New Britain herald., 1930-07-15
Recently Organized Bull Forces
 Encounter Stiff Opposition From
 Bears But Keep Grasp On Prices
Yesterdays Broad Ad- vance Causes Consider able Nervousness Among Traders Who Followed Upswing.

New York, July Is LPl-The newly organized bull forces encountered stiff opposition in todays stock mar het from the die hard bears who felt that speculation for the rise was becoming rash, but the bull faction managed to keep price trends fairly well in hand.
 The broad advance yesterday caus- ed considerable nervousness among traders who had followed the up- swing despite lack of confidence and profit taking in addition to the et- forts of bears playing for technical reaction gave the market a rather uncertain aspect much of the time.
 A few rather pleasing second quarter earnings statements helped to bolster confidence, although it is we'll known in Wall street that the best reports usually appear first. National Biscuit earned so cents per shares, against S4 cents a year ago; General Electric. 51 cents. against 5S last year. and Commonwealth Edison. S2.67, against s279.
 The fact that several leading com panies have managed to approach the record earning of the second quarter of 1929 is construed as high lY favorable, in view of the substan- tlal Curtailment of general business, but current estimates indicate that when all the evidence is in, corpor- ate earnings generally will show a substantial decline.
 The rail stocks were helped by declaration of another s1 dividend by Missouri Kansas Texas The ini- tial dividend paid in the last quar- ter was regarded as purely a special disbursement, and in view of the current low levels of freight traffic. Wall street was declined to doubt that the management would offer another at this time. The fact that the management saw fit to pay it, largely from surplus, indicates con- fidence that better times are ahead.
 Call money continued plentiful, and after renewing at 1-2 per cent,
 
 money was firmer. with quotations up IA per cent. The firming of time money is regarded as in anticipation of the seasonal increase in the de- mand for funds which develops in the latter months of the year, incl dent to crop moving and other de- veiopments The weekly statement of reporting member banks showed a drop of s75.00o,000 in security loans.
 A strong feature of the early after noon was American Telephone, which surged up more than points, Sponsors of the move point out that the stock should do better after the rights expire August 1, and that such a stock cannot be expected 10 sell long at level to yield more than 4 per cent. The first half earnings statement was favorably regarded. In the rails, Missouri, Kansas. Texas surged up four points, and New York Central, Frisco, Erie and Wabash were among those gaining two or more.
 Such pool favorites as Vanadium and Houston Oil gained more than 3. American Tobacco B, Foster Wheeler. Eastman Kodak and Tim ken Roller gained or more. Among the low-priced issues, Kelvnator was strong spot rising more than 2.
 Shares that were strong yesterday encountered considerable profit talk ing, and many of the pivotal indus trials barely held steady. Such issues as |, s. Steel. General Electric and Radio moved in narrow ranges