NEW YORK, OCT. 12 -- The stock market declined broadly again today, extending last week's steep drop in a quiet Columbus Day session.

The Dow Jones average of 30 industrials, down a record 158.75 points last week, dropped another 10.77 to 2471.44.

Volume on the New York Stock Exchange came to 141.87 million shares, against 158.31 million in the previous session.

Activity was slow because many traders took the holiday off.

Analysts said the market was having trouble attracting buyers, given its poor recent performance and intensifying competition from interest-bearing investments.

Yields on long-term Treasury bonds flirted late last week with the 10 percent level, as high as they have been in nearly two years.

Optimists looking for some help for the stock market were focusing on Wednesday's scheduled report from the government on the nation's trade balance for August. Most advance estimates call for the data to show improvement from the record $16.5 billion deficit between imports and exports posted in July.

From the record high of 2722.42 it reached on Aug. 25, the Dow Jones industrial average has now fallen 250.98 points, or 9.22 percent.

Losers among the blue chips included International Paper, down 1 at 47 3/4; McDonald's, down 2 5/8 at 47 1/2; Merck, down 4 1/4 at 195 3/4; Coca-Cola, down 3/8 at 44 7/8, and Ford Motor, down 1 at 93 3/4.

Ford agreed to acquire U.S. Leasing International for $68 a share, sending U.S. Leasing's stock up 14 1/2 to 67 1/4.

International Business Machines gained 2 1/8 to 149 1/2; General Electric 1/4 to 58 1/2; Eastman Kodak 2 1/8 to 101 1/4, and American Telephone & Telegraph 3/8 to 32 7/8.

Glaxo Holdings was most active, down 4 3/8 at 23 7/8. Analysts said the earnings gain posted by the London pharmaceutical company for the year ended June 30 fell short of some expectations.

Salomon Inc. rose 3/8 to 36 7/8. The company said it completed a "strategic reappraisal" of its Salomon Brothers subsidiary.

The Limited Inc. gained 1/8 to 28 7/8 in active trading. The company said it had finished a 2 million share program of repurchasing its stock and has been authorized by its directors to buy back another 7 million.

Declining issues outnumbered advances by more than 3 to 1 on the NYSE, with 377 up, 1,210 down and 368 unchanged. The exchange's composite index fell 1.12 to 173.52.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 165.94 million shares.

Standard & Poor's index of 400 industrials fell 1.68 to 309.39, and S&P's 500-stock composite index was down 2.15 at 359.21.

The Nasdaq over-the counter composite index dropped 5.39 to 433.04. The American Stock Exchange's market value index closed at 343.57, down 3.24.