New Britain herald., 1930-12-18
Stock Market Travels Further
 Out of Deep Gully In Which It
 Carried Issues to New Low Marks
Tables Completely Turned On Bears With Indica- tions Pointing to Consid- erable Punishment.

New York, Dec. IS LPl-With it's courage restored by the sharp boost given by the furry Of shorts, the stock market scrambled further to- day out of the deep gully in which the selling movement had finally de- posted.
 The tables were completely turned on the bears, and violent upswings in q few volatile issues suggested that they were taking considerable punishment Trading quieted down somewhat, and the sharp advance of yesterday naturally brought out li- quidation in spots, but further gains of to 4 points were numerous, and several issues surged up , points and more.
 The advance In Auburn, which ex- tended close to p points, indicated that bears were struggling in what approXimated a technical corner. The advance from yesterdays low was close to 30 points.
 Duplicates Advance
 Case duplicated yesterdays ad. vance of more than 10 points. American Telephone rose points. getting about l3 above yesterday bottom price. Eastman gained points, recovering about 15 from it's recent minimum, Others selling up 3 to included Atchison, New York Central, Air Reduction, Coca Cola American Can, Consolidated Gas and Liggett and Myers. L. $. Steel gained more than 2.
 Despite the numerous disappoint- ments of recent months, many com- mission houses felt that the selling climax of yesterday had clarified the situation sufficiently to justify the belief that the markets bottom had been reached. While an upturn of such violence may result in some backing and filling, the market would be acting according to pre- Ccdent if it stabilized itself a little above yesterdays lows, and turned dull for a time, pending constructive develop ments in business and trade, which may be hastened by the tonic effects of a nrm market.
 Upturn is Automatic
 The markets upturn was automa- tic, and apparently disconnected with any new developments in in dustry or trade, although the most recent reports have been mildly en- couraging. Opinion varied as to whether artificial support had changed the trend but bankers de- nied that there had been any con- certed movement to support the market, and many brokers felt that the change merely reflected the cleaning up of hangover liquidation, and the final stilling of nervousness. |
 The days business reports includ- ed the weekly report of building contracts let in the states east of the Rockies, which indicated a daily average Of $9,274 200 in the first II business days of the month, com pared with $11,024,O00 last month, and $12,654,000 in December of last year. The opinion is being express cd with some confidence in build ing circles that next major move nent will be upward, although it's development may be slow. For the | year to date, contracts have fallen | more than ? per cent below last 1, year. A distinctly encouraging sign IS indicated i'll American Radiators ! advance i'll it's price schedules.
 Money continued to ease. Call |. loans renewed at 2 per cent, an1 !. were available outside at i 1-o. | There was little demand, suggesting hat much of the buying of stocks represented short covering.