Stocks Decline to New Low for Year As Market Continues 'Readjustment
The drop to tfie new low levels smothered a timid recovery movement that had started from the previous 1953 low of two weeks ago.</br></br>Selling at one time built up to an intensity not seen since last spring. All sections of the market were engulfed in the lower movement.</br></br>Principal sufferers were the railroads, motors, steels and oils, although few major divisions of the market escaped the selling.</br></br>The turnabout came when the market demonstrated that it could not muster enough support to continue its upward swing with any degree of vigor this week after the three-day Labor Day weekend. ,</br></br>A fall to a new low by the railroad average soon was followed by a drop in the industrial average to a new low. That convinced traders the market still was going through its