New Britain herald., 1930-09-11
Stock Market Takes Breathing Spell After Strenuous Bullish
 Efforts Finally Lift Prices Up
Market Closes Only Frac- tion Above Peak of July 28-Much Liquidation Is Absorbed.

New York, Sept. il PAThe still convalescent stock market required breathing spell today, after the strenuous bullish efforts of the first half of the week had finally lifted the generak level of prices over the rough places which wrecked the bull movement of July.
 Although the market closed yes- terday only a fraction above the peak of July 2s, as measured by the index of 90 issues. much liquidation had to be absorbed on the way, and pool operators were anxious to get stheir bearings before further ambi- tious undertakings. Trading slump ed, and prices generally eased, all though sporadic bidding up of spe- ciaities gave the market a spotty ap- pearance.
 Such stocks as U. S. Steel. Ameri- can Can, American Telephone, Gen eral Electric, New York Central, Air Reduction and Johns Manville lost a point or more. Shares losing 2 to more than included American Water Works, Pacific Lighting, Stone and Webster, Gulf States Steel, t. s, Industrial Alcohol and Allied Chemfal. Case dropped more than 5. On the other hand. Vanadium. Foster Wheeler, Gillette. National Steel, Coca Cola, Safeway and Shat tuck rose 2 to 3.
 Grain Sap Helms
 The decline was probably innu- enced in part by the sag in the grain markets, in response to the governments Sept. 1 crop estimates. The corn estimate placed the crop at the lowest in years. but was about 5o,ooo,ooo bushels higher than several private estimates had indj- cated. The further slight rise in the estimate of wheat production sent most positions to around the lowest prices of the season. Selling of grains, nevertheless, was not in large volume, and as it failed to gain headway. stocks manifested a better tone. Bears in stocks appear ed none too sure of themselves.
 Corporate news was on the whole mixed and inconclusive. Southern Railway, after showing heavy tone for while, rallied briskly on de- claration of the regular quarterly divid No reduction in the divi- dend was expected in informed quar- ters at this time, however, as it has been the roads practice to provide for dividends one year ahead, so the real uncertainty Is over pay ment of dividends next year. The failure of St. Paul railroad to meet the full half-yearly interest on its adjustment bonds was disappointing but not unexpected. A payment of 1 1-2 per cent, in place of ? 1-2 per cent. had been largely discount ed by the market for these liens Several dividend omissions or reduc tions were announced. Calumet anG Hecla decided to forego its quarter 1 ly payment altogether, after the re- cent reductions.
 The money market indicated an llncreaSlng supply or lunQs, Call money renewed at 1-2 per cent, but was soon available in the out side market at 2. Wall street has been intensely interested Of late over possible changes in the pro- gram of the federal reserve system under the recently appointed chair man, Eugene Meyer, jr. While noth- ing new in the way of official com- ment has been available. some ob- servers in Wall street are expecting efforts to improve the market for real estate mortgages in the hope of reviving building activity. still q decided sore spot in the business situation.