New Britain herald., 1930-08-14
Disorganized Bear Mob Retreats After Repeated Efforts to Sink
 Prices Through Recent Levels
General Price Reduction Takes Place During the Early Hours of Selling Today.

New York. Aug. 14 (Ps-After an- other effort to depress prices
 through recent resistence levels, the dissganized mob of bears lost courage and retreated further in today's stock market.
 Prices were generally reduced ] to 3 points during the early hours OF selling, but stocks were well taken on the decline, arousing some fear in bear circles that important banking interests may be offering support to the market around re- cent low levels. Most early losses were substantially more than can celled. although weak spots con- tinued to stand out her and there.
 However, there was little inclina- tion to follow the rally and when the market turned dull in the last hour prices slipped off again and gains of one to five points were largely elim- mated under moderate short selling. Canadian Pacific was particularly 10 a new low. Advances of about a, point in L. g. Steel and American Can were erased. American Tele- phone was heavy and J. I. Case yielded most of a point advance. | The close was easy. Trading was light and sales approximated only 1850, ,ooO shares.
 | Weak features were Republic Steel, breaking more than 4 points to new low in selling based on dis 1 quietins gossip over the dividend, and the International Paper and
 Power issues, which broke to new | bottom levels for the year. The class A dividend has recently been paid from surplus. and bears argued that the drought would adversely af- i feet the company's hydroelectrlc properties.
 Courage Ebbs
 As the market has approached the low levels of June, the courage ot the bears has ebbed. Selling appear ed to have dried up, and with the un- favorable factors of the business news largely discounted, profession al traders waited for new develop ments in the business situation be- fore committing themselves for any thing beyond quick turn.
 ] The days news failed to provide any guide posts. A further cut Tn copper metal prices by some cu5- tom smelters from II to 10 3-4 cents, reduced the metal to the low est prices in more than 20 years was. regarded primarily as an efort to move stocks, .. but brought some i selling of the red metal shares early 1 in the day. kennecott directors met for dividend action next week, and Wall Street understands a fur thor reduction in the payment may ! be ordered.
 Improvement Seen
 | Wall Street saw a feetlng sllHl-
 mer of improvement in the steel outlook with announcement that
 steel scrap prices had been advan@-
 ed 25 cents a ton at Pittsburgh hut this was later explained as re- i aecting a scarcity of first grade material, rather than any increase in demand from the mills
 Speculative sentiment has rarely i been as perplexed and confused as l it is at the moment. Some commls- sion houses look for lower prices after the technical rally is com- pIeted and most advocate sidelines position. The fact that the volume of selling has decreased with each l successive bear drive, however, has provided grounds for hope in some quarters that the market may be ] about sold out.
 ! Brokerage circles have interpre- ted it's recent action as indicating that stocks are strongly held, and that only some wholly unexpected and particularly grave news from business would be likely to induce any general liquidation. In the meantime, however. weak situations continue to crop out, which dam- ages confidence.
 Call money again renewed at l-2 per cent. but was available in good supply in the outside market at ?. The brokerage loan figures, to be an- nounced late in the day, were eX- pected to show large decline.