New Britain herald., 1930-08-18
Bears Courage is Bolstered by
 Reactionary Commodity Market
 as New Week of Business Begins
Prices Break Sharply Un- der Moderate Selling Pressure as Prominent Issues Tumble.

New York, Aug. IS LPl-Rea ction-
 ary commodity markets. failure of weekend trade and business sur Neys 10 dispel the speculative gloom, and weakening Of the markets tech nlcal position by q sharp upturn late last week, bolstered bear courage as the new week began in the stock market.
 They took another poke at stocks
 in today's market, but again failed
 10 dlslodge any new landslide of
 general liquidation.
 Bears concentrated for time on Radio Corp. and Columb bia Grapho- phone, depressing them about points, the latter 10 a new low and in the afternoon. shifted their attack
 to Fox Film. and other movie stocks,
 Fox dropped points, and General Theaters declined nearly to new low. ReCoveries of a point or two from the lowest, however. were fair ly general Pivotal stocks such as L. s, Steel and American Telephone sold of substantially during the morning, but rallied and closed but slightly lower. General Electric clos ed about steady, and American Can firm.
 Professional operations for the rise appeared in United Aircraft, which rose a couple of points in ac- tive trading. The closing tone, how ever, was heavy The days transfers aggregated only 1,350,000 shares. Prices broke rather sharply under moderate selling pressure, many
 prominent issues tumblng to more than 1 points, but the bear faction again found the market pretty thor oughly sold out, and were unable 10 shake loose any landslide Of general liquidation, In fact, some bull pools
 bought on the way down. A moder- ate rally appeared during the morn- ing, and again in the early after noon
 Shares losing 10 points in cluded Radio, American Telephone. Du Pont. Air Reduction. Eastman. Northern Pacific Westinghouse, Ra- dio preferred B, and Byers. BaTti- more and Ohio broken below 1GO with a 3-point loss, |. S. Steel Bethlehem, American Can, North American, Consolidated Gas, Sears Roebuck and Fox Film were among issues selling of or more. Rallies of 1 to 3 points from the bottom levels were numerous. cancellins several losses. There were a few firm spots,
 Intersoll Rand wide mover. shot up 10 in a few sales, and Mis- souri Pacific. Woolworth, United Aircraft, and first National Stores were firm. American Can also turned firm.
 Trading was still Of highly pro-
 fessional character, largely for the account of floor traders. and during the morning the turnover was only about tHo-thirds Of that of Satur- days halliday session. On the whole traders regarded the market as in a critical testing area, and were in clned to stay on the sidelines.
 Brokerage house gossip heard last Friday and Saturday that prominent statistician would issue bullish recommendations over the week end proved to have be,.. mis- guided, as such gossip often has been in the past.
 This statistician, in common with statistical services generally, thought that selected stocks should be bought at these levels for long term hold ing, but warned Of the prospect of interme ediate reactions. There was little tendency in the Monday ad- vices of any Of the statistical serv- ices to urge any rapid or immediate accumulation of stocks.
 While floor brokers who normally act for the market sponsors of Ra- dio Corp. common took large blocks Of the stock at descending levels, this issue proved the choice of the bears as a focal point for their ac- tiNity. The sponsors Of the issue pro- fessed 10 he fayorably impressed by the first half statement, showing the suCCe ssful working off Of huge in ventories in demoralized market but bears questioned the safety of the $50 annual dividend on the class A preferred. since only Sl.27 a share was earned in the first six months.
 Wall Street was all set for one piece of bad news which failed to appear. kennecott directors were scheduled to meet this morning, and rumor had it that a quarterly diyi- |. dend of only 50 cents would be or dered against 75 cents in the last quarter, but the meeting was indeti- nitely postponed because Of lack of a quorum.
 Renewed heaviness Of leading modities aided the bear cause. | indicating lack of agreement i between the Canadian pool and it's 1 bankers was unsettling to wheat, ! and private estimates indicate that l while much of the corn crop was damaged beyond hope by the . drought. at least some 4n per cent . of the crop was benefited from . rains
 THE MARKET AT 2;O0-3 200 P. VI. |
 Total sales to . 10 ? m.-l .o5&,- .