New Britain herald., 1930-08-22
Bears Onslaught Against Stocks Peters Out in Market Because
 of General Speculative Apathy
Bulls Resume Operations in Tobacco Merchandise
 ing Shares on Basis of Cigarette Consumption.

New York. Aug. p LP-The latest bear drive against stocks petered out in today's market, as it found itself up against a stone wall of speculative apathy.
 Bull forces resumed operations in the Tobacco merchandising shares on the basis of favorable cigarette consumption statistics for July, and expectations of a seasonal gain in retail trade. During the morning, however, bears depressed some of the coppers. rails and specialties to new low levels. Pivotal industrials were generally firm.
 The upturn in the tobaccos and merchandising shares rapidly spread to other sections of the list, and industrial and specialties generally made substantial progress in light trading, such issues as L. s. Steel, General Motors, United Aircraft, General Electric. American Tele- phone and American Can gained a point Or more. Shares selling up ? to included Vanadium. Byers, Eos ter Wheeler, Eastman Kodak. Auto strop, Air Reduction, Allied Chemi- cal, International Business Machines. Several of the American Tobacco is- sues sold up to 6, the new shares reaching new highs,
 Kenecott. Anaconda, Warner Bros, Baltimore and Ohio and Illinois Central sagged 1 to to new lows in the morning, and Goodyear was heavy. The closing tone was firm. Sales approximated 100000 shares
 The new American tobacco shares reached new high, and the old class B stock sold up more than 6 points, while other tobaccos gained 1 to more than 2. International Business Machines mounted more than 3 in response to announcement of large backlog of orders, and the Safety Razor issues rallied on report of continued merger negotiations. Wooworth, Macy and National De- partment Stores gained a point or more. Such stocks as |. s. Steel, American Telephone and General Electric gained slightly. Kennecott. Anaconda, Warner Bros, Illinois Central and Baltimore and Ohio sag ged l to to new lows. and Allied Chemical sold off more than 3.
 Filing of a petition for receiver for Warner Bros, charging misman- 2gement. tended to stihe speculative enthusiasm. although the stock broke only a couple of points, and then rallied. It was learned from sources close to the company's bankers that the additional financing for the com pany will go through on schedule, and that its financial condition is sound. Bankers are planning to take up any of the stock unsubsCrib- cd for by stockholders, but the mar ket price has been held substantially above the offering price.
 Movies Hold Up
 Other motion picture stocks held up fairly well. Radio Keith. in which vigorous speculation for the rise has appeared recently, held firm. None too satisfa ctory earnings are expected for any Of the motion pie ture concerns for the third quarter but trade reports indicate that cool CT weather has helped theater at tendance already. and substantial seasonal improvement is expected in the autumn.
 Conspicuous in the days corpora ton news was announcement Of the halving of the s2 dividend rate by McKesson & Robbins. A statement by the anagement, however, in- dicated that the conservation of cash was for the purpose of con- tinuing an aggressive merchandis- ing policy. including liberal adver- Using expenditures.
 Support for pivotal shares ap- peared to reflect the growing con- viction in speculative quarters that the tide was actually turned or is about to run in business. EXpeCta- tons for the near future, however, remain conservative. The more prominent banking interests are said to be willing to let the stock market drift. so long as it remains relatively stable.
 The fact that a further reduction Of S27,Oo0,00o in brokers loans was reported for the latest week. week Of rising prices, was interpreted as indicating that stocks generally re- main in strong hands.
 The monthly business review of Moody's, making it's appearance to- day, said that owing to the drought, the autumn business revival may not reach it's full extent before OC- r ch