New Britain herald., 1930-04-02
Record Breaking Market Pace Sees Bulls In Harness But Increasing
 lrregularity Threatening Advance
Bears Oppose Advance Without Much Success Despite Heavy Profit Taking - Little to Dis turb Trend in Business News.

New York, April 2 P-Trading on the New York stock exchange continued at q record breaking pace today with the market showing in- Creaslng lrregularity, but with the bulllsh forces still in control of the price movement, flurries of selling swept through the market at ire Quent intervals, but new leaders were quickly brought forward, and the general level of prices invariably worked higher. Total sales crossed the 2,5O0,000 share mark at mid day, with the ticket running more than half an hour behind the mar ket in the carly afternoon.
 Heavy Profit Taking
 Heavy profit taking was apparent ln many issues today in anticipation of a large increase in federal re- serve brokers loans tomorrow. Bear traders stubbornly opposed the ad- vance in many issues but they caused only temporary set-backs. Worth- ington Pump, which sold as low as IF yesterday, snapped back to 136 today. United Aircraft was carried down F. to S9, in the morning but had rebounded to a new high at 92& by early afternoon. Similar re- covercs took place in numerous ether specialties.
 While public participation has been showing a large increase in volume, some of the large commits sion houses report that small spec ulators arc not being loaded up with stocks. due to extensive switch ing of commitments. Transfer of numerous blocks of 5000 to g5,000 shares in the last few days is be- licved to be due, in part, to buying by strong financial interests, pre- sumably for the account of invest mcnt trusts.
 Not Much In News
 The days business news did not furnish much ammunition for spec ulators for the advance. Freight car loadings in the week ended March c2 totaled only S7o,542 cars, d drop of 5,645 below the preceding week and a reduction of SS,5S5 cars below the corresponding week of 1929.
 The Iron Age Review reported q moderate upturn ill steel output but explained that no sharp rebound in activity was looked for and indicat- cd that some producers believed that the industry would do well to maintain it's recent gains. Pig Iron output, in contrast with the de- cline in steel ingot output, increas- ed about per cent in March, the daily average for that month being the largest of any month since last November. The American Pctro- leum Institute reported a decline of 21,700 barrels in the daily average of crude oil production last week.
 Radio, in which a large short in- tcrest is reported to have developed, was again a strong feature in to- days market, crossing 5S to a new peak price for the year. J. P. Case jumped nearly z points on uncon- tirmed rumors of merger discussions $ with Allis-Chalmers. Coppers gath cred strength on reports of a bet ter export demand for the red metal and the optimistic trade fore. casts of leading executives in the industry, Anaconda, Cerro De Pas. co, American Smelling and kenne. colt reaching new high ground.
 Some Show Increases Among the many public utilities industrials and spccialties 10 register new peak prices for the year were: American International. Hendix Consolidated Gas, Electric Power and Light, North American Co.,, Ma. tional Power and Light, American water works, United Corporation Standard Oils of California and New York, Sinclair. Skelly. Rio Grande Western Oil, McKeesport Tin Plate Moon Motors and Pierce Arrow common.
 American Telephone and Western Union each sagged points and New York Central. Public Service of New Jersey, American Tobacco "B" Eastman Kodak, Liggett 6o Meyers 'B', Auburn Auto, K. II. Mack and CrcX Carpet were among the many issues carried down ? to 1 points.