New Britain herald., 1930-07-28
Forces Trying for Higher Rates Work With Animation to Jack Up
 Prices Above Resistance Levels
Efforts Hampered, How ever, By Tempestuous Flurries of Selling, But List Works Irregularly Up.

New York, July B LP - The forces working for higher prices struggled with considerable anima- ton in today's stock market to jack up prices above the resistance lev els Of the rally from the June lows, established on July IS.
 Their work was hampered by rather tempcstuous furries of sell ing but the list worked irregularly higher, several issues selling up about to points. and recording new high levels for the movement Trading was fairly active, based on the reduced standards of these days, there was a notable shift of bullish operations from industrials into~the utilities, as the latter group was not so thoroughly exploited during the past week Oils were later pushed up.
 News of the day and the week end still failed to present any pal pable evidence of the expected au- tumn improvement in business. but out Of the rather gloomy flood or earnings statements appeared in a gratifying number of bright spots Of more than a score of first half statements appearing over the week end, about half of the individual companies showed gains over last year. although the aggregate earn lngs of all companies so far report ing shows a loss from the like pe- riod of last year considerably in ex- cess of % per cent, and about 5 per cent from the like period of 1928.
 Early indications are that steel mill operations this week are little more than holding their own. From the Youngstown area came an es- timate indicating that operations had been reduced from 50 to 58 per cent of capacity. Reports from rep resentatives of some of the indus tries which have suffered least in the current recession were gratify- ing. George Washington Hill, presi- dent Of American Tobacco. told stockholders that 1880 earnings promise 10 exceed for the first time those of the original company dis solved under antitrust proceedings in 1911. The management of Bea- trice Creamery announced that earn ings had expanded each successive month this year, Ambitious foreion expansion plans for American Can and Procter and Gamble were dis closed. Farm implements turned upward on disclosure of another large order from Russia for Inter national Harvester.
 Warner Bros. broke , points in a new low, to the accompaniment of unsettling rumors regarding rapid expansion, large bank loans and tho security Of the dividend but Alberr Warner. vice president. told the As sociated Press that unsettline rll- nlors were untrue. this break un- settled the entire list for time. The action of this stock has been disap pointing in view of the optimistic forecasts made some months ago for that industry. |. S. Steel uca under considerable pressure, evi- dently re1ecting growing doubt that the S1 extra, rumored some time ago, would be declared tomorrow.
 Such shares as American Tele- phone, American Can, Columbia Gas, Electric and National Power and light. North American, Ameri- can Water Works. Standard Gas, Westinghouse Atchison, American Tobacco B. Union Carbide and Woolworth gained 2 to points or more. Oils turned upward in the early afternoon, with good buying of Standard of N. J, Barnsdall and Phillips. The last named had sagged a point earlier with a transaction of 4S.000 shares. During the morning Radio Keith. International Tele- phone, Nanadium and Johns Man vile sagged moderately Transameri- ca was soft spot, losing more than 
 Call money was again at per cent on the floor, and i 1-4 outside Commercial Paper was firmer al 3 to 3 1-4, against flat late last week