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Show STOCK MARKET DRIFTS DOWNWARD AFTER EARLY ADVANCE T " XONGRESSFAILS" TO HAVEEFFECT By KLMKR C. WALZER I nited Pre Financial Editor i NEW YORK. Nov. 15 Stocks were firm at the start Monday but t drifted lower. later in light trading. (ippnmg nf mnpresH and Pr esi- ' dent RooKevelt's speech had no effect ef-fect on prices. Traders enumerated ;the following reasons for the setback set-back : I 1. Another drop in steel production.' produc-tion.' The American Iron eV Steel Institute reported the steel industry scheduled to operate this week at 31.4 per cent of capacity, a decline of 46 points or 11.2 per cent from last week's rate and the lowest since July 8. 1935. 2. Lack of demand for new automobile auto-mobile models, which brought selling sell-ing into automobile shares. 3. An impaired technical position because of last week's recovery. There was some disappointment over the fact that the president, in his address to congress, did not ! eliminate demands for wage-hour JJefiiAlution, flurpluacrou tontrol... government reorganization and regional re-gional planning, but his statement I that he intended to send another i message to congress shortly on a housing program financed by private pri-vate capital was seen as highly favorable. An encouraging item in the mar I ket'a behavior was the reduction in voiume on the decline. Losses were small and all leaders held above their recent lows. Steels were most active. A fairly large amount of business also was done in n on ferrous metal issues and motors. Utilities were moderately active with prices slightly lower. Farm shares were mixed and mail orders lower. Building issues were firm. United States Stec! touched 62i and later sagged to 58 Vi, off 2 . Bethlehem Steel lost more than a point. Copper issues were down fractions to more than a point with Anaconda the leader. Phelps Dodge lost a point. Westinghouse Electric touched 100', off 41'-. General Electric eased fractionally. Chrysler Chrys-ler fell to 67'i. off 2S. |