New Britain herald., 1930-03-31
U. 5. Steel Leads Afternoon Rally After Profit Taking Sends Stocks
 Down 1 to l7 Points In Morning
Ticker Falls 90 Minutes Behind Market as Sales Average 100000 an Hour - Sears R0ebuck Earnings Slump.


 stock market. which moved into new high ground for the year last week, turned irregular today under a heavy wave of profit taking. A score or more issues dropped 1 to Q points below Saturdays quotations with sprinkling of specialties down to IT before the decline was checked in the early afternoon by a spirited demand for U. s. Steel com- mon, which was marked up to an- other new 1880 high.
 Earlier in the session 50 or more stocks had attained new peak prices for the year on gains running from fractions to points.
 Trading was again in enormous volume, with the ticker running about half an hour behind the mar ket, the hourly average of sales running we'll over 100000 shares.
 Recession Is Technical
 The d-day reaction apparently was based on technical consid era tions, the recent brisk advance in many issues obviously having weak ened their market position and ren- dered them vulnera ble to selling pressure. When word was passed back from the stock exchange to the brokerage houses, that prices were lower on the floor than those appearing on the tape. which was far behind, there was a rush on the part of many traders to take profits.
 J. I. Case fell IT points to 253, but quickly rebounded to 166 1-2. Worthington Pump broke F l-2 and Columbian Carbon, Houston Oil, Western Union and Nanadium fell to points before they met ef- fective buying support. General Electric, Westinghouse Electric, American Power and Light, Under wood- Elliott Fisher and Checker Cab were carried down points or more, but most of them recovered at least part of their losses by the end of the third hour.
 Sears Rocbuck Earnings Drop
 The days business news was rather meagre in character. Chica- go steel mill operations were report cd as being maintained around go per cent of capacity. The 1nspira- tion and Miami Copper companies reported substantial increase in earnings last year. One of the most unfavorable developments of the day was the announcement that Sears Rocbuck from February 27 to March os had dropped more than sS,o00. 900 below the corresponding period last year, the first decrease since February 1927. Call money supply of funds rather limited. Time money, commercial paper and bank CTS acceptance rates held firm.,
 Radio was an active feature in the afternoon trading. crossing 55 to a new high record for the year. Blocks of 5000 to nearly 15,O00 changed hands at frequent intervals. Publica- tion of the annual report showing earnings of about s1.6o a share was in line wit Wall streets expecta- tions, but the sharp reduction in in- ventories since the first of the year was regarded as the chief bullish factor in the report.
 American Telephone, American Can, Sinclair, Paramount-F Famous Lasky, Liggett and Meyer issues, Co., lumf,ia Gas North American United Corporation, United Gas Improve ment, Southern California Edison. and Adams Express were among the many other issues to reach new high levels.
 Buying of the rails slowed up somewhat although Pennsylvania Wabash, Chicago Great Western common, New York Ontario and Western and Alleghany corporation all registered new 1880 peaks.