Leading Groups Decline
NEW YORK, Aug. 21 6P)ÛÓThe stock market went into a steep decline today and advanced toward the close but not enough to wipe out its earlier losses.</br></br>The' decline saw oils, coppers, steels, air* crafts and other leading categories hammered down in sharp selling waves with losses extending to five points.</br></br>Toward mid-afternoon the market hit the comeback trail. Prices steadied as the pace of trading slackened, and then came a slow and gradual ascent. Losses in many pivotal stocks were reduced by substantial margins.</br></br>The selling earlier in the day was various-I ly attributed to tight money and firming interest rates (leading commercial banks in I several cities upped the prime rate they charge on loans to top-grade borrowers) Û÷and to unfavorable developments in the Suez Canal dispute. Some traders were unhappy over IndiaÛªs refusal to back the settlement proposed by Secretary of State Dulles at I the 22-nation conference in London.</br></br>The stock market, as measured by the Associated Press average of 60 key issues, was down $2.10 at $184.80. The industrial component of the average was down $3.30 at $267.50, the rails down $1.40 at $135.80 and utilities off 70 cents at $75.10.