New Britain herald., 1930-08-12
Stock Market Takes Bullish Tip From Weather Bureau Predicting
 Crop Damage Not Bad as Feared
Shares Turn Upward at Midday With Pivotal Is- sues Mostly Regaining Their Losses.

New York, Aug 12 P}-After a period of gloom over the govern ment crop reports, the stock market
 LOOK bullish tip from the weather man today but was only moderately impressed with it and the list turn ed emphatically heavy, in the last hour.
 The |. g. crop reporting boards estimate of deterioration of the corn crop since Aug. l was not as
 pad as expected, and forecasts of showers and cooler weather over ex- tenslve areas was interpreted as jm- proving the outlook for a seasonal ups"lng in general business.
 important shares closed to more than 10 points lower, after a rally during the middle of the day, which erased much of the bearish response to the crop reports during the morn- ing. The market grew increasingly weak during the final transactions, and such issues as United States Steel American, Can, American Tele- phone and Radio lost 2 to points. International Harvester dropped 4 to a new low, and Case dropped more than 12. Eastman Kodak, Au- burn and Union Pacific lost about 8. Mail order and Rail shares were also heavy. The closing tone was weak. Total sales approximated l. S00,000 shares.
 The crop reports made after the close Of the previous market were even less favorable than anticipated X deterioration of nearly 600.000, 900 bushels in the corn drop from July l to August l exceeded most private estimates, but the reporting boards estimate of a further drop of 10O,- 0oO,o00 bushels Since August l, ap- bearing early this afternoon, was not as bad as Washington reports had lead Wall street to expect. An in- crease in the estimate of winter wheat more tban offsetting the de- terioration Of the spring crop was viewed as anything but favorable for the already excessive supply of the leading cash crop.
 The days corporate news was meagre, but the rumor crop was The heavy short covering and brisk rally in Warner Bros. which undoubtedly was an important influence in the midday rally, was based upon report that the com pany was to be reorganized by one of the leading Wall street private banking houses.
 July sales reports continued gen. orally 10 make unfavorable com- parisons. kroger Grocery's report for the five weeks ended Aug. showed a drop of nearly 12 per cent from the like period of last year, as compared 10 a reduction of less than $ per cent for the entire first 30 weeks Of the year. The report show cd 5.237 stores in operation, drop of 23S from last year Simmons Cos sales tumbled nearly 90 per cent in July, also more than twice the de cline for the first seven months.
 iNdii SHdlts iiIlfd lO IOilON llit rally, with the weekly carloading re- ports showing declines, and the prospect of reduced movement of crops, indicating further reduction n earnings. Farm implements con- inued under pressure, reflecting eX- oectations Of low farm purchasing power.
 Amtorg Corp. has placed large or 1ers Of late, and viewed over the onger period, Wall street regards he industry's prospects as favorable, ,or the necessity Of reducing farm costs is expected to make increased Use of machinery impera- i've, but since the first of the year, he implement manufacturers bus ness has fallen off substantially,
 Money was a little more plenti- full Call money renewed at 1-2 per cent, but was available in small amounts at ? per cent in the out side market Commercial Paper and Bankers acceptances were in good demand at unchanged rates.