New Britain herald., 1930-07-07
Only Bears Gain Strength Over
 Triple Holiday, Indication As New
 Weeks Quiet Trading Is Resumed
Spectators for Decline
 Showed Caution Last
 Week, Uncertain as to
 Future Trend.

New York, July ' GP) - Only bears seemed to have gained any strength from the triple holiday as trading in stocks was resumed today uncertain trends of last week gave way 10 an emphatic down turn. Im- portant shares generally sold off three points or more. Trading. how ever, was in light volume, although nearly twice as active as during the closing sessions of last week, when the market was close to a standstill.
 Spectators for the decline were cautious last week. not knowing what bullish influence might deyel- op during the three days recess But news over the week contained nothing disconcerting to the short interest. Although nothing but re- ports Of summer slackening of activ- ity might be expected, some long holders of stocks appeared finally to have grown discouraged and there was a considerable accumulation of selling orders at the opening.
 Several commission houses con- tiIAt1 lo LII dStNiil U Ia tlbli ol stocks for investment, but it is gen. erally acknowledged that the near future at least, remains uncertain. The fact has been stressed in some quarters that tho average yield Of leading stocks has now exceeded the commercial paper rate by more than one per cent, which has been re- garded in the pasts as an indication that the market has reached buy ing zone. The average yield of 90 is- sues used in the standard statistics averages is now in excess Of 4 1-2 per cent, while commercial paper is mostly moving at 3 IA.
 Investment buying, however, in the security markets, the trend of the market and the re-investment demand from the mid-year interest and dividend payments, has been distinctly disappointing. The mid year settlement period was reflected by another tightening of call money today, which renewed at two per cent and mounted to 1-2, then three. The effects of settlement date are sometimes not felt until week later particularly when a holi- day intervenes to delay the return of checks. Furthermore leaders who placed funds in the market for en- ployment over the weekend did not find the renewal rate of per cent very attractive.
 Several commodities declined re- ciprocally with stocks, Wheat dropped more than points. getting down to the neighborhood of it's re- cent lows. The days news con- tained several chain store sales re- ports, most of which showed mod crate declines from June of last year, when changes in the number of stores were taken into con.id eration. It is notable. however, that retail trade generally has been holding up much better than indus trial activity, Chrysler shipments ir June were reported at 28, 407 cars, against 40,e44 in May.
 Among the widely moving issues, Ingersoll Rand. Allied Chemical and Case lost to 12 points. Air Reduc- tion, Gillette and Safeway Stores de- clined five points or more to new low ground, and Du Pont also reach ed a new minimum. United States Steel, North American, Westing- house Electric and Eastman lost 4 to 5. and shares like American Tele- phone, Atchison. Chesapeake Cor poration, Consolidated Gas. Ameri- can Can and International Harvest CT sagged or more. A better tone appeared by early afternoon, and steel and a few others rallied a point or so.