Show STOCKS STOCK'S REGAIN P PART ART OF LOSSES Extreme Declines es Ranging From 3 to 1 7 Materially Materially Mate Mate- Reduced m Br Pun Press NEW YORK July 21 After 21 After their worst worst break since the wild days of ol 1929 stocks rallied today substantially substantial substantial- ly reducing extreme losses of ot 3 to more than 17 for scores of ot leading issues Sales mated shares the largest volume since October 1929 The ticker tape overwhelmed by the task of recording transactions in ina a market which at mid afternoon was demoralized closed at o'clock a anew anew anew new record for lor lat lateness ness for the present pres ent high speed quotation distributing system The rhe market was at its worst around o'clock when enormous offerings offer ings found virtually no buyers buers but then hardened and finished well wen above the lows United States Steel common closed at of off 5 against its us low of 01 around C Union close was was down compared with an extreme ex cx- low o of 8 a Am American rIcan Telephone after dropping to finished at off oft closed at 24 2462 62 off oU whereas It had touched 2250 Other closing quotations included Continued on P STOCKS REGAIN PART ART P OF LOSSES Continued ham from F iafe ie one Consolidated Co Gas Gu 52 off 4 65 off of Allied Aled Chemical 15 off Auburn Automobile 50 off 8 Sears Roebuck 31 oft off of 5 merican Ames Ameri American can Commercial Commer ial Alcohol 32 off ol 9 National Distillers 67 off at 9 Industrial Industrial Industrial Indus Indus- trial Rayon off ol 1225 Chrysler Chrys Chrys- ler 2825 off of Owens Illinois Glass off of Santa Sant Fe railway 60 off oU 9 New York Central off oU 7 Homestake Mining which had broken 37 1 to closed cosed 17 lower V Today's turnover was wa the largest since October 30 1929 when shares share changed hands Trading in many issues isue was ws demoralized de- de de do- moralized due to the absence of ot supporting sup porting orders Poo Pools liquidated stocks stok sup in i enormous volume and there was wa trem tremendous selling from rom speculative margin accounts that tat had collapsed Reports that the New York stock I exchange planned planed to close cloe were denied by the exchange which also alo j said that dealings had not been dealing suspended stir sus su in lit i any issue despite the chaOtic cha chao Otic tc condition of the te market J Not since the frenzied early stages of the decline four years ago had hac j the te market witnessed such a drastic 1 deflation of values value as occurred this afternoon Stocks Stock were offered for lor what they would bring brig and buyers I Ifor for a time vere were scarce arce at any price I An upswing started shortly before 3 o'clock apparently due to heavy short covering as well wel as purchases by ay traders who were were trying for or a i turn on t the theory that a 3 rebound was ws due The break c coincided with wit a tumble of ot 6 a bale in cotton not long af after te 1 Until Urt then the market had been steady to firm after ater an a irregular opening Cotton recovered from Its Us lows closing cosing with wih net losses lose of ot to 25 a bale Chief f Cram Crain Marts Mars Suspend Trading The gain grain trade drew a long breath and relaxed as a trading was suspended at all al the principal American exchanges exchanges ex ex- changes to allow alow rest from the violent sessions which culminated yesterday in the worst price collapse in man many years Following the action acton of the Chicago Chicag board bard of trade in suspending dealings dealing for the day Kansas Kaas City Minneapolis olis St. St Louis Lui and Duluth were quick to fall fal in line and take a holiday When trading Is I resumed reed tomorrow lions there will wi be limits on dally daily daly The action acton taken by directors o othe of the Chicago board bard of trade late last las night caused but little surprise Th The Te reason given for the suspension o of trading was that tired tied nee need need- cd e some rest but veteran vetran observers observer saw it as a mea means of checking th the frenzy which characterized on late yesterday Then wheat dropped upward of o 17 ceniti rye re 26 and ad other grains ia in I proportion Although it i was wa a holiday in i. i the pits pit its hundreds hundres of traders circled Unas Un easily as Uy around the te vast vat trading floor of f the Chicago exchange with wih huge crowds crowd in the gallery galler watching curl curl- curo The comparative quiet of the rading loor was in i strange contrast contrat with wih th uproar that tat usually prevails prevail Brokers Brokers' clerks clerks' worked many hours checking their records A few transactions were taken taen care of f in ir i the cash market mainly busness bui bus busl- ness nes ess that had to be cleared on newly