New Britain herald., 1930-10-10
Sharp Declines In Harlay Clarke Interest Stock Cause of Alarm
 Throughout Wall Street Today
Shares Receive Strong Sup port, However, and Sue ceed in Recovering Most of Losses.

-NtW 1Ork, Oct. u I) The blackest cloud of gloom Wall street has experienced since last Novem- Der suddenly broke away to let in the sunlight today, as a dizzy de-: cline in share prices was suddenly reversed just before one o'clock.
 Selling poured into the market in enormous volume during the early hours of the session, but it was well taken until around midday, when sharp declines in stocks identified with the Harlay Clarke interests caused widespread alarm. These shares suddenly met strong and eff fective support, however, and ral- lied spectacularly.
 Among the Clarke, stocks, identi- fled in Wall street with Pynchon & Co.,, Fox Film dropped points, and regained it's loss. Loews tumbled 10, and regained most of the decline. United Light A dropped points to 20, but soon got back to 26.
 General Theaters Equipment tum- bled nearly s points to fl 1-2 before rallying. Industrial Rayon, which has been known as a Dur ant stock, tumbled 34 points to 31.
 Losses Numerous
 Elsewhere in the list, losses of , to points were numerous, but were sharply reduced. U. s. Steel touch- ed a new low at IA 1-2, and Amer ican Telephone at 192 3-4. Losses of and 5 points in Eastman and Allied Chemical were converted into gains of ? to 8.
 The days business news was dom- mated by the thrilled tonnage re- port for U. s. Steel as of Sept. 3O While the report showed a drop of 155,S66 tons to the lowest level in three years, the decline was moder- ate indeed in contrast to the drop of 441,S51 in August, and although some optimistic observers had look ed for little change, it was appar- ently small enough to discredit the loudest of the calamity howlers, for speculative spirits were immediately buoyed up. This helped to lay the foundation for the rally in the stock market an hour later.
 The war clouds in Brazil where rebel forces have threatened the sta bility of the new government pre- government, state, municipal and in- dustrial bonds. as we'll as other Latin American obligations. Losses | in four days have ranged as high as 30 points and many have dropped IS and 20. Brazilian 61zs, sold around 50 today compared with a close on Saturday of 721s. Rio | Grande Do Sul Ss have dropped more than 20 and Sac Paulo 6s of 1868 are off 15.
 | European bonds were easy tc weak. German 5as which has drop. ped 5 points during the week to g new years low and the Dawes |, per cent issue resumed their decline French Is and 71as which have beer very stable throughout the week sold off about F point from thell years high.
 1 Speculative industrials, second and third grade railroad isues, and stock privilege bonds showed declines oi from 1 point to ? or 8. Many prime bonds were off good fractions. The market as a whole, however was governed by conditions within itself. Efforts to support it were o1 scant success during the morning, as the unsettling influences of yester, days turbulent session still held the market in their grip. The sharr declines apparently necessitated wholesale dumping overheard oi impaired marginal accounts. Fur. | thermore, the failure of the market to meet more effective support al the low levels of last November ap. l parently had caused much nervous. ness and considerable unreasonine liquidation of investment holdings An increase in the floating supply ot U. S. Steel of .2,765 shares betweer June 30 and Sept. 30 indicated that | this sort of liquidation had been ir progress. although the increase was comparatively small.