New Britain herald., 1930-06-24
Wall Street More Impressed By
 Sharp Falling Of In Volume of
 Trading Than By Price Changes
Prospect for Resumption of Bull Market During Near Future Not Bright.

New York June A [p-The stock market was left to the devices ot the professional trading element to- day, which found stocks more easily depressed than rallied The bear fac ton lacked conviction, however, and | occasional flurries Of short covering caused temporary upturns.
 Wall street was more impressed with q sharp falling of in the vol unae Of trading, than in the rather meaningless price movements. While yesterdays rally failed to carry over into todays trading, the renewed dullness of market was interpreted ln brokerage circles as indicating that the lqudating nivement under way for the past three weeks had largely spent itself
 While some commission houses looked for q substantial technical rally, there was a general feeling that the market would turn dull and stay dull for a while A few pool operators are itching to get into ac- ton again, but with uninpressive earnings statements. slackealng in- dustrial activity and. more dividend reductions expected 10 feature busl- ness news during the next several weeks prospects for resunl ndlol Of bull market during the near tu- ture are regarded as anything but bright.
 Rather discouraging today was the condition statement Of weekly reporting federal reserve member banks, showing an increase Of s51,- 000,010 in loans or securities. as con- trasted to 2 drop Of 21t,000,000 in brokers loans during the same peri cd Loans against security collateral are now SI?33000,000 above last year at this time.
 All other loans, including con-
 nerciaI, and borrowings at the fed era, reserve however, are of s645,- 100000 and $630.0O0,o0, respective ly from last year at this time.
 An encouraging development was q gain Of S1ll,000,00o in all other" loans, perhaps indicating increas- ing business activity in some lines. but Wall street had been inclined to regard much of the stock market liquidation during the past three weeks as representing liquidation Of old bank loans on security collateral. not cleared up after the autumn crash, and hoped to find some indi- cation of t. Some bankers believe many Of the smaller banks have been in need Of such a house cleaning. Of course this npilation does not in clude non-nenber or small member banks, and IS therefore not conclu- s,ve
 Rather heavy selling of the rails cropped out attsr midday. evidently reAecting bear pressure based on poor operating income reports now appearing for May, Southern Ra!l- way sold al the lowest level in five years, Frisco, the lowest n four: Rock Island the lowest in three. and Great Northern preferred the lowest in two. Losses Of , 10 points were numerous. Warner Bros. and Byers sagged In response to the shading Of unofficial earnings estimates. Sever al stocks sold up l to points in the morning. American Tobacco B making the maximum gain. but these were mostly more than lost later. |. s. Steel, American Telephone, American Can, and General Electric sagged moderately. Anaconda was depressed by uneasiness over the dividend, 10 be announced Thursday.
 Renewed heavlness of wheat favored the bear cause. The July position again dropped more than cents. recording still new low for the past $ years.