New Britain herald., 1930-09-05
Bears Decide to Abandon Their Two-Day Struggle to Recapture
 Market So They Resume Buying
More Optimistic Reports Regarding Retail Trade Seen as Evidence of Sound Condition.

New York. Sept. 5 P-After struggling with the stock market for two days and barely scratching it's surface. bears decided today that for the moment it was too hard a nut to crack, and precipitated brisk upturn in share prices as they bought back the stocks sold short.
 More optimistic reports regard ing retail trade, and maintenance of a good investment demand for bonds and preferred stocks. were regarded as evidence that the pub lie purse was still far from flat, and inspired renewed optimism in some speculative quarters. The turnover in stocks, however, remained light, as the upturn reflected an extreme scarcity of sellers, rather than any considerable number of buyers.
 The advance was confined largely ly to manufacturing issues, amuse- ments, merchandising shares and specialties. Oils and coppers and most of the utilities and rails made little headway. Such shares as U. $. Steel. American Can, Sears Roebuck, Woolworth. Best, Loews, Corn Pro- ducts. Dupont, Air Reduction, Amer ican Water Works, New York Gen. tral. Freeport Texas and Curtiss Publishing gained to points. Checker and Parmelee were strong. reflecting merger prospects, and sev- eral of the low priced rubber turned upward, Macy, Warrington, East man, Auburn. Case and Diamond Match rose to more than S.
 Radio Firm
 Radio and Columbia Graphophone were firm, ref1ecting the remarks of Lord Marks, chairman of Columbia, at the annual meeting in London. He discouraged rumors of merger of the two companies, but left the way open, stating, Naturally we are continually in contact with our competitors and ways and means of cooperation are continual ly being discussed" Lord Marks was optimistic as to the company's pros- poets, pointing out that it had in- creased its profits in period of world trade and that large de- mand had developed for it's low priced models.
 Even the Curtiss Wright shares were a little tirmer, despite publica- ton of the semi-annual report, showing a deficit of $5,351, ,661. The report showed that the company had maintained a strong cash position. and Chairman Hoyt indicated that the management had determined to make this poor year period of thoroughgoing house cleaning to put the company in shape to take ad- vantage of better times.
 While chain store reports appear ing for August showed that it was the worst month so far this year, President Parson said that the month had recorded d turning point in the Woolworth company's busi- ness which had gained substantially during the latter part. This bears out official reports which have come from merchandising circles to Wall street.
 Building Continues
 Although F. w. Dodge's building contract reports for August failed to maintain the gains over July show in the early weeks, the entire month, showed a drop of only 29 per cent from August, 1929, while July was ,,a or1x 4 II
 The federal reserve weekly state ments showed that the month-end money pinch had been easily met by member borrowings rather than the systems open market operations A gain of only ss,o0O,oO0 in brokers loans was about as expected. Call money held at t-2 per cent.