New Britain herald., 1929-10-04
RALLY ON HEELS
 OF HEAVY LOSSES
Market Breaks Wide Open, Then
 Partially RecOVerS

New York Oct. Ip)-Wjth trading running close 10 record breaking proportions, the stock market witnessed another tremend- ous wave of liquidation today, fol- lowed by brisk rally
 Eearly declines in scores of ac- tive issues ranged from to 25 points but the subsequent recovery wiped out or cut down many Of these losses and sent a number O. shares up l to , points above yrs- terday's linal quotations. The tick CT was nearly an hour behind the market in the early afternoon, and total sales in the first two hours ran just below 9.775. .G90 shares.
 Decline Hit Records
 Yesterdays decline, which was one of the most severe in recent stock market history forced the liquidation of thousands of woaErn- cd speculative accounts but when II looked as though another wide open break was imminent strong banking Nh Ii'Ol N''N 7Aa l't' " 'l+ anu l'f i'' 'S rallied briskly. The large increase in federal reserve brokers loans. coming on top Of q week of slyadj- ly declining prices, has further un- dermin"d speculative couhd,ucr.
 Credit conditions were somewhat easier as q result Of the heavy liquidation that has taken place. but credit rates generally were still we'll ubove the levels prevailing at taJs tmo last year. Call money dropped from Gl2 10 6, and time money held steady at 2 per cent. There was q pl"n"tul supply Of funds available. ln view of Inc recent sharp decline in prices, Wall street was inclined 10 blame the huge gain in brokers borrowings on the larg" volume Of new financing iu recent weeks.
 SpccaItics Hard H.t
 High priced specialties were again hard hit ], I. Case dropped 25 points. Peoples Gas 19 @-4, Co., lumbian Carbond r., Auburn Auto Ill 3-4, and Allied Chemical 10. Newport O., Newton Steel, Coum- bia Graphophone. International Combustion. Yellow Truck, Sim mons Co.,. $ one X Webster East man Kodak, Boechnut American Power X Light and United Air craft sold down 1 to 6 1-2 points, the first five reaching new low ground for the year.
 |. $ Steel common sold down 10 210 1-4 and then Trbounded to 2l ,. or 2 pointa above last nights close. American Can rallied 3 points and Westinghouse Electric, Radio, Amer ican Telephone. Gillette Safety Razor, National Biscuit and Ameri- can &; Foreign Power snapped back to . points above yesterdays final quotations. Commercial solvents which broke 70 points yesterday, ral- ! lied @5. American Water Works ral- 1 lied If and Standard Gas X Electric . I0.
 Wall Street was none too sanguinC
 that the rally would hold, because
 it vas feared that stocks bought fo supporting purposes would b. 1 thrown back into the market, ane Ethat traders. who escaped the first ! demands for more margin, would en' deavor to tighten their holdings or the bulges. Few commission lrousos advised their customers to buy . stocks except for trading turns, Except for the publication of a series Of favorable sales and earn l inGs statements, and the action oi | the American Bankers association lr ! favoring an investigation of tho ! brokers loans situation. there was | little in tho days news 10 influcnc, i the price movement.