New Britain herald., 1930-07-30
Bears to Get Their Innings Now
 Since Bulls Have Struck Out In
 Attempting to Break Resistance
Market Turns Emphatical-
 ly Downward With Even
 General Motors Losing Ground Substantially.

New York, July 30 GP-The bulls appeared 10 have struck out in to- days stock market. and the bears had their inning, for after yester- days performance it was apparent that the bulls had failed for the third time to break through the re- sistance points established at the end of the technical rally on July Ids
 Although there was a momentary upturn in the morning, the market soon turned emphatically downward, with even General Motors. strongly defended bull outpost during yester- days bear attacks, losing ground substantially
 Renewed weakness in the commo- dity markets appeared to have un- nerved speculators for the rise. With wheat breaking to new loans. under pronounced pressure, there seemed little room for bullishness in stocks
 The statement of the finance com- mittee of r, s. Steel, indicating that the recession in that industry had reached bottom, an traordinarily bullish announcement to come from so conservative and reticent a quar- ter. failed to cause more than brief upturn in that leading issue. Bears made capital out of the fact that only the regular dividend had been declared, although early rumors of ar extra had not been taken very seriously.
 News More Favorable
 On the whole, the days business news was a little more favorable than it had been for few days, al- though it continued of an indecisive character at least. car loadings turn ed up about 12,000 cars during the | latest week and gasoline stocks were sharply reduced, while crude pro- | duction was curtailed substantially last week. Furthermore. there was moderate working off of refined cop per stocks, as reported for June. Building contracts. as reported for the week ended July 25, however, were somewhat disappointing.
 The steel trade reviews pointed to weakness of pig iron as a sore spot. Iron Ages composite price dropping l 3 cents to s1696 ton. the lowest in 15 years. Steel quotations held steady. however, and rSteel'' pointed out that developments | &a the expectation that with the end of July is passing the worst of the present lull" Iron Age" however, felt that the stimulus from increas- ed industrial operations may not be felt by the steel cimpanies until the middle or end of August.
 Despite the fact that most leading corporations have reported fairly satisfactory earnings for the first quarter, bears were able to seek out i the weak spots with considerable success. Safeway Stores was again depressed to new lows, and it was learned that the first half report share against S4.31 in the like period Of last year The possibility of new financing or stock rather than cash dividend for Warner Bros, brought further selling into that is- sue, and Southern Railway contin- ued to drop.
 Losses High
 In brokerage circles frequented by the bull crowd, it was said that the decline represented a mere tenn porary suspension of aggressive oper- ations for the rise, pending a better situation in the commodity markets. Losses, however, reached substan- tial proportions, such issues as |. S. Steel, General Motors, American Can, Warner Bros, North American. American Telephone, General Flee tric, Safeway Stores, Air Reduction and Dupont, dropped 2 10 4, and shares losing 5 to 10 included such