New Britain herald., 1930-09-16
Shorts Again Get Helm On Stock
 Market Encouraged By Softness
 In Grains and Lack of Opposition
Rallying Tendencies To- ward Noon Erase De- clines of One to Three Points.

shorts again had the helm on the stock market today. Encountered by the softness of grains and by the absence of important opposition, they piloted prices lower, uncover ing new weak spots and numerous air pockets.
 Rallying tendencies toward noon erased declines of one to three points in prominent issues, but the bears thereupon shifted their at- tack to the farm implement and merchandising shares and the re- coveries were more than lost. Trading tended to increase slightly on the decline, especially during the earlier hours, but such con- mission house selling as appeared was inconsequential and the pro- fessionals had the market virtually to themselves.
 Nearly all groups shared in the general heaviness, although the sell ing shifted frequently as though the bears were seeking quick action be- fore an oversold condition should develop. Four point losses in In- ternational Harvester and Auburn Auto were accompanied by losses of a couple of points in Westinghouse Electric, Montgomery Ward, Sears Poebuck, Macy, Gillette May De- partment Stores. North American and Western Union, some of which had regained earlier declines of the same extent. Grigsby Grunow was especially weak, breaking to 6A, a new low, before meeting support. Strong issues included Diamond Match and Lehigh Valley, up 8, Safeway Stores, Jewel Tea, Norfolk & Western and Ingersoll Rand, up 2. and kroger Grocery and Curtis Publishing, which gained a point.
 Wall streets second thoughts on the result of the German elections proved to be considerably more op- timistic, for it was said that bank ing circles here foresaw no danger to the separations agreement in view of the moderates' majority.
 Nervousness over the unsettle- ment of grain prices continued to be evident in some speculative quar- ters which hold that little can be expected of the stock market while those futures are flirting with new lows. Wall street followed closely the cues offered by Wheat and Corn earlier in the summer and is once more inclined to pay considerable attention to quotations on the Chi cago pit.
 Copper Price Cut
 The search for changes and trends in business news, now a favorite occupation of the financial community, revealed little that was new. Copper Exports, Inc, cut the price of the Red Metal for export by 4 of a cent, but this action had been forecast in yesterdays reduc- tion by Shelters and Producers.
 In connection with signs that ef- forts are being made to stabilize quotations on steel products, there was some interest in the statement of Eugene G. Grace, Bethlehems s president that prices were slowly but steadily strengthening. There has already been an increase of 6 per cent in the price of fabricated steel in New York.
 Reports that General Motors re- tail deliveries had improved to a larger extent than had been antici- pated were we'll received, for they came on a day when one statistical chart that showed automobile pro- duction at the end of last week was at its lowest ebb of the year with the exception of the interval of the Ford shutdown. It was admittedly uncertain, however, when the Gen. eral Motors improvement was indi- cative of change in trend.
 The weekly report of federal re- serve member banks disclosed a rise of s16, 6,O0o,O00 in "all other" loans, under which heading commercial borrowing are included. This brought the increase for the past fortnight to $46,000,O00. During the same period a year ago these loans gained SS4,000,O00.
 Call money renewed firmer at 2k per cent, but the rate seemed to carry little significance and was low cred to around midday. Unofficial ly. funds were available at a con- cession of half of one per cent from the stock exchange figure.