New Britain herald., 1930-05-08
Wave of Selling Sweeps Market Sending U. Steel to l93o Low;
 Rally Regains Some Lost Ground
Renewed Liquidation Later Turns List Dull-Failur of Yesterdays Rises to Hold Causes Disappoint- ment - Coppers Make Gains.

New York, May 8 LP-A sizeablA backWash of selling swept over the stock market today, after the sharp setback late yesterday. but after several leading shares had been sharply depressed, L. S. Steel reach lng new low ground for the year, the wave of liquidation quickly re ceded, and D rally set in which reached substantial proportions by earl lv afternoon. Renewed liquida- ton appeared on the advance, how ever, and the marekt turned dull and irregular.
 Some Disappointed
 The failure of yesterdays rallies to hold apparently caused consider able disappointment, and uncer- talnty over the weekly brokerage loan figures. 10 make their appear ance after the close, was an un- settling factor. The selling vas we'll absorbed, however, and it was said in brokerage circles that important banking interests, both domesuc and foreign, were still taking advantage Of recessions to accumulate stocks in considerable volume.
 An important factor in the after noon rally vas an upturn in the coppers, after their persistent pene- tration of new low levels for the year or longer. In copper trade cir cles it was reported that the latest reduction in the price, taking it to l2 1-2 cents d pound. was finally meeting with considerable buying. both from domestic and European fabricators. This prompted consider able covering by shorts who had been maintaining their positions in expectation of further price cutting, there was little inclination to resume any ambitious operations for the ad- vance in this group, however, until dividend reductions, now regarded as inevitable, are out of the way.
 Increase Disconcerts
 Steadily increasing brokers loans during recent weeks, even when prices have been on the downgrade, have been little disconcerting and Wan street would Le pleased to Sec q sizeable rvGuctlon in the fig ures to bc published late today. Wall stteet estimates, however, vary widely. slowing extremes Of drop Of $3gr. .G'0 Qua 10 all increase of s50.000. .GOu, The sharp drop in stocl. rtic,s would undel normal cir c,4il.,st. ncrs cause q marked decline. but the buying on the way down was obviously rot ali O. an invest n,ent character. and conversion Of the Am arican Telephone debentures, together with new bond offerings, are factors difficult to reckon with It is rumored that bankers have re- gently taken over about sl50,0Q0.- GOO in new bond issues and are carrying them pending more op- perfume conditions for public Of fering,
 L. $. Steel Sags to Low
 L. s, Steel sagged more than roints, touching 1853 as compared 10 a previous 1880 minimum Of l68, and bottom in November of l50. It soon rallied, however, during the morning many Of the more active issues lost to points. and some Of the high priced shares more than 10. Westinghouse dropped points, but rebounded to show a moderate gain. Radio and American Can each sold of more than } before rallylng. J. I. Case dropped II points, then rebounded nearly 30 in response to uncomfortable rumors of, an early lo-for-1 splitup. Amusement shares and selected utilities were well bought.
 Tn the coppers, such issues as Anaconda, kennecott and American Smelting sold up to more than , points, but encountered renewed selling at the top.