New Britain herald., 1930-09-26
Stock Market Makes Progress Toward Recovery But Rallies
 Meet Little General Interest
Radio and Chrysler Heav- fly Sold Support Much Stronger Than Was Case Yesterday - Bear Raid Against R. C. A.

New York, Sept. 26 LP)-The stock market made some progress toward recovery today, but the rallies> met with little enthusiasm and We're generally utilized to take quick and moderate profits.
 Selling of a few favorites, particu- larly Radio and Chrysler, tended to keep the trend rather uneven. A sharp dip after the opening was fol- lowed by an advance above the previous close in which trading be- came less active, encouraging the shorts to try other lines. They found the support considerably tirmer than It had been, however, and efforts at the down side became less strenuous, suggesting that the bears feared over-selling.
 Oils and Coppers Drop
 Chrysler and Radio were weak and both made new lows, together with numerous oils and coppers, notably American Smelling, kenne- colt, Standard of New York and Shell Union. Maximum gains of one to two points in U S. Steel, Con- solidated Gas, American Can, West ern Union, International Harvester, American Telephone and Westing- house Electric encountered realizing which pared down the advances somewhat. New York city fractions were again strong.
 The early selling was featured by a severe bear raid against Radio which broke to 2S IA against its was accompanied by renewed pres sure throughout the list and by greatly increased activity until sup port in |. S. Steel checked the de- cline. Sales for the 50 minutes fol- lowing the opening exceeded 5o0,- 900 shares, a 5,ooo00O share pace had it been maintained.
 Business Not Interesting
 The days news from business was of little interest marketwise. Numer- ous against railroad statements continued to show declines, but the rate of the decrease in comparison with the same month last year was smaller than were the July ratios.
 Quite the biggest surprise was the failure of brokers loans to show a change in the week ended Septem- Der A. Although such a financial phenomenon had been seen once be- fore-in June, 1929-the fact that no variation appeared in a period of sharply declining stock prices was most unusual. The detailed figures revealed that while out of town banks and others" had withdrawn funds, doubtless because of unat- tractive money rates as we'll as for the purpose of meeting income tax checks, the slack had been taken up by New York city member banks which had increased their advances to brokers.
 Bears viewed the situation as un- favorable, arguing that the absence of a sharp decline indicated stocks had been passing from strong hands to weak; in other words, that mar gin holdings had increased.
 There was little tangible cheer for the business revival optinlists in the weekly federal reserve statement, which showed a contraction of Sl7,- G0O,00O in the outstanding total Of reserve credit and a s25,00o,O0o drop in the amount of money in circula- ton. The latter item had risen over I ahor Day but the cash eXNended at that time quickly returned to the banks, which would much rather see it put into service by industry.
 One per cent call money reappear- cd in the outside market although the stock exchange rate held at 2. Time loans were steady. A year ago this week demand loans were bringing s to 10 per cent and time accommoda- tions commanded g to 9A.