New Britain herald., 1930-05-12
Stock Market Lacks Conviction As New Week Opens Dull Trading;
 Sporadic Rallies In Some Issues
Sharp Rebound of Last Week Appears to Be Cor rection of Overselling, Traders Feel - Caution Noticeable Until Real Trend Is Found.

New York, May 12 LP,-The stock market appeared 10 lack conviction as to its position at the beginning Of the new week today. Commission houses were inclined to advocate steering close 10 shore until current levels arc tested. Trading was en- trcmely dull and highly professional There were sporadic efforts 10 push prices higher, meeting with moder- ate success in a few issues, but therc was a distinct tendency to take quick profits on advances.
 Gains Emphasized
 Week end trade reports emphasiz- cd moderate gains in retail trade, which encouraged speculation for the rise in some of the merchandise ing issues, The largo scale buying of copper metal during the last few days caused an upward revision of 1-i of cent a pound for the metal. making inc domestic price l2 3-4 cents, which was reflected in further strength in the copper issues.
 News from the petroleum industry N d- q iltll' ItoS AllN'l Ois d'7 llil sto Of further price cutting to force ad- hcrcncc 10 the curtailment plan on the Pacific coast were heard, but tho shares in this group were dull.
 On the whole, traders appeared 10 feel the sharp rebound last week represented only a technical correc- ton Of an ovcrsold condition reached in the sharp reaction which came to a climax a week ago, and that the market again finds itself on un- certain ground. Speculative sentl- ment was none too cheerful the more optimistic quarters holding that a quiet, irregular market may be eX- pcctcd, with selected issues making substantial progress, while tho feel ing in less cheerful circles was that a sustained rise would have to start from lower levels. Credit conditions held stationary. with call loans still commanding . per cent. II vas felt that the new offering of s100.000,- 900 in treasury bills might cause slightly firmer tendency at the end of the week.
 Pressure Against Radio
 Considerable pressure appeared against Radio. General Electric and Westinghouse Electric during the early afternoon, but losses were limited to- a point or two. Market observers were inclined to link this feeling to the fact that the depart ment of justice is planning to test the legality of the new alignment Of these companies, but this fact has been public knowledge for sev- cral days. |. S. Steel flucuated un- certainly. with the reduction in un- filled tonnage during April appar- cntly causing some liquidation. United Corp. was sold in large blocks. but showed strong resist anco.
 Auburn auto dropped about 10 points, in response to the first quar- ter statement showing earnings Of only 5 cents a share. J. l. Case declined nearly as much. Some Of the more high priced or cratic issues sold up several points, Those gaming pollllS or more IllCluuIlle Macy. Vulcan Dctinnins, Detroit Edison, and International Business Machines. Manhattan Electric Supply, which developed acute weak ness last week. rallied several points on publication Of a reassuring tinan- cial statement. Shares gaining 3 points or more included Anaconda, Howe Sound. Byers, Du Pont, Air Reduction, Best < Co, and Amcri- can Power and Light Warren Bros. was firm, renecting announce ment Of a s12,00n,000 Peruvian road building contract. Johns Man vile sold up points, then lost its gain.