Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-18
STOCKS CONTINUE
UPWARD ADVANCE
Pool Favorites Pushed to
New High Levels, but
Pivotal Shares FaIter.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.

NEW YORK, July 18.-The stock
market appeared to be losing its wind
for time today, but operators for the
advance insistently urged stocks up
ward, and finally achieved a sharp up
turn in the last hour.
Several pool favorites were pushed up
to new high levels for the recovery, but
pivotal shares here and there showed
distinct inclination to falter. About half
of the May-June loss has now been
recovered and many traders felt that a
breathing spell would now be in order.
Commission house sentiment was less
confident, and several advised their
customers to take profits and await
technical reaction to replace their lines
at lower levels. It was argued that an
advance of the duration of the cur
rent one, without a substantial momen-
tary setback, was with few precedents.
The more enthusiastic bulls, however,
pointed out that rarely If ever has the
market experienced as steady and un"
interrupted q decline as that OF June.
Late word from the industrial and
trade fronts was again of rather con-
elusive character, although of a still
more hopeful tenor. There were signs
OF preparations for more activity in the
steel industry, and the statement OF
President Sarnoff OF Radio Corpora
ton that the radio industry was now
on the mend was greeted with some
enthusiasm by operators in the stock.
Earnings statements averaged sub
stantiaIly lower, with few notable
exceptions. Chesapeake Corporation re-
porte first half. net of 1,64 a share
against $1.56. and S, S. Kresge Melted
10 cents a share in the June quarter
against SO cents. Chicago 81 Alton,
one of the first railroads to report
June net. showed q deficit twice as
large as last year. ...s
General Motors reported a sharp re-
duction in June sales, but. the fact that
sales to consumers were about 10000
units greater than factory sales to deal
ers showed pleasing reduction OF
stocks. Copper continued. to sag, with
metal reported moving finally at II
cents after the 1lH4-cent price failed
to attract many buyers. CRANKY re-
ported second quarter production costs
Just under 10 cents. Ef'
J Credit conditions were practically un-
changed, with call money at per cent
Another shipment of $4,000, 900 ip gold
to France was announced, but at least
some bankers feel that the country can
afford to lose a large quantity of the
The imports of e2oo 900 900 this year
were not really needed. although they
undoubtedly contributed to the abrupt
ease in money rates. There is q notable
tightening of longer term credit in this
market, but no decided upturn In money
rates is expected. .t,1<t..
Among the pool favorites, Radio,
Loews, Electric Auto Lite and Houston
Oil rose to more than points. There
was a burst of activity of international
Telephone, which mounted couple of
YNhivfs Gnrnh If the rails Werp strong
notably wabash, which gained more
than 8 in response to the Baltimore &
Ohio's final acquiescence in the five
Eastern trunk line plan.
Some of the coppers sold up q couple
of points in what appeared to be
short covering on the further. reduc-
ton; in red metal prices. Coca Cola,
international Harvester, National Steel
and Allied Chemical made fair gains.
Case was an active high flyer, selling
up more than 13,