Show STOCKS SKID ON N. N Unfavorable Devel Develop ments in Business Cause Liquidation I IBy By STANLEY W. W Associated Press Financial Ed Edito NEW YORK March 12 13 A p Stock prices broke broe sharply tod response to n. n series of bear r raids and heavy liquidation Inspired ti unfavorable business Tho net declines In many of the speculative I leaders cad era ran from 3 to 10 points with final quotations c g orally around the tho lowest of ot tho day A temporary rally took place the tho early carly afternoon on a a. of the call money rate but BO so gi was the volume of offerings that bullish operations were abandoned but not until after rr more than a a. score py es including about a dozen i. i iad ad been to a new high record for the ye Trading was vas In very heavy i vol ume with the tho ticker running as much as holt half an hour behind tho market The Tho days day's sales tots shares While tile the reaction was wa wl regarded as a necessary corre correr of a temporarily top lop heavy ape ope tivo position the Belling roc roc- i considerable Impetus from M unfavorable business d Iron Ago reported that op operations for or tile the steel industry had from 78 to 75 per cent with II little prospect that the tho rut raU lj ac exceed SO per cent In i t i j halt haltof of the tho year An of jf tons OhIO was reported Ii In thu tuck of refined refilled copper during and freight car loading for the of last hat year and were the lowest of any corresponding week since l r rOne One of the toss few bright spots in situation was a a. decline of nearly barrels In lit the tho daily av average r of crUde oil production last week Call money renewed unchanged at 4 per cent but the supply exceed exceeded exceed exceed- ed the tho demand and the tho rate was dropped to 3 1 Time money and commercial paper were unchanged Anil ahl street Is confidently look lookIng forward to a decrease In th the N New NewYork York federal reserve rediscount r rate tomorrow Early selling embraced practically practical practical- ly the entire list but was not ef Jn in tile tho public utility sti steel electric equipment and groups U. U s. s steel common s zold down 3 points to 1 8 l Dow ow Joi Jones reporting that operations of the corporation which had been ma maIn maIn- tamed at between 85 and nd SS 5 Pc cent of o capacity for three wee week had iad dropped to 52 per cent Var Vanadium Vana- Vana and Inland also sold oft sharply although the former fu fully recovered Its loss by early carly aft alter alter- loon Auburn Auto and Peoples People's C Gao broke 10 2 1 points and Air ion Columbian Carbon J. J I. I Ca Case md anti WestInghouse Electric s slown sold down lown 6 to 7 2 1 points before th their net effective buying support U U. S. S Industrial Alcohol sank ank down 6 3 3 1 points to a new 1930 low at b but quickly snapped back above 1 Simmons company was card lown nearly 5 points to 53 1 4 t loWest o price since sinco 1927 1937 American and nd Foreign Power dropped 5 to a ae ew e low at 55 |