New Britain herald., 1930-09-30
Selling Stream of Past Three Weeks Reaches Largest Volume
 Of Month In Session for Today
Powerful Efforts to Sup port List Cause Erratie and Uncertain Price Movements Throughout.

4Nc" IOTk, sept. SU VJ - The stream of selling which has been flowing almost steadily through the stock market for the past three weeks reached the largest propor- klons of the month today, but pow erful efforts to support the list caused cratic and uncertain price movements.
 Prices were hammered down sub stantially early in the session, then rallied moderately. By midday a few issues showed net gains of 1 to 8 points. A fresh selling movement quickly erased these gains, however, and sent the general list about 1 to 10 points net lower, where fresh support appeared, influencing mod crate upturns in pivotal shares Trading was at the pace of about 100000 shares an hour, the swift est since June, and the new high speed ticker fell slightly in arrears.
 Most of the so- called pivotal shares sold off less than points Such issues as l.. S. Steel, General Electric. and Radio attracted good support at slight concessions from yesterdays closing prices. Oils, coppers, farm implements and sev- eral specialties however, were mark edly weak. Shares losing to points included International Har- vester, United Aircraft, Goodyear, Burroughs Adding, Columbian Car bon, and J. l. Case, the last named sliding below its resistance point of last November. Worthington Pump and Allied Chemical recorded even wider losses. During the tempor- ery upswing around midday, New York Central, Atchison, Johns Man. vile. American Can, and National Biscuit gained about ? points.
 Traders were perpleXed and dis couraged by the failure of a decisive technical rebound to appear. After three weeks decline, precedent would indicate swift, if short-lived, upswing. Some observers probably differed from several former waves of liquidation, as much of it ap- peared to be sales stock held out
 
 rather than shares weakly held III marginal accounts. Liquidation of such stock, naturally, would not im- prove the technical position of the market.
 Business and corporate news was decidedly mixed. Copper was of fered as low as 10 cents a pound, the lowest in more than 30 years, and Sinclair followed Standards of New Jersey and Indiana in slashing gasoline prices cents gallon. The preliminary reports of last weeks crude oil production, however, show cd further substantial curtailment. Also, the grain markets manifested better tone. The days rumor crop was of bumper proportions, and much of it was apparently of all irresponsible nature. Talk of un- favorable dividend action by North American was promptly denied by President Dame.
 The feeling persisted in Wall street that liquidation of securities held as collateral against bank loans was in large volume. In some brok- craze circles, it was said that there was an appreciable amount of such selling from the west and south, evidently by banks wishing to keep themselves in a strong position since the fresh declines in wheat and cotton. The consolidated condi- tion statement of weekly reporting federal reserve member banks as announced for the week ended last Wednesday showed a gain of s57,- 100000 in loans against securities so that up to that time. at least, the trend had been in the other di- rection.
 Call money renewed at per cent, against yesterdays 1 1-2 per cent rate. The low rate was unattractive to lenders, and resulted in consid- erable loan calling.