New Britain herald., 1930-09-10
Professional Speculators Keep On With Bullish Demonstrations
 Cheered By Business Statistics
Limited Advance Is Broad, Embracing Most Sections of List - Several Issues Gain.

New York, Sept. 10 PeCheered
 by further improvement in business statistics, professional spectators continued for the fifth successive day
 to make bullish demonstrations in the stock market today, but the gen.
 eral public still remained rather cold
 to equity shares.
 The advance, while limited, was
 broad, embracing most sections of 1 the list. Utilities. merchandising is- sues and several of the manufactur-
 ing issues were in particular demand,
 and rails showed a better tone. Such shares as American Can, Radio, Air
 Reduction, Westinghouse, General
 Electric, National Biscuit and Par amount gained a point or more. Shares selling Up to more than 3 l included Byers, Spang Chalfant, American Power and Light, Vana- dium, Pacific Lighting, Atchison, and Union Pacific. Allied Chemical sold up nearly 5.
 The weekly steel reviews, while little confusing owing to different methods of computing rates of pro- duction. and the effects of the Labor Day holiday, were again cheerful. Iron Age" reported the fourth consecutive weekly increase in ingot production, carrying the industry up to 5S per cent of current capacity. against 52 per cent early in August.
 "Steel' said that while little inn provement was noted at Pittsburgh, quickening at Cleveland, Chicago and Youngstown was notable. Expect Improvement The U. s. Steel Corp. reported q
 drop of about 44O,000 tons in un-
 filled orders during August, the | largest decline for that month in seven years, but Wall Street was inclined to believe the corporation
 would not have increased it's rate of i production without confident ex- pectation of better business in the
 fall. The figures were not inter- preted bearishly, the stock selling up to 173 3-4, duplicating the high
 for the current movement. Gulf
 States Steel passed it's dividend, as expected, but President Coverdale
 reported turn for the better in it's 1 business.
 Particularly pleasing was the tabu-
 lation of total freight car loadings for the week in August, showing a
 gain of 43,S55 cars over the previ- ous week. gain considerably
 larger than is seasonal for the
 period, and lifting the volume of
 freight movement from the levels
 of 1922 to those of 1924. The
 bureau of railway economics re-
 ported that class 1 roads earned on
 the average of 3.76 per cent on
 their investment in July.
 The federal reserves report that 530 department stores showed a
 drop in August sales volume of Il
 per cent from August of last year
 was accepted as indicating water over the dam. since several mer-
 chandising organizations have re-
 gently reported improvement. Cab Merger Helps
 Several issues were helped by cor porate news developments. Oil we'll supply preferred rose several points on approval of the sale of assets to [. s. Steel while the common en- countered profit taking. Checker Cab was helped by announcement of terms of the proposed merger with Parmelee Transportation. Continent al banking shares were firm, on an nouncement of the sale of it's interest in Commander-La -Larabee Corp. Ward Baking "A" sold up a few points. While rumors of an actual merger of Ward with Gold Dust have been denied, some sort of alignment is looked for. Diamond Match sold off further, refecting denial by the kreuger interests of any intention of purchasing a large interest in it.
 Call money held at 1-2 per cent, with an easier undertone. The piling up of funds incident to the Septem- Der } government opera tions is ex- pected to flood the money market with funds.