Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-22
BEAR DRIVE FAILS
IN TODAY'S MARKET
Bull Forces Resume Opera
tons in Face of Specu-
lative Inactivity.
ny the Associated Press.

NEW YORK, August 22-The latest
bear drive against stocks petered out In
today's market, Is it found itself up
against q stone wall Of speculative
apathy.
Bull forces resumed operations in the
tobacco and merchandising shares on
the basis Of favorable cigarette con-
sumption statistics for July, and ex-
pectations Of seasonable gain In re-
tail trade. During the morning, how
ever, bears depressed some Of the cop
pers, rails and specialties to new low
levels. Pivotal industrials were gen.
orally Arm.
The new American Tobacco shares
reached new highs, and the old Glass b
other tobaccos gained to more than
2. International Business Machines
mounted more than in response to
announcement of q large backlog Of
orders, and the safety razors issues rail-
lied on report of continued merger
negotiations Woodwork, Macy and
National Department Stores gained a
point or more. Such stocks as U. 8.
Steel, American and General Electric
Warner Bros, Illinois Central ana
Baltimore q Ohio sagged to to new
lows, and Allied Chemical sold on more
than 3. tss,. /.
Broke Then Rallied.
Filing Of q petition for . receiver foT
Warner Bros, charging misnanaRe-
ment, tended to stifie speculative en-
thusiasm, although the stock broke only
couple Of points and then rallied.
It was learned from sources close to
the companys bankers that the addi-
tional financing for the company will 60
Though on schedule and that its imam
cial condition Is sound. Bankers are
planning to take up any OF the stock
unsubscribed for by stockholders, but
the market price has been held substan-
TALLY above the Offering price.
Other motion pictures stocks held up
fairly well. Radio Keith, in which vigor-
Gus speculation for the rise has .ap-
peared recently, held firm. None too
satisfactory earnings are expected Tor
any OF the motion picture concerns Tor
the third quarter. but trade reports IN.
dicate that cooler weather has helped
theater attendance already, and SUBJ
stantial seasonal Improvement 10 ex-
pected In the Autumn.
Conspicuous In the days corporation
news was announcement OF the hAlving
Of the 81 dividend rate by McKesson g
Robbins. A statement by the manage
ment, however, indicated that the con-
servation OF cash was Tor the purpose Of
continuing an aggressive merchandising
policy, including liberal advertising ex-
penditures.
See Tide Turned.
Support for pivotal shares appeared to
reflect the growing conviction in specu-
lative quarters that the tide has actual
ly turned or Is about to turn In business,
Expectations for the near future, how
ever, remain conservative The more
prominent banking interests are said to
be willing to let the stock market drift,
so long Is It remains relatively stable.
The fact that further reduction of
$2T, 600 600 In brokers' loans Was report
ed for the latest week, O week Of rising
prices, was interpreted as indicating that
stocks generally remain in strong hands.
The monthly business review by
Moody's. making it, appearance today.
said that owing to the drought the Au-
tlmn business revival may not reach its
fun extent before October.
There was little change In credit, call
loans renewing ut 2 per cent.