New Britain herald., 1930-07-21
Mutiny In Ranks of Bulls Puts
 Share Prices Into Recession as
 Advances Made Last Month Halt
Selling Starts to Dry Up, However in Early After noon, Causing List to Recover.

/ New York, July 21 P-Mutiny in the ranks of the bull forces threw share prices into retreat in today's stock market, interruptins the irregular advance of the past four weeks which had retaken about a third of the ground lost between early April and late June. By early afternoon, however, the selling appeared to be drying up, and the list made moderate re- covery.
 The new bull recruits demanded something more substantial than the frothy pabulum of forecasts of business improvement, but as the month Of july is normally a barren area in the business year, their demands were not met. Profit talk ing and renewed bear forays drove share prices generally 1 to points lower. Trading, however, was in moderate volume. Today's reaction had been foreshadoved on Satur- day.
 Reactionary tendencies in the grain and cotton markets discour- aged the bull leaders from offering aggressive resistance to the decline, but brokerage house gossip had it that bull pools were extending their holdings by purchases on scale down. The selling was for the most part well absorbed. A reaction of at leas- technical proportions might be eX- pected at this state of an advance, and bulls were not concerned.
 News Mostly Quiet
 News appearing over the week end for the most part only served to delineate more clearly the current quiet in industry. Reports generally indicated. however, that retail trade was holding up relatively well for this time of year. The first of the large railway systems to report for June was Chesapeake and Ohio, which showed a decline in gross op- erating income of 8.1 per cent from the like month of a year ago. some what in excess of the decline for the entire first half year, which was 6,4 per cent.
 Beechnut Packing's first half re- port served further to attest the rel ative stability of good company earnings. showing net of SIP q share. agaonst s1.79. The recession in building was reflected in a drop of 1l12 per cent in [. s. Realty first half net. Standard Statistics Co. stated that the first fl companies to report for the first half showed a drop from last year, of about 19 per cent.
 Little Change in Money
 There was little change in the money market. call loans were again at ? per cent officially, but were re- ported at only i 1-2 in the outside market. against i 1-4 Friday, when eagerness to employ funds over the weekend resulted in an unusual surplus of offerings. Other mone- tary accommodation were steady.
 Several issues rallied by early aft ernoon, as the market turned ex- tremely dull and selling appeared to have been completed. Losses of two points recorded during the morning in such issues as L. s. Steel, Ameri- can Telephone and American Can. were partially regained. Such pool favorites as Vanadium and Worth ington Pump recovered early losses and recorded moderate gains. There was heavy trading in Briggs, as sponsors of the market in this issue endeavored to move it on the basis of it's favorable earnings statement published late last week. Oils also turned upward, Standard of N. J., and Houston recovering losses of the morning.
 The rails were mostly heavy, Union Pacific, Chesapeake and Ohio and New York Central lost to more than 4. American Rolling Mill, Nash Motors, and Columbian Car bon lost three or more. Electric Auto Lite, in which a pool is said to be active, sold off nearly four, then ral- lied. Radio lost more than 1.