New Britain herald., 1930-03-12
Stock Market Hits Sales Wave,
 Many Issues Losing to 10 Points;
 Reaction Checked Near Mid-Day
Adverse Business News Starts Years Record Breaking Slump in Prices - Sales Cross g. 100000 Shares in Second Hour.

New York, March 12 iP-The stock market ran into a storm of selling today on what appeared to be a record breaking volume of busi- ness for the year. Scores of issues were carried down 1 to 10 points, half a dozen or so to their lowest prices of the year. before the reac- ton was checked at midday by a brisk recovery which materially re- duCed the early declines. Total sales crossed the 100000 share mark be- fore the end of the second hour with the tape averaging nearly half an hour late
 Selling Seems Wholesale
 While the reaction was widely re- gardcd as a necessary correction of q temporarily top-heavy speculative position, the selling received con- siderable impetus from some un- favorable business developments. Iron Age reported that operations for the steel industry had declined from 7S 10 75 per cent. with little prospect that the rate would again exceed 50 per cent in the first half Of the year; an increase of 19,719 tons was reported in the stocks of refined copper during March, and freight car loadings for the week ended March i were 79.102 cars be- low the same week of last year. and were the lowest Of any correspond ing week since 1922. One of the few bright spots in the situation was q decline of nearly 90,o00 barrels in the daily average of crude oil pro- | duction last week
 Call money renewed unchanged at 1 per cent, but supply exceeded demand, and the rate was dropped to 3 12. Time money and commer- cial paper were unchanged. Wall l street is confidently looking forward to a decrease in the New York Fed cral Reserve rediscount rate tomor- TOW.
 Almost Entire List Hit Early selling embraced practically the entire list but was most effective in the public utility, steel. electric equipment and chemical groups. U. $. Steel common sold down points to l19 IS, Dow Jones reporting that operations of the corporation which had been maintained at between S5 and S6 per cent of capacity for three weeks had dropped to S2 per cent. Nanadium and Inland also sold off sharply, although the former fully | recovered it's loss by early afternoon. Auburn Auto and Peoples Gas broke 10 1-2 points and Air Reduc- ton, Columbian Carbon, J. I. Case l and Westinghouse Electric sold down 6 to 1-2 points before they met effective buying support. [. S. | Industrial Alcohol sank down 6% points to a new 1880 low at 1o5, but quickly snapped back above 107. Simmons Co. was carried down near ly points to 5S IA, the lowest price since 1927. American 65 For eign Power dropped 10 new low at S5.
 Other Issues Fall
 Eastman Kodak. Keith Alhee Or pheum preferred, American Can. In- ternational Harvester, Johns Man vile. DuPont and Coca Cola sold down 3 10 1-2 points.
 International Match preferred was bid Up 1-4 points to S1, and Elec- tric Power X Light 1 5-S to v IA, both new peak prices for the year. American Republics and Atlantic Refining also reached new high ground.
 THE MARKET AT 2:3O-3:OO r. NJ. Total sales to 2:10 D. m.-3, ,496,-