Heavy Selling Develops
The market was. mixed at the outset although a tendency toward the downside was apparent. Early in the session some heavy selling hit steels. Thei flosses became infectious and the entire list sluffed off.</br></br>Key stocks lost from fractions to around 3 points. Only a sprinkling of the pivotal issues punched out gains and most of these were fractional.</br></br>The Associated Press average of 60 stocks fell 80 cents, to $176.20 withvthe industrials down $1.40, the rails down 90 cents and the utilities down 10 cents.</br></br>The most active stock was Studebaker-Packard, up Va at 7% on 77,700 shares. Second was U. S. Hoffman Machinery, up % at 13V4 on 37,600 shares: Third was U. S. Steel, off 1 at 63%. Bethlehem Steel, down around 3 t at one time, took a net loss of 2Vs. Youngstown dropped 2% and Republic Steel %.</br></br>Studebaker-Packard was the only steady ! member of the motor gfoup. Chrysler fell Vs. Ford and General Motors % each.