New Britain herald., 1930-06-25
Bear Faction Seems Determined
 To Crush Resistance Points Felt
 In Market During Last November
Ayers States That Abrupt Upward Movement May Be Under Way by Labor Day.

Nsw York. June z5 lp-The oear faction seemed bent on destroying the resistance points of Novem Der n todays stock market, and while some bankers felt speculative pes sln!snl vas beng carried to ex- treaes unJustlAed by conditions, banking interests dld not offer any aggressive opposition.
 Bears, however. found the market ac least temporarily oversold. and dIrlrg q short rally IT the early hours Of trading. q long list Of shares moved up l to points. Spectators for the taIl had diff culty ln bringing out any large vol unle Of selling. Public liquidation seems well completed and such fur ther genuine liquidation as remains 10 be done appears to be coming from cool-headed sources. Trading was dull and highly professional
 Col. Leonard P. Ayres Of the Cleveland Trust Co., whose state neIt that the bull market was com ultt!ng suicide during the wild up- ward movement os 1928, created something Of d sensation, has now expressed the opinion that the bear markets life IS drawing to q clos4. He stated that an abrupt and con- seQueECal upward movement stock and commodity prices should be well under way by Labor Day"
  While q considerable sector of the Wall street banking interests agrees with Col Ayres, several large profes- sloraI market operators remaIa ex- trerely bearish over the present out look. and some bankers seem to be n taclt agreement with them.
 Reviews Favorable
 The weekly steel trade revleus were somewhat more favorable than expected Iron Age said. an lnl- pending general business recovery Is senssd by leaders of the steel indus try who have passed through many cycles Of trade expansion and con- Tractlon 70 This publication estin-at- ed Ingot production at 64 per cent, only one per cent lower than last week, but indicated that further curtalIment may be expected during the next few weeks. Iron Ages composite price for finished steel showed . reduction for the first time in five weeks.
 1 further survey Of the business conditions by standard statistics eX- pressed the belief that an early. sustained strengthening in commodl- " prices $ not probable This sur vey indicated a sea soral upturn in business activity ln the fall. with pronounced recovery n the early months ct 1881
 Price movements lr pivotal indus trl7ls were narrow. L. $. Steel sag { ged slightly to q new low for the year under 152. compared 10 the Novernb ber low Of 150. American Can reacheds q new low around 109. The ra!I shares remained the ch.et wea k spot, as the breaking Of the price index for this group beneath the . November low yesterday brought l. ' considerable nervous llQu.dation
 Wall street feels, however. that with possibly q few exceptions. rail dividends are secure, and the at 1 tractIve yield bases at which many 1 carrier issues are now selling is said 10 be bringing in considerable in zes-mert buying However. such shares as UaioA Pacific. Norfolk and Western. Atkinson. and Delaware and Hudson lost , to 5 points. North 1 American. Western Union and h. terrat.onal Business Machines also lost 7 few points.
 Credit remained extra ordinarily abundant, v1th call money renewing at ? per cent for the first time since March. There is even some vague talk of q : per cent red!scouat rate.