New Britain herald., 1930-08-13
Bears Camp Resembling Public Picnic Ground In Today's Session
 Cause of Several Withdrawals
Confirmed Bulls Hurl h. vective But No Cash In Rebuttal - Share Prices Rally.

New Ork, Aug. Is Pt-Ihe bear camp, usually populated by sell ect group of professional operators, began 10 resemble a public picnic ing ground in today's stock market. and several of the original bears started to withdraw in annoyance, influencing q midday rally in share prices after a further decline dur the morning.
 In the meantime, the confirmed bulls hurled little more tangible in the direction ot the bears than in vective There was little inclination to fight back with action and cash. The bears were chiefly concerned over the unWiedly character of their following, recalling the numerous explosive upturns caused by stamp edes Of oyercrowdcd shorts in the past.
 The rally was considerably extend ed in the afternoon dealing as short coverings became more insistent Stocks like American Can, Johns Manyille, Nanadium. Auburn Auto. Corn Products, Gillette, North Amer ican, Houston Oil and Warner Bros. Pictures sold 3 to more than points gains of a couple of points in L. S. Steel, American Telephone, General Electric, American & ForFeign Pow CT, Eastman Kodak, Sears RoebuCk and Public Service of New Jersey. T. | Case. which with several others had touched new low ground on the morning decline, showed a net ad- vance of more than 12 points. The close was strong. Sales approXmat- cd 2.400.oo0 shares.
 A tendency of trading volume to increase with a declining market. and 10 turn dull on advances. was a reversal of recent form. and was discoura ging to the cause Of higher prices, as the days business news again failed 10 indicate much but the usual continuance Of the July slack into early August.
 Sounds Flat Note
 The weekly steel trade reviews again sounded fiat note. Iron Age placed operations for the en- tire industry at 52 per cent Of ca pacity, a drop of per cent, and an- other new low for the year. Its com posite prices showed further de- clincs. The steel price was the low est since February, 1922. and the pig iron price, since 1916. "Steer said that some effort might be made to stiffen steel prices within few weeks. but saw no developments 10 indicate improvement in the color less market, adding. ''in fact, such adverse factors as drought, a slug gish retail market for automobilists. surplus railroad equipment, and de- .clining foreign trade, are perhaps more accentuated.'
 Car Loadings Drop
 The weekly freight car loadings figures, covering the week ended August 2. showed a negligible decline from the previous week, amounting to little more than 1000 cars, but the trend was contrary to the normal seasonal tendency, and the move ment of freight theoretically held at the lowest level since 192. although the growth in motor truck transport since then probably warps the com parison, The monthly statistics for stocks of refined copper were again d disappointment, showing another slight decrease. despite the low price and curtailed operations. A member of the stock exchange remarked that it was a pity the surplus copper could not be fed to cattle in place of corn.
 The weekly petroleum statistics alone provided modicum Of cheer. Gasoline stocks cut down 1,371.000 barrels to the lowest level since the beginning of the year. Average daily crude output was reduced 34,950 barrels to the lowest level in recent years. The curtailment program has made sufficient headway to give the industry hope Of more satisfactory prices.
 Commodity prices still showed considerable unsettlement The cot ton market again turned downward, the October position breaking below 12 cents q pound for the first time in four years The failure of the grain markets to make notable re- covery on the government crop fig ures has also been discouraging.
 Credit conditions remained about stationary, with call money again renewing at ? 1-2 per cent, but avail able outside at per cent.