New Britain herald., 1930-10-14
Trading Turns Relatively Quiet As Share Prices Make Gradual
 Recoveries After Liquidations
Sale of Large Blocks Dur ing First Few Minutes Depresses Prices Near Fridays Lows.

New York, Oct. IA P-Trading turned relatively quiet, and share prices made steady and broad re- covery in today's stock market, after q furry of liquidation at the open ing, representing an accumulation of selling orders over the weekend, and possibly the final jettisoning Of weakened accounts.
 Sale of large blocks, several in diyidual transactions running from 5000 to 12,000 shares, during the first few minutes depressed prices close to the lows of last Friday, but the resistance met at that level Was impressive and prompted extensive short covering. In this connection it was notable that economic advis- ory services in their weekly advices to customers cautioned against be- ing frightened into disposing of good securities, and at least one of the larger services advocated substantial investment of funds in selected stocks around recent levels.
 The first furry of selling depress- ed prices about 1 to points, but by early afternoon, there were numer- ous net gains of like extent. most pivotal shares showing advances. Trading was in fair volume, but fail ed to reach the proportions of last Friday or Saturday. U. g. Steel de- clined 33t points to 144A, within a fraction of its low, then made full recovery. American Telephone converted an early loss of more than into a gain of 3. Allied Chemical dropped nearly 4, then rebounded to show a gain of about ,. General Motors sold off a point to 34 1-4, and was one of the few prominent shares, reaching new low ground, but it quickly rallied.
 News Measuring
 News of the day and the week end was largely reassuring. Further selling pressure in the grain mar lets was one of the few adverse in- fluences. Brokers stated that the two-d day weekend closing had per mitted the financial community to make a sane appraisal of the stock market situation, and that conclu- sions were in the main cheering.
 The reduction of s215,000,00 in loans on securities by weekly re- porting federal reserve member banks was accepted as indicating that real cleaning out of trouble some situations had been extensive. This reduction was considerably larger than the drop of $15S, 100000 in brokers loans. In recent months brokers loans have fallen much more rapidly than bank loans on se- curities, indicating mere transfer of loans from brokers to banks. reversal of the tendency was regard ed as decidedly cheering. As these statements were for the period ended last Wednesday. statements for the week covering the huge selling wave last Friday may show much further progress.
 American Telephones third quar- ter earnings statement showed d litt!e improvement over both the preceding quarter and the like quar- ter Of last year, and was marked ly better than had been expected in some quarters. Earnings per share of $2.55 were substantially less than the $3.10 of the same period a year ago, owing to larger capitalization, but showed that the years dividend was being earned by a substantial margin.
 Other corporate news included a statement by President Sargent Of Chicago Northwestern that Septem- Der earnings were the best of the year, U. S. Rubber reported produc- ton of tires last month was 22 per cent greater than August, and that it is planned to continue this sched- ule through October; sheet steel producers in Chicago reported ship ments in the first ten days of the month as nearly double those in the like period a month ago.
 Call money remained steady to firm at per cent.