New Britain herald., 1930-12-15
Stock Market Forti6es Itself Against Largest Wave of Sales
 Experienced In Several Weeks
Prices Make Only Moder- ate Concession in First Few Minutes and Then Recover.

NeW Ork, Dec. b p-Ihe stock market successfully braced itself against the largest wave of selling in weeks today, after permitting it. self to be washed lower by mere nipples of selling for several days.
 The heavy selling movement that developed Saturday was resumed with vigor during the early hours of today's session, but prices made cnly moderate concessions in the first few minutes, then recovered. The force of the selling movement spent itself by midday, and the mar ket turned dull. Trading was at the pace of close to 100000 shares an hour up to noon.
 After sagging about a point, such shares as L. s. Steel, American Telephone and American Can, ral- lied to show gains of like extent. Such issues as DuPont, Westing- house Electric, Consolidated Gas, Public Service of N. J., and Byers made similar gains. Among a few firm spots were Allied Chemical, Eastman and Macy, up ? to 8. Transamerica rushed up more than ? points, on announcement of the formation of pool to support the issue. The New York Fractions were buoyant on unconfirmed re- ports of a tentative unification agreement, Interboro gaining 1, and Manhattan Modified. 6. Rails and oils, however, were generally sluggish. Standard of N. J. sagged a point to q new low. after refusing to break through it's November resistance point on Saturday.
 Call Money Primer
 The midmonth settlements, in- cluding the government financing, resulted in a large shifting of funds, estimated as high as S2.000, 900. Call money showed a tirmer tone. although it renewed unchanged at ? 1-2 per cent, and time money rates were pushed up about IA of one per cent. Government financing included the offering of the and 12 month certificates at l 3-4 and 7-S per cent. In addition, quar- terly income tax payments are ex- pected to amount to about s400,- 100000, and there are numerous corporate dividends being paid. The trmness in money is expected to be anticipation of tax payments, is presumably making it's usual over draft at the reserve banks, thus re- leasing a large sum for the money market.
 News Favorable
 The news of the weekend was generally viewed as favorable, par ticularly reports Of holiday trade. which indicated a turnover of goods even higher than that of a year ago in spots, although reports from var ious sources are uneven. The fresh heaviness of cotton, which recorded still lower levels for the past IS years, was one of the least cheerful developments.
 Business analysis, such as the week -end usually brings forth, agreed in the main that the depres- sion seemed to be dragging bottom. Julius H. Barnes, head of the na- tional business survey conference. while declining to make any definite forecast, pointed out that there IS evidence Of improvement in several foreign countries, and several indus tries at home seem to be ready for increased activity.
 Col. Leonard P. Ayres, of the Cleveland Trust Co. stated in an an nual review all the old signs and symptoms of the bottom of business depression are here, and some evid- ences of recovery are beginning to appear" He failed to find condi- tions favoring brisk recovery, how ever, and expected betterment to de- velop gradually.
 The National Foreign Trade coun- cil issued it's annual analysis of for eign trade, and found that world trade in 1880, after making adjust ments for changes in price levels, seems to be only about s per cent lower than in 1929. It pointed out that American exports of manufac- tured goods have held up well with the exception of automobiles.
 THE MARKET AT 2:OO-3:OO P. VI.
 Total sales to 2:10 p. m.--2,72S,-