New Britain herald., 1930-03-26
Stock Market On Erratic Course
 With Some Issues Hitting Highs;
 Others Decline On Profit Taking
Better Business Helps to Raise Price Levels - Some Houses Urge Cau- ton, Believing Recovery Too Sudden.

New York, March 26 LP) The stock market pursued an cratic course today as opposing speculative interests continued to struggle for control of the price movement but the main tendency appeared to be upward.
 Fifty or more issues moved into new high ground for the year on gains ranging from 1 to 9 points, while a scattering of others sold down l to 5 points on profit taking and bear selling. While the volume of trading was not as large as that Of yesterday, the ticker again ran far behind the market, the delay at the end of the third hour being more than 30 minutes.
 Two constructive business develop- ments helped to maintain bullish en- thusiasm. They were the report that export sales Of copper yesterday were the largest of any single day since last September, and the Iron Age Re- views report of a small upturn in steel production, the first since the middle of February.
 Call money renewed at } 1-2 per cent and was in fairly plentiful SUD- ply at that figure. The time money market was dull and somewhat firm CT. presumably in reflection of the two increases In bankers accept ances yesterday. Officials of the New York Federal Reserve intimated that they are committed to an easy money policy as a stimulus to busi- ness but the rise in bankers accept ances leads to the belief that no further reduction in the rediscount rate is contemplated at this time.
 Several commission houses adhere to the theory that the recent rise in many issues has been too rapid, and urge a Tightening of speculative commitments and scale buying Of seasoned dividend paying industrials.
 Extensive switching from recent leaders to issues believed to be be- hind the market accounts for much of the recent irregularity.
 Nanadium Steel. which has been the spectacular individual performet all week. again moved over a wiu3 range today.
 The stock, which dropped from a record high of 1o4 !: to 114 in the last hour of trading yesterday ran up to 122 today and then fell back to 116 before fresh support Waf forthcoming.
 Public utilities were again in the forefront of todays advance. Flee tric Power & Light was the specta, Cular feature, crossing S9 to new high for a gain of more than 1( points. Western Union, which ha been weak on rumors of new tinanc ing, jumped s points, Brooklyn Union 6 and American Power ant Light 5-S went to new top a IT. One block of 35,O0O shares o General Electric changed hands q so, followed by a further advanc, into new high ground.
 Among the many other issues tt eclipse their previous 1880 hisf prices were United Aircraft, Ma tional Air Transportation, Bullart Co.,, International Harvester. Johns Manville. Commercial Solvents Mathieson Alkali, Air Reduction Columbia Gas, Superior Steel, Stan dard Oil of New Jersey, Rarnesdal Continental Oil, Houston, Colorad, Fuel, Chicago and Eastern Illinoi common and preferred, Atlanti Coast Line, Borge Warner and Mid land Steel products.
 National Biscuit Gold stock) drop ped 4i3 points, and United Carbon Indian Refining certificates, Auburn R. H. Macy and Advance Rumely to Sla.
 American Locomotive sold at an other new low.