New Britain herald., 1930-08-01
Stock Market Sinks Rapidly Till Bulls Begin Bidding Up of Group
 Of Specialties Turning List Up
Utilities Issues Develop a Pronounced Weakness as Bears Give Them Some Attention.

New York, Aug. LPl-The stock market sank rapidly under a mere featherweight of selling pressure to- day, until bulls apparently decided quidation was ridiculous, and by quldatlon was ridivulous. and by early afternoon began bidding up a group Of speciaIties, which turned the entire list upward.
 Utilities developed pronounced weakness, as bears turned their at tention 70 this group, on reports of an impending reduction of around 25 per cent in New York city cleo trical rates. Leading industrials sasged a point CT two, but soon at tracted support.
 Trading was about as dull as any experienced during the past two years, sales during the first two hours falling close 10 50O. 900 shares Ironically enough. it was announced that the high speed tlckers, permitting rapid reporting of 6,60o,0oe to 8.000.0OG-share days. will all be installed by Labor Day.
 The feeble character of yesterdays rally vas disappointing to the bull faction, but with many indications that the recession in business has reached bottom, bears lacked cour- age. Traders generally, however ap- paar 10 be awaiting some indications as to the probable scope and dura 1 ton Of the impending seasonal ex- panslon of business before commit ting themselves very extensively to higher prices.
 Business News Cheerful
 The days business news contln- . ued of an lnConcluslve but mildly cheerful character. The National City bank, in it's monthly survey 1 found consum ption overriding pro ductlon. It pointed to the agricultur- al situation as the outstanding sore spot, but explained that excessive farm production probably would be nil If the buying power of millions now in want in the world could be improved by better trade.
 Steel Measuring
 Wall street found the analysis ot the steel situation by President Grace of Bethlehem reassurlng, but not of bullish import, for in the say ing things looked a little better, he frankly added, very little" The earnings statement of Crosley Radio, showing net loss of approximately S1,O00,00 in the first half. gave an indication of the difficulties which the radio industry has weathered. Despite settlements 1t the turn of the month aggregating about s6Qo,- 0000G0, the weekly federal reserve statement showing reduction ot about $19.0OO. .o0o in outstanding credit, and the shipment Of sl0.. 1 900, ,000 in gold 10 France, making ! total exports recently of more thaI ! $50, O,0O0.000 credit continued fairly 1 plentiful. with call money holding officially at per cent Outside Of ferings at 1 1-2, however, were soon i exhausted.
 Tn the utility group, Brooklyn Union Gas. Consolidated Gas. North American. American Power an.' Light and American Water Works lost about to points. touching new lows for the latest decline There seemed 10 be some fear that the proposed rate reduction in New York might be a signal for similar developmen elsewhere.
 r. S. Steel. American Can. West inghouse and Vanadium lost points or so, but rallied by after noon. The American Tobacco issues were strong. the old stocks gaining points or so. Case made a like gain. Diamond Match, a volatile is sue, shot up more than 10, and In ternational Business Machines, q re- cent firm spot. refecting reports of increasing sales, made fair head way, Radio turned firm after mid day.