Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-22
ADVANCE IN STOCK
|. MARKET RESUMED
Bull Party Again Takes Up
Campaign for Higher
Price Levels.
BY CLAUDE A. JAEGER,


NEW YORK. July 22.-Bull forces
confidently resumed their advance In
today's stock market. having CONSOLE
dated their position IN, the recession OF
the past two sessions.
Although the reaction yesterday. wip-
ing out the advance of the entire pre-
vious week, was little disconcerting
in It's severity, it was regarded in brok-
erage circles as having represented
merely fnomentary withdrawal Of sup
port rather than important liquidation.
Professional traders who had been
awaiting an opportunity to get into
the market at lower levels replaced
those who took their profits and de-
serted the cause.
Brokers Optimistic.
Public participation in the market
held at a low ebb, bnt spectators for
the rise expect that the attracting of a
public following again will be a slow
process. Commission house opinion re-
manned mildly optimistic, but was in
clined to look for further temporary
reactions. as the market quickly be-
comes overbodght. with participation as
limited as It Is. and business news pro-
viding little encouragement,
The days industrial and corporate
news indicated that current operations
are coming increasingly under the in
fiuence Of Midsummer quiet. Steel mill
operations in the Chicago district have
been cut this week to between SIS and
go per cent Of capacity, against go To
IS per cent last week.
Second quarter and first half earn
ingS statements continued to SHOW
notable exceptions to the downward
tendency. Allis Chalmers reported first
half net of $1.87 a share, against S173:
General Foods, S2.0l VS.. $l.89, and
United States Leather showed a small
balance for the quarter against a large
ieficit last year. Westinghouse Electric s
first half net of $3.l3 share. however,
was substantially below the $493 re-
ported for the same period year ago
and Atlantic Refining's $l.05 for. the
first half was only one-third the net
reported year ago.
Oil Output CurtaiIed.
Early estimates of last weeks crude
oil output indicated further curtailment
of about 10000 barrels a day, largely
in the mid-continent area, which en-
couraged further activity in the oils
Credit conditions were unchanged. with
call loans officially at 2 per cent.
Further selling appeared at the OPEN
ing. but pivotal stocks were well sup
ported. and before midday bullish &C
tivity became vigorous. There was an
other faltering spell in the early after
noon, when the more active stocks sold
off from a fraction to a point from
their best levels.
/ American Can was a leader, rising
more than points in active trading
General. Motors was active, but ad-
vanced only moderately. Its second
quarter statement will appear in few
days and is expected to show net of
about $l.20 share, against SO cents in
the first quarter.
Such issues as U. S. Steel, General
Electric, Radio Keith, Radio, Standard
of New Jersey. Du Pont, Sears Roebuck,
Montgomery Ward, New York Central
Electric Auto Lite and Johns-Manville
advanced about 2 to 3 points
Among the wider gamers was Auto
Strop. which moved up about to a new
top, accompanied by unconfrmed ru-
mors of a merger deal with Gillette.
Eastman and International Business
Machines sold up more than S, and
Case jumped 10.