New Britain herald., 1930-05-23
Stock Market Turns to Restrained Bull Movement, With Utility List
 Maintaining Two Point Lead Well
Resumption of Advance Based On Feeling That Exchange Is Oversold - Business News Hardly Warrants Rally, But Helps Some.

New York, May 23 (P-Specula.- ton for the rise was resumed with quiet determination in today's stock market, and the bear element fold ed it's tents and left the field. The market shook of its recent apathy. but moved forward with consider able restraint
 Resumption Of the advance ap- peared to be based primarily upon the growing conviction in specula- tive quarters that the market had reached an oversold position, as the resistance met by efforts to depress prices yesterday seemed to indicate
 Two Point Gains Common
 Gains Of two points or more in leading utilities and industrials were common.
 The days business news was scarcely of a character to inspire any violent bidding up of prices. but the feeling is growing in Wall street that the current depression will have run its course by late summer Fur thermore, announcement that ss2,- 500,000 in reparations bonds will soon be offered here was regarded IS clue to the improved tone of the stock market While runaway bull market would undoubtedly detract funds from the bond market. a weak stock market would also tend to inn pair confidence and hinder success ful Notation of this issue
 Some of the business reviews com ing to hand at the end of the week expressed restrained optimism. The business week reported that basic industrial activity Is being sustained somewhat above seasonal levels" al- though general trade lags a little.
 Federal Reserve Report
 The weekly federal reserve condi. ton statement showed that the sys- tenn vas again supporting the bank CTS acceptance market. The brok- craze loan tabulation disclosed net increase of sS,000.000, but d further contraction Of loans for others.
 Despite a somewhat better tone in the wheat market. commodity prices, while perhaps dragging bottom, con- tinued 10 show unsettlement Steel scrap prices were again out 25 cents a ton at Chicago. making a reduction Of 50 cents to s1 for various sorts Of scrap this week. The annalist weekly wholesale price index showed a decline Of about Is of one per cent from the previous week. Rail- way operating income reports for April continue to show some i'm provement over March.
 The market rose almost briskly during the morning, and while it turned rather quiet during the early afternoon, it displayed sustained strength, failing to encounter re- ne~ed selling, as 1t has on recent advances. J. I. Case, a recent bear target, shot up more than l2 points, and American Telephone. selling ex- rights, Westinghouse Electric. and the American Tobacco shares gained 4 Or points, or more.
 Such issues as U. S. Steel, General Electric. Radio. Eastman Kodak. Allied Chemieal. Johns Manville and Best Co.,, gained 3 or more. and New York Central. American Can, Byers, Underwood Elliott, Corn Products, Consolidated Gas, and American Power and Light, made substantial he1dway. United Cigar Stores and Schulte were active and strong, and Philadelphia and Read ing Coal and Iron was again in de- mand. Neading new high ground Among sprinkling Of soft spots were Union Pacific and Nash.