Show BEARS ATTACK STEEL STOCKS ten Geri Motors Goes Down DOm Downto to 1 8 High Grade Industrials Drop NEW YORK Oct 27 By By The As As- Associated Press The The recent buying burini movement In the stock market which had brought a B. number of Issues up substantially from their low levels le earlier in the weck week appeared to have lost much of its momentum today The volume of speculative U e sales press press- pressing pressing ing on en the general market drove some of the leaders to new low Jow levels for forthe forthe forthe the current decline INDUSTRIALS LS I hEAVY UtA T Bear Beu pressure was focused on the steel sue group United States Steel and several of the independents suffering severely on pessimistic comment over current earnings and prospects pro Ef Ef- Efforts Efforts Ef- Ef Efforts forts to safeguard some of the profits garnered In General Motors on the brilliant third quarter showing brought out a ft steady surplus of this stock and particular heaviness was displayed by other high grade industrials including IncludIng ing American Smelting General Elec Electric and International Harvester Han General Motors sold as low as 18 and Steel Sud got down to before a II rebound ot of about a B. point occurred Some other shares appeared to reflect urgent selling soiling U. U S. S Cast Iron Pipe losing lesing 8 points and General Railway Signal I Philadelphia Company Air Reduction and American Machine Foundry Found 3 to 5 S. The setback in the rails ralls Induced by reports report of lower earnings by such roads as New York Central Cental Atchison Pennsylvania Pennsyl and Baltimore Ohio was especially pronounced in the div dl dividend paying shares especially AtchI- AtchI son New York Central and Canadian Pacific e. e Quite Quit a few stocks reflected con con- constructive constructive operations United Drug was up 44 4 Rossla Insurance 5 5 International International Shoe 7 and Hocking Valley 10 10 the last named mounting on odd lot transactions The force of the telling selling movement appeared to have he been spent by ear ear- early early early ly afternoon when there were signs of accumulation in particular stocks and brisk covering so that various Issues retrieved ed much of their earlier losses The closing was firm Fast Past moving m v- v vIng ing stocks headed the upward procession procession sion son of prices in the final hour when a number of shares were ere substantially above yesterdays yesterday's final figures Marked buoyancy was again exhibited by the insurance group Fidelity Phoenix advanced 7 7 Continental II and Rossla a. a 14 I 4 points Case Threshing Machine gained 44 4 and ald good ad advances ad- ad advances vances were accomplished by A. A M. M ayers Byers Cluett Peabody and a 1 number numb r of baking shares Total sales approximated 1 shares |