New Britain herald., 1930-07-23
Important Stock Issues Are Bid Up Four Points or More as Bull
 Forces Use Strong Arm Tactics
Timid Shorts Hurry to Cover at Costly Levels and Public Keeps Away From Market.

Ne" Ofk, July 23 P-Hdving in effect publicly committed themselves to advancing prices, the bull forces applied strong arm methods to the stock market today.
 An impressive list of important stocks was bid up points or more, and timid shorts hurried to cover at costly levels, There was no inclina- tion on the part Of the general pub lie, however. to rush into the mar- ket Commission houses reportc only a moderate pickup in business.
 A widely advertised statement by NJ. J. Meehan & Co.,, saying that It regarded present levels as offering excellent opportunities to prudent in- VeStors, was generally regarded n Wall street as a public avowal .f the bull cause by the so-call4d 'Meehan group" of market operators who are regarded in brokerage cir cles as important engineers in tue present market
 While gpeculative sentiment gen. eIally has become rather buIllsh over the more distant future. there is i feeling that the success Of the prrs- ent movement will depend largely upon the extent Of the seasonal up- turn in business activity as fall ap- breaches, and the amount of public participation which can be attract ed.
 Commission houses find no such inclination on the part of the pub lie to rush into the market as there has been during recent years, for too many optimistic forecasts and bull campaigns have failed A cur rent survey points out that the stocks of several leading companies ot decade ago would now show sharp losses if held since that time.
 Seasonal Trend Seen
 The days business news still re- nected little but seasonal trends. The weekly steel trade reviews were more optimistic. but Iron Age still placed steel mill operations as un- changed at 56 per cent of capacity, against 95 a year ago, and 73 two years ago. Freight car loadings as reported for the latest week showed further seasonal declines, and con- tinUed at the lowest level in recent years. The weekly petroleum sta tlstlcs, however. distinctly were flaw orab!e, showing further substantial reductions in refners stocks and crude production. Earnings state ments coming to hand continue to show few decidedly encouraging exceptions to the downward ten- dency.
 Attracts Profit Takers
 The bull movement attracted con- siderable profit taking, and prices waTered considerably at times. For a time during the morning and again in the afternoon, recessions Of point or so from the highest were common. Strenuous operations for the advance in such pool fav- orites as Standard of N. J, and Radio Keith appeared to meet some opposition, for advances of only a point or less were achieved Cen
  eral Motors was pushed up substan- tally more than point, q fair move for that stock.
 Shares making extreme gains of about 4 included L. s. Steel, Amer ican Telephone, American Can. Va nadium and Dupont. Radio, Gener- al Electric, and Electric Auto Lite gained ? or so. High fliers were Eastman Kodak. Allied Chemical Columbian Carbon and Peoples Gas, up 6 to 10.
 Credit eased. Call loans were re- newed at per cent, and funds were available in the outside market as low as l per cent. Shorter term time money also showed an easier tend ency. Further exports of gold were without influence