New Britain herald., 1930-04-15
Copper Stock Slump Follows Drop In Price of Red Metal and
 Causes Sharp Market Decline
Break in List Followed by Irregular Recovery in Response to Brisk De- mand - Case Again Jumps 10 Points to New High.

New York, April IS GP-The stock market experienced a sharp sinking spell today in which most of the copper stocks sagged to new low levels for the year and then made irregular recovery in response to a brisk demand for some of the high grade industrial issues. Early de- clincs ran from to points in the active issues, and from to 12 points in few specialties, but the reaction was checked at midday, and prices headed upward in the early afternoon.
 Copper Cut Blamed
 A slash in copper prices from IS to 14 cents 8 pound, which has been rumored for several weeks, was the principal disturbing factor. This led to heavy liquidation for both ac- counts but offerings were well ab- sorbed. The unsatisfactory copper situation has been the chief deter rent to bullish operations, and with the cut finally out of way, many ob- servers inclined to the theory that the market was in much better position to advance.
 On the announcement of the cut in copper, Granby dropped 5-S points to 51 IA, Anaconda to 6S1a Calumet & Arizona 2% to 70; Ken necott ? IA to 501s. and American Metals to 43 3-S, all new low prices for the year. Magma, Calumet & Hecla, inspiration and Nevada clines were not as large. Strong buying support was quickly upplied for the leaders and brisk recovcries took place. Anaconda quickly cross ing 70. The cut in copper is expect ed to stimulate buying by large con- sumers who have been pursuing q hand-to- mouth policy since the 1S- cent price was put into effect about a year ago. It was pointed out that most of the leading producers were able to make satisfactory profit at the fl cent price, which is likely to be maintained.
 Extra Dividend Given
 Extra dividends were declared during the day by Cumberland Pipe Line, Atlantic Coast Line and Jewel Tea. Walter r. Chrysler, head of the automobile company bearing his name, told stockholders today that an examination of the fundamental factors underlying the business sit- uation tends to be reassuring. Gen. eral Electric reported first quarter net profit of s15,042,521 as con- trastcd with sl4,505,9S6 in the same period a year ago, equivalent to 50 cents a share on the common this year as against 4S cents a share last year on comparable basis.
 In the early selling, Peoples Gas broke 12 points, Warren Bros. told) s 1-4. and Allied Chemical, Amcrl can Telephone. Atchison, A. NJ. By CTS, Underwood Elliot Fisher, West crn Union and Industrial Rayon sold down to nearly points.
 Merchandising shares were heavily bought in the early afternoon on re- ports of good eastern business. As. sociated Dry Goods crossed 50 to 3 new high for the year and May De partmcnt Stores, Montgomery-Ward and Woolworth were marked 1 tc nearly 3 points above yesterdays f. nal quotations.
 Case Jumps 10 Points J. I. Case jumped 10 points to ] new high at 309. Westinghouse Electric, which is expected to rcceiv- q large block of Radio Corporation common stock in exchange for "a dio patents, ran up more than points to a new high for the veal above 201. The stock sold as low as 40 this year and touched 100 1T the break last fall. Last year tho high was o92 5-S.: American Car sold at 155 for the first time thi; year. Standard Gas & Electric ra, up nearly points to new higf at 130.
 Radio Corporation common ana L. $. Steel common quickly con, vcrtcd carly declines into net gains THE MARKET A8T 2:30-3:OO r. NJ Sales to 2:l0 D. m.-S, ,G01,20Q shares.