New Britain herald., 1930-09-09
Stock Market Rises In Response to
 Bull Activity, Unaided By Public Participation n-Trading Less Active
Tobacco, Utilities, Merchan- dising and Food Shares Benefit Most Business Heads Believe Economic
 Trend Definitely Upward

New Yorfk, Sept. g P-Bulls gained new leverage and continued the laborious elevation of stock prices, unaided by public buying, in today's market.
 The wave of profit taking late yesterday appeared 10 have encour- aged further short selling, thus i'm proving the markets technical posi- tion and giving spectators for the rise a fresh advantage. Trading was less active than that of the previous session, however, and bulls were forced to shift their activity from group to group to keep the list pointed upward.
 Bullish Strongholds
 The operations of bullish interests were most effective in tobacco, utility and natural gas, merchandis- ing and food shares. Rails and sev- eral of the importans industrials made little progress. Oils were ln- clined to sag. The American Tobac- co shares were strong spots, the old B stock gaining more than points. Case and Duplan Silk sold up about 4, and shares advancing ? to 3 in- cluded DuPont Macy, Woolworth. Congress Cigar, Liggett and Myers 5, Air Reduction and Best &, Co. Such issues as National Biscuit, Loose Wiles, Columbian Carbon, Houston Oil American Can, Westinghouse Electric, Public Service of N. J., American Water Works, National Power and Light and Stone and Webster sold up moderately. hreu- ger and Toll was active and firm.
 Reports Still Unchanged
 Business reports still failed to show any emphatic change although further signs of a turn for the bet ter were indicated. The bull cam naign has been hampered by the very limited autumn business up- turn thus far. Since the market crash of a year ago, there has been considerable perpleXity in the minds of speculators as to whether the stock market forecasts, or merely reflects business recovery; Whether if stimulates business, or merely re- spends to business.
 Richard Whitney. president of the exchange, in an address today, dlo not encourage the theory that the market forecasts business recovery saving, ."before security prices rlse' there must be confidence that busi- ness has turned the corner The speed with which the market will respond to business improvement he added later, will depend upon the rapidity with which accurate pusl- ness statistics are made available to the public.
 Believe Business Gaining | The belief that business actually has turned the corner appears to be gaining headway in important bank ing and industrial circles, but 1t IS pointed out that it would be easy at this time to mistake temporary | change Of trend. In any case, the seasonal upturn for deflnlte American Iron and steel institutes estimate or lOldl lISoe Pi PioNNN'AS- for August showed a gain over the previous month for the first time since February. "Electrical World reported that telegraphic inquiry Of public utility heads throughout the country resulted in almost unanl- nous opinion that the business trend had definitely turned upward. On the other hand, unfavorable dividend actions and earnings state ments still impair speculative con- fidence, although bulls point out that these represent water under the mill and are not indicative of the future.
 Call money held at 212 per cent, with little available at that level, but demand slight. The weekly con- dition statement of reporting feder- al reserve member banks showed a pgain of S30,00O,000 in "other' loans, perhaps indicating more active de- i mand from industry, while loans against securities gained only S6,- O00,o00.