New Britain herald., 1930-05-09
Brokers Loan Cut Result Fails To Enthuse Bull Operators Today
 But List Still Shows Streneth
Trading Quietest in Sev. eral Weeks - Period of Routine Speculation Be. lieved Due Now - Busi- ness and Corporate News Varied.

New York, May 9 LP-The stock , markets response to the looping of | s20o,000,000 of the brokerage loan total was somewhat disappointing to rreconcilably bullish quarters to- day. but the list showed quiet strength here and there, particularly in the food and farm implement shares, although price movements were on the whole vague and irregu- lar, Trading was the quietest in sev- eral weeks, and brokerage circles are now inclined to look for a per- iod of speculative quiet with prices drifting on the currents Of business trends
 Follows Conservative Guesses
 The reduction Tn loans was in keeping with the more optimistic estimates. It reduced by about 20 per cent the gain in loans against security collateral from Dec. 4 to April 30, and indicated clearly q fairly thorough shaking out Of ov- ertended speculative positions dur ing the recent reaction. Call money continued to command 3 per cent, and offerings at lower levels in the outside market were fewer. Lenders evidently are not over anxious 10 place funds at such low rates, if any other employment can be found.
 Business and corporate news vas varied. Survey of conditions in the steel industry, as presented by lead ing executives at the semi-annual meeting of the American iron and steel institute, were reassuring. Business conditions were generally described as on the mend. Presi- dent Farrell of L. S. Steel indicated. that all things considered, conditions are very good"
 Merger Point Made
 Mir. Farrelrs expressed opinion that the bloom is of the merger business however, was not en- couraging 10 stock market interests having a predilection for such de- Nelopments. WaH street estimates indicating that U. S. Steers monthly unified tonnage figures. to be pub lished tomorrow, would show sub- stantial decline. were an adverse psychological factor in the market for time, although such a showing would be seasonable at this time.
 Senator Couzen's statement in Washington that the department of justice would test the legality Of Radio Corps. acquisition Of the radio businesses of Westinghouse and General Electric caused some bear selling. Reports from the radio industry were generally more favorable, however. the management or Grigsby Grunou. in announcing price advances, expressing the be- lief that price cutting IS at an end.
 Point to Food Prices
 Sponsors of the food shares point to favorable raw material prices for these companies, and reports of large sales have helped the farm imple- ments.
 J. l. Case vas again a buoyant feature Several of the amusement and utility issues were in demand. Bordens and Loews reached new ls3o peaks. and American Tobacco B, Eastman Kodak. Westinghouse, and Corn Products made substantial headway. L. S. Steel sold up couple of points after absorbing further selling, and several of the utilities made similar gains. During the morning. a rise at the opening at tracted considerable hangover liquid ation, but this soon dried up. bear drive against some of the avi- ation shares around midday vas short lived.