New Britain herald., 1930-09-03
Bears Find Stock Market Ready
 For Technical Reaction, But Bull
 Forces Regain Upper Hand Later
Continued Lack of Public Buying Discouraging to Operators for Rise Is h. dicatiOn.

New York, Sept. P-Bears found the stock market ripe for a technical reaction today, but by carly afternoon, the adjustment ap- peared to have been completed, and bulls once more gained the upper hand.
 The indecisive action of the market yesterday indicated to the bear crowd that many traders long of stocks were anxious to take pro- fits after the rise of last week, and the continued lack of public buying was evidently somewhat discourag- ing to operators for the rise. The selling movement failed to gain any velocity, however. and few pivotal shares sold off more than a point, although a few were depressed ? to 4 Publication of Iron Ages week. y review of the steel situation ap- parantly helped to turn the tide Tn the early afternoon
 Firm features were Allied Chem lcal, Union Carbide, and Bethlehem Steel, up about ? to points. A new development of the days trad ing was an upturn in the baking shares, particularly the Ward issues, practically inactive of late. The Class A stock traded F points above the last transaction. The Continen- tai Baking shares also gained q couple of points. United Aircraft, |. s. Pipe, International Telephone. Electric Auto Lite, were also firm Shares selling off ? to during the morning included Radio, Air Reduc- tion, Loews, Standard Gas. Ameri- can Power and Light, American To- bacco B, Johns Manville and Case.
 Iron Age Cheerful
 The situation in the steel industry was somewhat obscured by the La Dor Day holiday, but Iron Age" re- garded the situation enthusiastically stating that ingot production had in creased one per cent for the third successive week, reaching 55 per cent of theoretical capacity. The re- view pointed out that Sheet Markers were taking the most determined price stand of the year. Structural steel orders were placed at the high est level since the second week of June. American Metal market" and Steel however, noted little change in the situation.
 Further reductions in the dividend rates of Kennecott Copper and Ne vada Consolidated were not unex- pected owing to continued sluggish ness to the market for red metal, and had been largely discounted marketwise, The continued pjling up of dividend reduction announce ments. however, was not helpful to the cause of higher stock prices, Glidden, Maytag, Bohn Aluminium, and Spencer Kellogg were among firms announcing reductions.
 Despite the soggy appearance of the market, bull operators found further signs of seasonal upturn in business reports. Total freight car loadings, and the production of bi- luminous coal, both recorded wider than seasonal gains in the third week of August, according to sta- tistics coming to hand. That some of the chain store companies are managing to increase their earnings over last year was indicated by w.. T. Grants report for the six months ended July 31, showing an increase of 10 per cent in sales over the pe- riod of year ago, due to increased stores in operation. but also an in crease in net earnings of 12 per cent.
 Call money still remained plenti- full at ? per cent. This, however, was probably due primarily to lack of demand The banking demand for funds, resulting from the Sep tember 1 settlements, appeared in an increase in the rate for federal funds to IA per cent, indicating that there has been considerable borrowing from the federal reserve this week,