arrived shipments shipment Traders gathered in knots to t talk the he situation over but the shouting and nd gesticulating was absent absent Most Mos ot of f them were glad of the holiday The tense worried expressions expresion of yester yeter day ay gave way ay to smiles smie and jokes and the tic enforced holiday was wa taken as asgood asgood a good goo medicine for the speculative fever ever which had infected the pits nits pit tactically all a the time tle since sice the lift lifting hit lit ing 19 of the national bank holiday The Te Winnipeg market was was' wa open a as usual as awas was Liverpool and the chIef activity of those who talked shop w was In watching ticker quotations quotation from rom these thee market arket centers Recovery Board Studies Action Reg Regarding Marts Mars I I WASHINGTON July 2 21 UP TiP TiP- U- U President resident his hi recovery administrators today were for or two-fisted two action acton if It i necessary tc to restore order in the commodity an and security markets While there were no official idi lad lad- cation that the administration influenced the deci decision lon of grain grai markets to t o suspend future trading the governments gov determination to check cheek vie vio lent ent fluctuations due to excessive speculation spec spec- w was plainly indicated As A a preliminary regulatory move the president directed Secretary of Agriculture Wallace to t order reports report from om the grain gain pits pit on all al traders committed com com- con milled beyond a certain limit For Forthe Forthe Forthe the Chicago board bard of trade the figure was ws set at bushels bushel If I this thi does not tend to t check speculation spec spec- sufficiently the government ha has power under unde th the farm act act to license all gran grain traders t-ders t and enforce on them whatever regulation it i deems deem necessary The administration wants a market as free fre as possible but reflecting more accurately the laws of ot supply and demand Secretary of Agriculture Wallace said the dive of ot grain gran prices was a natural rea reaction Uon tion from speculative frenzy In fri which the general public was widely involved He had no sympathy for traders big or little who went into the market in hopes hops of making a killing and then were cau caught ht in the collapse When prices were rising so rapidly as M to endanger the governments government's governments government's crop Wallace Walace repeatedly repeated repeated- ly by warned farmers that the prices were not Justified by actual conditions conditions condi condi- tons and would not be until acreage was wa eliminated actually reduced and surpluses Grain Market Holiday Surprises Wheat Parley LONDON July 2 21 P C News of oft the s suspension o of trading in I futures on the Chicago and Kansas City grain gai exchanges fell fel ell like Ike a thunderbolt today to t day in the midst of discussions on a proposed wheat restriction agree agree- meat ment but was Wi described describe as 2 intensifying the determination to t reach an a accord Manuel E E. and Thomas Tom A ALe A. A A Le L Breton of Argentina read tb t the dir dis d. d patch latch path announcing the suspension of trading rading and appeared very ver worried Then Senor n smiled and said ui Buenas good news One by one the negotiators cams cal from the conference room and ad gath ered around the huge bulletin bueti board board i Comments Comet were that while of prices prie in the last two days was w a serious break on trading it was Wa to the tho thing best for all al concerned Some Soe mystification was expressed at published reports that the te fall fal in i some measure was wa due to t dispatches from rom London saying the te wheat negotiations were not proceeding as a well eU eUa as a had been hoped The truth is it was stated that tat the te negotiators were close cose to t an a agreement agree age ment and that its it general form for may b be reached today my Representatives of the producing and importing countries announced after a two-hour two meeting late late- lat yesterday yester day that progress has h been made and that agreement was wa reached on a preamble expressing the sympathy of ot importers with wll the proposed acreage restrictions project project Agreement also was wa arrived at on the th first article artcle of ot a draft which provided provided pro pro- pro vided that importing countries would wod not encourage extension of sown acreage but a fight developed on th the the part t of ot the proposal concerning tar tr iffs i. i Representatives of exporting countries coun cou countries tries insisted the article arce contain cont a specific promise of reductions in tariffs tar tar- iffs iUs as soon son as an a agreed agee price prie W wa was wasI I reached i reache |