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Show U. S. STEEL COMMON AND CARRIERS LEAD STOCKS LOWER SELLING WAVE POUNDSSHARES By ELMER C WALZEB I'nitcd Preaa Financial . Editor NEW YORK, Oct. 23 United States Steel common stock broke to a new low fop th year Saturday., in a weak, active ttock market lis break and a drop in railroad itsuea featured. Bonds turned down after an early rise. Commodities tagged. Steel touched 674 early and then tank to below 54. off mor than 4 point. Other ateelt made corresponding corre-sponding Iosm. Outlook for lowr Jtrel operations next week brought tha Belling. Another factor in the market's weakness was tha reception given tha interstate commerc commit-ilon't commit-ilon't action In granting freight rat Increases. The amounted to only around 247.500,000 annually, Vtt Increasea in waget recently given amount'"; to around 1124,-000,000 1124,-000,000 annually. Selling Hit Rail Sailer were reported In nearly all rails before the opening. Specialist Spe-cialist had difficulty arriving at . prices. New York Central did not appear until 10:24 and then block of 15.000 ahares told at 19 , off Is point. Central tank below 19 for a loat of nearly 2. Atchiaon registered a decline of mora than 4. Southern Pacific was off mor than 3. Southern South-ern railway off more than 2 and Union Pacific down Automobile Issues were weak de-spit de-spit Imminence of th automobile show. Ordinarily th group strengthen at this Urn of year. ' High-priced Issue wera weak. Allied Chemical dropped 4. du Pont 3 s. Union Carbide 3. Monsanto more than 3, Deer A Co. 6, Case a, Westlnghout Electric mor than S and Johns-Manville mor than 3. Trading Increases Trading Increased sharply on th decline with ticker falling behind tha market despite abbreviation of quotations. Unloading cam from recent buyers who scrambled to take what profits they had left before the close of the short session. ses-sion. Stocks plunged to new Iowa for more than two year thla week and then made a tremendoua comeback that left tha railroad and utility averagea higher and th industrial average only moderately lower. Trading volume exceeded 21,000,-000 21,000,-000 shares and waa tha largeat In mor than three year. Price cracked wide open on Monday when the Industrial average aver-age closed 10.57 point lower. On X" nv it tank nearly 10 points mor and then turned around and staged a sensational comeback. It gained In tha next two session! and turned down on Friday on profit-taking. profit-taking. Steele Weakest Steel aharea were weakest and raila atrongett Retail trade failed to continue Its gain. Electricity output dipped. Tha American Iron and Steel Institute placed ateel operations at 55.1 per cent of capacity, off 7.8 points, or 12 3 per cent, and a new low since March 23. 1936. Oil inures held well. . Utilitlea made a good ehowing. Electrical equipmer'- chemical and nonfer-rous nonfer-rous metal issues wera lower. Grain wera ateady and augar gained. Cotton loat a few points. Metals were weak. Silk, hldea and rubber futures declined. Foreign currencies firmed against th dollar. |