New Britain herald., 1930-07-18
Stock Market Loses Its Wind In lnsistent Upgrade Urge of Price
 On Part of Numerous Operators
Several Pool Favorites Are Pushed Up to New Lev els for Recovery-Losses Recovered.

New York July 1S LP-The stock market appeared to be losing its wind today, as operators for the ad- vance insistently continued to urge share prices further upgrade, on top of the almost steady climbs of the past week.
 Several pool favorites were push ed up 10 new high levels for the recovery, but pivotal shares here and there showed distinct incli- nation to falter. About half of the May-June loss has now been recov- cred, and many traders felt that breathing spell would not be in or der.
 Commission house sentiment was less confident, and several advised their customers to take profits and await technical reaction to re- place their lines at lower levels. It was argued that an advance of the duration of the current one, without a substantial momentary setback, was with few precedents. The more enthusiastic bulls, however. point. ed out that rarely if ever has the market experienced as steady and uninterrupted a decline as that of June.
 Late word from the industrial and trade fronts was again Of a rather inconclusive character, although of still more hopeful tenor There were signs of preparations for more activity in the steel industry. and the statement of President Sarnoff of Radio Corp. that the radio industry was now on mend, was greeted with some enthusiasm by operators in the stock
 Earning Statements Low
 Earning statements averaged sub stantially lower, with a few notable exceptions. Chesapeake Corp. re- ported first half net of s164 a share. against S1.56. and S. $. Kresge net ted 10 cents a, share in the June quarter, against 69. Chicago and AL ton. one of the first railroads to re- port June net, showed a deficit twice as large as last year.
 General Motors reported sharp reduction in June sales, but the fact that sales to consumers were about 10000 units greater than factory sales to dealers showed a pleasing reduction of stocks. Copper contin- ued to sag. with metal reported moving finally at II cents after the II IA cent price failed to attract many buyers. Granby reported sec ond quarter production costs just under 10 cents.
 Credit conditions were practically unchanged with call money at per cent Another shipment of s4,000,- 900 in gold to France was announC- ed, but at least some bankers feel that the country can afford to lose a large quantity of the yellow metal. sThe imports of s200,Ooo, 1000 this year were not really needed, although they undoubtedly contrl- buted to the abrupt ease in money rates. There is a notable tighten ing of longer term credit, in this market, but no decided, upturn in money rates is expected.
 Rise Several Points
 Among the pool favorites, Radio, Loews.t Electric Auto Lite and Hous- ton Oil rose to more than 8 points There was a burst of activ- lty of International Telephone, which mounted a couple Of points. Some of the rails were strong, mo- tably Wabash, which gained more than 3 in response to the Baltimore and Ohio's final acquiescence in the five eastern Trunk line plan. Some of the coppers sold up a couple of points in what appeared to be short covering on the further reduction in red metal prices. Coca Cola. h. ternational Harvester, National Steel and Allied Chemical made fair gains. Case was an active high flier, selling up more than 13.
 On the other hand, L. S. Steel, American Telephone, American Can, Nanadium, General Electric. West inghouse Electric, and Electric Pow CT and Light sagged a point or two at times, although several appeared to meet good support. particularly |. s. Steel, Atchison and Union Pacific lost each, and Auburn more than 5.