New Britain herald., 1930-05-05
Enormous Volume of Or ders Puts Ticker Far Be- hind - Caution Urged by Commission Houses Wall Street Also Wary On Plunges.

market appeared to have touched bottom during the greater part of today's session, and long list Of leading shares made substantial re- corery. Wall street was inclined to take cautious view. however. pend ing determination as to whether the market was really at the bottom of the abyss, or had merely caught on a ledge.
 Stock prices again crumbled rap idly under a new wave Of selling on the New York stock exchange this afternoon. After leading shares had worked substantially higher during the earlier hours Of trading. Such issues as |. s. Steel, American Can. Radio. and United Gas Improve mant tumblcd $2 10 $ to new low levels for the current decline. American and Foreign Power tumbled more than :11 10 & new minimum for the year.
 Brokers stated this morning that the low levels Of last weekend had attracted a large amount of invest ment buying and that several pro- fessional traders had rushed into the market in expectation Of sharp runup as the hear crowd endeavor- cd 10 cover it's short sales, Com mission houses advices, however, were cautious, although many indi- cate that the market seemed 10 be close 10 bottom
 Bankers May Lend Support Brokers pointed out that further distress selling may be hanging over the market, which might encour- age fresh bear attacks It vas ru- mored that several leading bankers who supported the market last fall were considering placing heavy sup porting orders q little under current levels, but these reports could not be confirmed.
 Volume Is Enormous
 Trading progressed in enormous volume. the ticker again falling far in arrears. Stocks were dumped up on the market in large volume dur ing the first half hour, but were we'll taken. Brokers reported that large amount Of investment buying had been attracted at current levels, and that many in-and out traders were buying stocks in anticipation Of q sharp rally. Such a rally as might be attributable 10 rush Of short covering failed to appear safe | in a few stocks, however, and the apparent unconcern Of the bear 1 crowd was regarded as little dis 1 conCerting.
 Business news was meagre, and l scarcely Of a character to inspire any renewal of rash bidding up Of stocks. 1 Weekend business and trade reviews pointed 10 gradual improvements 1 here and there, and but indicated that further unsettlement in com
 modity prices remained a sore spot. Bradstrects commodity price index ] for April disclosed d decline for the ! seventh consecutive month falling to the lowest point in nearly nine years. 1 Reports from the steel centers indi- cated that operations will probably | be well maintained this week, but that further adjustment Of prices is 1 in prospect
 Call Money Drops Again
 Call money repeated Fridays pro- cess Of renewing at 1-2 per cent, then dropping 10 ,. Time loans eased further. Declining credit rates tended to bring consid ble buying into investment stocks selling on at tractive yield bases. particularly into the investment rails.
 While the major trend vas up- ward during the greater part Of the day, advances tended 10 attract re- newed selling, and were held with difficulty. Eastman Kodak was q buoyant feature, shooting up nearly 10 points, and such shares as West inghouse Electric. Nansdium, Para mount, Atchison and LoeUs sold UT
 to more than 4. Among issues
 gaining to more than 3 points were General Electric. Johns Man. vile. Corn Products, American Can American Telephone. Warner Bros and American Tobacco E. L. S. SteeI and Standard Of \. J. sold up mod erately.
 A few Of the volatile issues broke sharply, Auburn Auto tumbling 17 1-2 points to 163, then rallyinG sharply. American Water Works and Coca Cola lost several points Coppers, motors and motor acces- sories were under fairly constant pressure, such issues as Hudson
 Nash, Anaconda and hennecott
 reaching new lows.