconstruction corpora cOror tion tio tor S Southern Pacific announced th lId ild shortly shorty place an order fr 1 i The Te weekly federal reserve state state- statE m m r ui n 1 increase of 42 1 I in currency in circulation was regarded as disappointing in several severa quarters Nevertheless bankers are hopeful that the campaign launched by the Washington administration to halt hal hoarding together with wit the start of operations of the reconstruction corporation will vIlI wi w within hin a few weeks begin to bring manc money mcney back to the banks baks The Thc week end business and mercantile tile tic reviews rc continued to report marked quiet In most lines Jnes although some of the lighter lines are showing some seasonal pickup The money market was wa a little tte easier casler with some call cal money offered 4 1 1 of 1 per pcr cent under the official 2 21 per cent rate Federal Federa funds dropped to per cent cent from 3 Q 3 4 yesterday |