New Britain herald., 1930-07-09
Bored With Pessimism, Traders Endeavor to Arouse BulGshness
 But Find Spectators Suspicious
Traders, Trying Luck On Long Side of Market, Find Developments in Their Favor.

New York, July PrBecoming bored with pessimism, some traders endeavored to stir up a little bullish- ress in today's stock market, but found the speculative fraternity in- clined 10 be suspicious and apathetic. The short covering which appeared yesterday was carried further, and share prices generally made fair progress, but trading progressed at a snail's pace.
 Traders disposed to try their luck on the long side of the market, after the meagre success of opera tons on the short side during the past few days, found new develop ments, while not very conclusive. largely in their favor. The com modity markets gave a better ac- count Of themselves, particularly grains. and trade news showed few further recessions and some slight Improvement.
 The weekly steel trade reviewe were rather vague. Iron age" said the immediate prospects were not
 
 production had returned to 56 per cent of capacity. Producers them selves look for some slight rebound in early fall. Prices appeared to be more stable, but pig iron sagged fur ther during the past week. The weekly report of freight car loadings covering the week ended cI Nf ,-1,, l6,000 cars over the previous week. but the movement continued well under the like period of recent years. This report, however, together with the decision of the I. C. C. to permit an increase in class freight rates. stimulated some buying of the rails.
 Other factors favoring the ad vance included a report that the monthly figures for building con- tracts would show that June reach ed the best level since July, 1929. and the action of Nash directors in reducing the annual dividend rate to only S4. from s6. AS the company earned only s136 in the first half of it's fiscal year. 1t appears that the management looks for better days. Also. commercial paper dealers re- ported that business is beginning to borrow more. Call money held at F per cent,
 A rumor. uncomfortable and re- garded with strong suspicion in 1t that a large bull pool was being organized, under the sponsorship of a prominent operator. At least this rumor provided some variation from the wild bear propaganda that has been circulating about speculative quarters for several weeks.
 In the rails, Chesapeake and Ohio, Rock Island. Chesapeake Corp. Mis- souri Pacific and Union Pacific mounted to 5. or more. Other shares gaining about five points included Safeway Stores. Au- burn, Allied Chemical, and Eastman Kodak. Such shares as |. S. Steel, American Telephone and American Can sold up about to B. and Radio and General Electric worked a little higher.
 During the early afternoon, oils turned upward, with a gain of more than points in Standard Of N. J., refecting the American Petroleum Institutes weekly figures, showing a reduction in crude output and good drop in gasoline in storage. Also, President Hoover signed the bill to encourage unit operation Of oil pools. which is expected to aid in production control.
 THE MARKET AT 2:OO-3:0O P. NJ.
 Total sales to 2:10 p. mi, ,095,-