New Britain herald., 1930-09-08
Bulish Stock Market Operators Continue March On Toward New
 High Levels for June Recovery
Try to Recuperate After Recent Dehation as Share Prices Reach Crit ical Area.

New ork. Sept 5 PG-Wlth the general level of share prices in the critical area that brought grief to the July bull campaign. bullish stock market operations today con- tinued 10 drive on toward new high levels for the recovery from the June deflation.
 Although several of the leading shares, such as |, S. Steel, were somewhat sluggish, a wide assort- ment of issues was marked up to 3 points, with a few wide movers gaining or more. Issues advanc ing 1 to more than points included American Can. American Telephone, Kennecott, North American, General Motors, Chrysler. Radio Keith, Air Reduction. Sears Roebuck. DuPont, Stone and Webster, Gulf States Steel, Southern Pacific. Transameri- ca and Lehman Corp, Columbian Carbon, Auburn. and Diamond Match gained more than 5.
 Although the market was some what more active than it has been of late. commission houses found the general public still cautious. Several of the pool favorites were turned over in large volume. evidently in an affort to make an impressive ap- pearance on the tape. One block of 24,700 shares Of Radio Keith was traded. and blocks of 5000 shares were more numerous than for some time.
 Business News Dull Business news was scarely of a character to influence the market one way or the other. but the more cheerful tenor was maintained. Declaration of extra dividends on Mead Johnson and Novadel Agene, two rather inactive curb stocks. was at least a change in the dividend news, if not particularly significant. Early estimates indicated that steel mill activity in the Youngstown area had quickened slightly this week, and surveys from merchandising sources continued to report seasonal pickup.
 Announcement that the new issue ! of treasury certificates would bear the low interest rate of 3-S per cent was regarded as a fresh indi- cation of the plenitude of capital seeking employment.
 | In the bond market. prime issues continued in demand, steadily re- ducing yields Call money held at 1-2 per cent. Whether stocks are again to enjoy any such favor as they did during the 1927-9 period remains to be seen. but attractive dividend yields, as compared yields obtainable on bonds, appears to be bringing a certain amount of in- vestment capital back into equity shares.
 Moody's calculate the average yield on 403 stocks at the end Of August at T.14 per cent.
 Fear Reductions
 Factors restricting the flow of in restment funds into the share mar ket, however, are the widespread be- uer that numerous dividend reduc- tions will be announced during the next few months, and the fact that many of the prime dividend payers, | popular with investment trusts, have already been bid up to levels yielding only from to f per cent
 The motor and motor equipment shares were generally firm, although l the expected autumn pickup in au- | tomobile manufacturing has been ! disappointing. The fact that produc- tion fell in August to the lowest l level since 1921 is interpreted in the more optimistic motor trade circles as indicating that considerable buy i ing is being deferred pending better times, and should make it's appear ance.
 Among the less favorable develop ments of the day was a sharp drop in cotton futures on publication of the government crop estimate, and gasoline price reductions in the metropolitan New York area. Oil shares were sluggish.