New Britain herald., 1930-06-30
End of First Half of Year Finds January Hopes of Stock Market
 Blasted After DeAation Period
Shorts Disposed to Cover
 Their Commitments,
 Due to Absence of Fur ther Liquidation.

New York, June 30 (E,-The stock market concluded the first half of the critical year of 1880 today with January hopes wholly unrealized, but with indications Of having completed another period of drastic-d denation. which many traders were cautiously inclined 10 believe had at last car ricd the general level Of share prices 10 rock bottom.
 Trading was extremely dull, but with absence Of further liquidation, shorts were disposed to cover their commitments. and pivotal shares generally rallied points or more. Despite the belief widely expressed in brokerage circles that selling had been completed. there was, never theless. TO inclination 10 renew az gr"sslVe operations for the advance.
 Before any large scale resumption of bullish activity can be expected, important traders state that 1t will be necessary thoroughly to test present levels, after Wall Streets numerous premature conclusions that a turn had come. Factors mili- tatins against a steadily rising mar ket at this time are indicated as the second quarter earnings statements. which will appear shortly, and the summer slump in industry. Furth- 'rmore. commodity prices have Vet 10 show conclusive signs of stabiI- and rtI,ro+i1r- to conform with the lower level or wholesale quotations would be likely to hold the stock market in check.
 Wall Street regards as the most favorable factor now in sight the roinvestmcnt demand expected to arise from the huge outflow in ia- torest and dividend checks dur!n, the next few days,
 The amount thus to he made avail able is varioUsly estimated from $75o,o00,Qoo to more than SLO00.- toQ,oGo. While much of this sum may find its way into bonds. 1t is felt that strong bond market would pave the way for higher prices for stocks. Furthermore, foreign in- N@Stment funds, some of which were withdrawn during the recent decline, appear slowly to be returning.
 Call money. having touched H. per cent last week, renewed al 2 to- day. and rose 10 3, for the first time In fortnight, but this was regarded as the result of temporary with draWals to meet the mid-year Set tlement requirements Weekend news was meagre. The federal re- . serve boards report on May De- partmont store sales showed a reduc- ton of only per cent, as against q drop of 3 per cent for the first five months.
 Julius II. Barnes. chairman ot President Hoover's business survey council, offered factual report or business conditions. without com. ment or interpretation. Gains ir savings bank deposits and fairly ac.
 tive retail trade were pleasing items
 in the report.
 Shares rising 2 10 more than : points included American Telephone Pennsylvania Railroad. L. g. Steel American Can, General Electric Atchison, National Biscuit. American Water Works, Liggett and Myers and Consolidated Gas. Shares rising { to 6 included American Tobacco B ! Eastman, Macy, Auburn, Worthing. ton, Air Reduction. Southern Rail. way Union Pacific, Allied Chemica and Wesunghouse Electric SucF volatile issues as Case and Ingersol Rand made even wider gains.