New Britain herald., 1930-09-23
Wheat, Selling at Lowest Price
 In Years, Causes Stocks to Back
 During Session of Market Today
Losses Recovered Easily Although Weakness of Grains Causes Drive by Bears.

New York, Sept. 2 3LPAStocks backed and filled irregularly today while wheat was selling at the lowest prices in years. but the support placed behind seasoned dividend paying issues, reputed1y by impot- tant financial. interests, made the bear faction cautious and facilitated the rallies.
 Quotations at the opening were uneven and there was small de- cline in the early dealings which car ried a few important shares to new lows for the movement. However, the market recovered these losses easily and made a cautious advance which was later lost on a bear drive stimulated by the weakness of the grains and numerous other com modities. Coppers and oils were li- quidated rather freely in this selling and new lows for the year in both groups were numerous.
 However, more active demand Tor the market leaders brought mod crate gains in the early afternoon. American Can, American Telephone and American Water Works rose points or more, Bethlehem Steel, Westinghouse Electric, United Air craft, and Allied Chemical gained about ? and U. s. Steel, Johns-M Man. vile, National Biscuit, Atchison and North American rallied a point or more. In the copper group Ana conda, kennecott, Andes, Calumet and Arizona and Calumet & Hecla made new lows, while among the oils standard of New York, Prairie Oil, Ohio Oil and Warner Quinlan sagged to new minimums.
 Dividend Omitted
 Omission of the s1 dividend on Republic Steel common had been expected and the stock rallied on short covering after the action of the directors had been announced. Pierce Arrow preferred was strong moving up several points in re- sponse to the statement of the con- pany's president that the class "A" would be placed on a s2 annual basis as the result of improved bus mess.
 With German Bonds rallying on the London and New York markets. professional bears were not dis posed to make capital of the for eign situations that were the subject of rumor and gossip yesterday. A fair inquiry for American stocks by European buyers was reported.
 Weakness of the Copper shares was based on unfavorable dividend prospects. Although most of the large companies have already sharply curtailed payments to stockholders. Several have cut more than once this year-further re- ductions are generally expected Some leading producers have cut prices to 10 1-2 cents a pound for the remainder of the year and num- erous prominent consumers are un- derstood to have taken care of their requirements TOT the next two or three months, leaving the outlook for the industry rather gloomy.
 Routine business news offered lit- tie that could be called encouraging in speculative circles where pes simism is so popular. The weekly bank statement reported a $3,000,- 900 drop in commercial loans, al- though there was gain of 14,000,- 900 in this item in the New York federal reserve district. August in- come statements from the railroads disclosed declines from the same month a year ago in about the pro- portions that have been prevailing. An adjusted index of automobile production for last week showed a small decline from the previous week, although changes in the chart since the first of this month have been so small as to be virtually negligible.
 The familiar per cent call money renewal rate was posted op the stock exchange, but accommodations were liberally offered outside at F