New Britain herald., 1930-12-17
Stock Market Experiences Most
 Clearly Defined Selling Climax
 In Weeks Today Prior to Rally
List Quickly Recovers Losses of Two to Six Points - Several Gains Shown.

New York, Dec. IT LP)-The stock market experienced the most clearly defined selling climax in weeks to- day, and rallied vigorously.
 Selling Of the rails, oils and mis- cellaneous issues plunged the list further into new low ground during the morning, but soon after midday, a sharp rebound occurred. The list quickly recovered losses of 2 to points, and several shares achieved net gains Of similar extent. Trading was in large volume in the morning but slackened after midday Some of the commodity markets rallied in sympathy.
 Allied Chemical dropped four points, and rebounded ' from tine bottom. Atchison tumbled and bounded back 6. American Tele- phone sold off 1 points to the low est in three years. then recovered. [. s. Steel declined more than a point to the cheapest price since 1928, but rallied 10 show a gain of 2 Other shares making net gains of " points or moro included North American. Eastman, Bethlehem, h. ternational Harvester. American Wa ter Works and American Can, Coco Cola dropped 6, then recovered in part. Case, which resisted the morning selling, surged up more than 5 points.
 Steel Holds Steady
 Most of the mid week business statistics were viewed as mildly fa- vorable. The steel trade reviews indicated that tngot production has held steady in the past week. after several successive weeks Of declines. Some further slackentng is expected with the approach Of the holidays, however.
 American Metal Market" said that steel producers who had not been optimistic regarding im- proyement Ill January now expect the steadier price structure ito in- tiuence buyers all down the line" It added that many buyers now feel that there is q better chance ot prices advancing than declining fur ther. steel" however, expressed the opinion that the price structure remains largely untested.
 The mid-week petroleum statistics showed a small decline Of 62,000 in gasoline stocks, although retiners in- creased their operations by per cent This could not be construed very fayorably in view of the con- mCnt of The Lamp" official organ of Standard Of New Jersey, which said that the refiners must cut their production from z 10 5 per cent, if the troubles of 1930 are to be obyi- ated next year. Crude production showed q slight gain.
 George Leigh-Jones, president of the Shell Oil Co. of California. how ever, was moderately optimistic on sailing for Europe. He said there is ar increasing tendency ito cooperate and devise remedies to improve the industry" Wholesale gasoline at Chicago continued to ease, with quo- tations at Is to i 5-8 cents, against 1 1-4 to 5-5.
 The report Of freight car loadings for the first week of the month showed q larger than normal gain from the Thanksgiving Day week. The total was about l , 1-2 per cent under 1929 and p per cent under 1928. Electric power output for the second week of the month showed q moderate gain over the first week, and while 5.S per cent under 1929, was 1.9 over 1928, a larger gain over that more normal year than was shown in the previous week.
 Call money came down to ? per cent, after renewals at 1-2, reflect ing the easing of the money market by the government over-draft at the reserve bank. Money moved up from per cent last Friday for the first time in more than two months.