New Britain herald., 1930-07-31
Bulls Struggle for Control of
 Price Movement In Stock Lists And Win Back Yesterdays Losses
Further Flurries of Selling Absorbed Seasonal Business Trend Believed More Favorable-Day's News Not So Good.

New York. July 31 P>-The bull group, feeling that it had gone too far to give up at this juncture, struggled to regain control of the price movement in todays stock market and managed to win back a substantial portion of the losses of the previous session.
 Yesterdays severe setback proved a keen disappointment to specula- tive quarters, but with reports that several industrial plants which have been closed for regular July shut downs will resum= operations with in the next fortnight. many traders felt that for the moment at least. the seasonal trend of business was more favorable to the bull than the bear cause.
 Further F1urries Absorbed
 Further flurries of selling had to be absorbed during the morning, but the fact that yesterdays break caused no heavy accumulation of selling orders at the opening was interpreted as indicated that stocks in the main are lodged with inter ests not easily stampeded. A firmer tone in the wheat market also helped stocks. Shorts with substantial pa per profits were inclined to cover.
 The days news was not wholly pleasing. Studebaker's second quar- ter statement showed net of only 41' cents, compared to S302 in the like period last year. Although the divi- dend was reduced from $5 to s4 an- nually on April 30, it is obvious that a further substantial reduction must be made unless directors wish to dip further into surplus. Buffalo. Ro- chester and Pittsburgh passed its S2 semi-annual payment due at this time, the first class 1 railroad to take such action this year.
 Call money remained fairly plenti- full despite the approach of the Au- gust l settlements. During the next day or so. payments for the new American Telephone stock, as well as interest and dividend payment, will result in turnover Of about s600,- 100000. Despite recent loss of more than s4o.O0O,00O in gold, how ever the money market fails to show strain, Call loans renewed at per cent. and there were some outside offerings at 1 1-2.
 Sentiments Diverse Commission house sentiments was diverse and non-committal The fact that the operators who have engin- eered the rally from the June lows have failed to attract a public fol- lowing, and that they have failed to make notable progress since July IS, inspired considerable caution. During the morning selling, losses | of to points or more in several of | the leading shares were numerous 1 but most of these were recorded be- l fore midday. as the list developed a firm tone. Rails, however, were de- cidedly heavy, refecting the B. R. X P. dividend omission. Missouri Pa cifc broke points, and New York Central, Chesapeake & Ohio, and Baltimore 6 Ohio sagged or more.
 The Chicago and Alton issues sold up a little in response to an nouncement that Baltimore and Ohio was negotiating for the road, and Atchison and Southern Railway reflected short covering.
 Gillette and Autostrop were again strong. the last named reaching an- other new high. Gillette gained sev- eral points, as gossip regarding dis solution of a bear pool, and possible acquisition of Autostrop, was again heard. Such issues as Dupont, By CTS, Warrington, Allied Chemical and Eastman gained 3 to 6 points or more. American Can+ Nesting house Electric, air reduction Vana- dium, U. S. Steel and American Telephone gained q point or two. Radio and General Motors moved narrowly.