New Britain herald., 1930-08-20
Speculation for Rise Is Pressed
 Progressively in Today's Market
 With Trading Undaunted by Laws
Cheerful Reports from Steel Industry Encour- age Bull Operators to Work for Raises.

New York, Aug. 20 P>-Specula- ton for the rise was pressed aggres- sively in today's stock market. Traders were undaunted by isolated weakness in special stocks such as the coppers and safety razor issues
 More cheerful reports from the steel industry and a better tone in the commodity markets, encouraged bull operators to work for higher prlces, although some recalcitrant bears offered opposition here and there, feeling that signs of business improvement were still altogether unconvincing.
 Shorts were suCCessively driven to cover in various group, however, in- cludins steels. motors. amusements and specialties. Amusement issues were strong in the late trading. Loews and Radio Keith each rising more than , points, while Radio Corp. and Fox were firm. National Cash Register, American Can, American Tobacco 'B' and United Aircraft rose to 3. Early in the , | lehem, International Harvester Eastman, and American Water Works. rose to 3. while Case, Au- burn, Hupp, and International busi- ness machine mounted to 8. The carly leaders lost part of their gains in the late trading, Oils failed to join the advance, Standard of N. J. sagging a little. In the coppers, kennecott touched new low ground for the present stock, and Federal Mining. rarely traded, sold at 115, the lowest in three years. The close was firm. Total sales aggre- gated 1.75p.0OO shares.
 The fact that despatches quoting Secretary Mellon yesterday as look ing for business improvement in a short time were repudiated by him, after having been widely mentioned by financing news tickers and by brokers wires. seemed to cause no concern for Mr. Mellon said he wished no interpretation to be plaC- ed upon his denial of the statement, and what he was reported as hav- ing said was in line with much private banking opinion in Wall Street.
 F. \. Hoffstott, president of the Pressed Steel Car Corp. was quoted as saying the wave of pessimism throughout the country appears to be waning and some of the rail- roads already have started on re- pair programs"
 The weekly steel trade reviews were the most encouraging Of trade surveys coming to hand. Iron Agc seemed to see a few rays of light for the first time in several weeks
 Composite steel prices, however, showed no further weakening, and strength in Pittsburgh Scrap, which was marked up 50 cents ton today, was cheering.
 The bull faction felt that such un- favorable developments as another falling of in freight movement, as reported for the week ended Aug. 3, omission of the Warner Quinlan div ident and reduction of the Hudson Motor annual rate from s5 to $3 a share, had been foreseen for some time and should not prove impor- tant factors in the market.
 The American Petroleum insti- tute's weekly statistics were again favorable, and reports indicating little better progress in crude pro- duction curtailment in Texas counter balanced reports of dissen- sion in the Oklahoma city pool. In some quarters however. there was still tendency to look for a weak ening in Mid Continent crude prices, as the peak consumption period will be over in a few weeks.
 Call money, after renewing at . 1-2 per cent, was finally reduced to per cent, the first time it has reached that rate at the loan desk in 10 days, although outside funds have been plentiful at per cent.