New Britain herald., 1930-08-19
Bulls Again Try Their Hand at . Management of Today's Market
 With Help Loaned by Operators
Believe Sold Out Condi- tiOn of Market Has Hurt Popularity of Bear Cause.

New York, Aug 19 L41 - The old time bulls once more tried their hand at managing the stock market today, hoping for better success than they had in July.
 Brokerage house gossip said that a handful of the more active pro- fessional operators were seeking to rally a following around the bull standard, feeling that the complete ly sold cut condition of the market as indicated by it's performance dur ing the past two sessions, had def initely injured the popularity of the bear cause. The line of the least re- sistanCe appeared to be upward.
 The market made broad ad- vance, running from to points in a long list of important stocks, as bears retired their short contracts. but there was no repetition of the bear panic of Friday. The advance embraced practically all prominent groups, with the tobaccos and utili- ties notably strong. L. s. Steel, American Can, Radio, Liggett and Myers issues, the American Tobacco stocks, North American, American Water Works. Stone and Webster, Dupont, Westinghouse Electric. Fox and New York Central gained about ? 10 4, while such wide movers as Allied Chemical, Atchison, Case and Columbian Carbon mounted about 5 ta +aI weak spot.
 Market inexpensive
 Although the market has been un- 1 responsive to optimistic pronounce ments for some time, professional operators, finding themselves against 6 stone wall on the bear side of the market. were quick to make the most of available material suscepti- ble to bullish interpretation.
 Secretary Mellon was quoted as saving in Pittsburgh that as soon as the : merchandise markets are cleareu of present supplies on 4and, the business situation should inn prove. "Curtailment in output with ! out 8 question will correct the pres tnt condition within a short time '' he stated, Bankers and statistical services have been pointing out for some time that consumption was running ahead of production, thus | pacing the way for a fresh start, but spectators have found it diff cult to interpret slack industrial op- erations bullishly, healthful as they may be economically.
 A statement by Harvey Firestone to the effect that America is on the eve of greater prosperity than it has known during the past ten years, also helped market sentiment. In addition, the American Machinists' review of business conditions struck l a more optimistic note than this | publication had sounded all sum mer, pointing to "a flood of inquir- ies that really mean business in the l not-too distant future"
 Trading Picks Up
 Although the volume of trading ! picked up little, it was still light and almost entirely professional. There are still a few flat notes sounded in the chorus Of business reports and opinions. The crude oil situation is again causing wide con- Cern in Wall Street. and some ob- servers believe another price cutting orgy may break out in the mid continent area, although production ,.,h- 1C- L1 | lowest in years. Furthermore, most bankers now state that a healthy business recovery must be slow one. Many brokers are advising their customers 10 maintain sub stantial cash reserves
 Another factor making many trad CTS cautious is the fact that stocks have not generally been reduced 10 the high yield levels Of past bear mar llets. lt is pointed out that one must have faith in another extraordinary growth of business profits 10 buy any of the numerous important stocks still selling from 2U to 30 times annual earnings On the other hand. dividend yields on most of industrial and rail stocks are ample to pay carrying charges twice over. so that any varied portfolio of shares will about carry itself, and with at least seasonal business imp provement in sight, holders are not easily stampeded into selling by bear tac- ties. Money remained easy, with funds plentifully available outside at 2 per cent.
 THE MARKET AT 2:00-3;OO P. NJ. Total sales to 2:10 D. mi .516.-