New Britain herald., 1930-07-22
Bull Forces Confidently Resume Their Advance In Today's Market
 Having Consolidated In Recession
Professional Traders Now
 Are Replacing Those Who Took Their Profits
 Before Deserting Cause.

New York, July 22 LP - Bull forces confidently resumed their ad- vance in today's stock market, hav- ing consolidated their position in the recession of the past two sessions.
 Although the reaction yesterday, wiping out the advance of the en- tire previous week was a little dis concerting in it's severity, it was re- garded in brokerage circles as hav- ing represented merely momentary withdrawal of support rather than important liquidation. Professional traders who had been awaiting an opportunity 10 get into the market at lower levels replaced those who took their profits and deserted the cause.
 Public participation in the mar ket held 1t low ebb, but spccu- lators for the rise expect that the attracting of public following again will be slow process. Com mission house opinion remained mildly optimistic, but was inclined to look for further temporary reac- uons, as the market quickly be- comes overbought with participation as limited as it is, and business news providing little encouragement.
 The days industrial and corporate news indicated that current opera tlcns are coming increasingly under the influence of midsummer quiet. Steel mill operations in the Chicago district have been cut this week to between 55 and 60 per cent of capa- city, against 50 to 65 per cent last week.
 Statements Brighter
 Second quarter and first half earn ings statements continued to show notable exceptions to the downward l tendency. Allis Chalmers reported first half net of s1.S7 share, against S1,73; General Foods s2.G1 against S1,89 and L. S. Leather showed a small balance for the quarter, against a large deficit last year. Westinghouse Electric first half net of S3.13 share, howev-r vas substantially below the s4.G3 reported for the same period a year ago, and Atlantic Refining's S105 for the first half was only one-thir l the net reported a year ago.
 Early estimates of last weeks crude oil output indicated further curtailment of about 30,000 barrels a day, largely in the mid continent area, which encouraged further ac- tivity in the oils. Credit conditions were unchanged with call loans at per cent.
 Further selling appeared at the opening but pivotal stocks were Well supported, and before midday bull ish activity became vigorous There was another faltering spell in the early afternoon when the more ac- tive stocks sold off from fraction to a point from their best levels.
 Rises Four Points
 American Can was a leader, risine more than four points in active trading. General Motors was active , but advanced only moderately. Its second quarter statement will appear in a few days, and is expected to show net of about s1.20 a share, against 9S cents in the first quarter Such issues as |. s. Steel. General Electric, Radio Keith, Radio, Stand ard of New Jersey, Dupont. Sears Roebuck, Montgomery Ward, New York Central, Electric Auto Lite. and Johns Manville, advanced about ? to 3 points.
 Among the wider gathers was Auto Strop which moved up about , to q new top, accompanied by uncon- f1rmed rumors of a merger deal with Gillette. Eastman and International Business Machines sold up more than ,, and Case jumped 10.