Show STOCK MARKET 1 HITS KITS LOW AREA I Stubborn of Prices Continues During Dull Dul Session m a Associated Press NEW YORK Feb 9 The 9 The stubborn I I of prices pries brought the stock market into the area tea of the bear marI market market mar mar- I ket low of early January today The Thc I list was quiet and nd most losses fractional fractional frac frac- tonal but some gome issues declined a a point or two and Auburn Aubur broke more I 0 than 8 points point The closing cosing tone lone was wai wasI I heavy Sales approximated 1100 shares share The market had a 3 period of firmness firm- firm mess ness in the early trading but turned heavy with wih the further wide break r I in n Auburn Aubur which went below par Some traders have turned rather bearsh bear bear- ish sh on motors of at late as a result of signs igns of ot a flagging lagging of public buying interest since the January shows General Motors was offered in a few large blocks but lost only a minor fraction Nash sagged a point to a anew anew new ew low and Chrysler lost nearly as much Miscellaneous issues losing about n a point included U. U S. S Steel American Amerian Ameri- Ameri can an Telephone DuPont Consolidated Gas las Case Scars Sears and md Standard of N. N F. F J. J Eastman and Cola Coca lost 2 points each American Can recovered ered red partially after sagging a point point RICE PRICE DECLINE The Te stubborn of or prices prie in n recent sessions has become rather wearing on Wall Wal Street nerves But despite prevalent bearishness in speculative spec spec- quarters the stock exchange restrictions on short selling and the light ight volume of selling have made traders wary of the short side of the market market Ordinarily with wih the market hesitating around new low ground bears cars might be expected to make vigorous vigorous vigrous vig- vig orous rous efforts to break the list through its is ts previous resistance levels levels One factor which undoubtedly is making traders cautious about extending extending ex- ex tending ending their short commitments Is Isic the ic beginning of operations of the reconstruction construction finance corporation The he corporations corporation's distribution of cir cir- cr- cr ulars to prospective borrowers explaining ex- ex laining the procedure of or applying for or loans was regarded as influencing a better beter tone in i railroad bonds Leading Lead- Lead fag ing ng banking quarters however howe are inclined to expect that the full ful benefits bene- bene fits ft its of the corporations corporation's work will vill wille wi be e felt fel only over a period of months EARNINGS LOW LOWThe LOWThe LOWThe The low state ol ot corporate earnings and nd tardiness of seasonal Improvement Improvement Improve- Improve ment ment remain the chief factors in the theather rather ather gloomy speculative atmosphere atmosphere atmos- atmos phere here although in some important banking quarters the opinion is expressed ex- ex pressed that a slow and stock maket market is about the best that can be expected at this phase Omission of Illinois Centrals Central's Centrals preferred pre pre- erred dividend had been cd ed and was counterbalanced by the ordering of the te regular quarterly common payment of by Norfolk Norfolk Norfolk Nor Nor- folk Western Wester Union Pacific's dividend dividend divi divi- dead meeting on Thursday is awaited await await- ed with wih interest interest In view of the recent re rc cent reduction by Santa Sant Fe some observers are re inclined to look for similar action acton by Union The money market which has shown a distinctly firm tone occasionally oem occa of late cased somewhat to to- to day One dealer raised the rate on day 90 acceptances but outside call cal money was quoted at 2 4 1 per cent against 2 2 1 yesterday and federal funds were more plentiful |