New Britain herald., 1930-08-07
Stock Market Left to Bear Group While Bull Traders Use Commodity
 Exchanges for Place of Business
Long List Sells Off One to Seven Points - News of Day Favors Downward Trend - Strong Issues Still Well Supported.

New York, August R-The stock market was left to the bears today, while bulls made merry in the commodity marts.
 There was some liquidation of stocks by investors who feared the crop crisis may have postponed business recovery, but the major portion of selling orders originated with floor traders. Professionals were more aggressive on the short side than of late, however, and a long list of important stocks soL off from l to points or more, as the volume of trading increased sub- stantially.
 Business News Poor
 The days quota of corporate and industrial news was not of char acter to hamper the bears. Passing of the Goodrich dividend. payment of the National Family Stores dis bursment in stock instead of cash, and expectations of a reduction of the Warner Bros. cash payment late in the day, were not helpful to the cause of higher prices.
 A bright spot in the gloom was an expression of opinion by President Shumaker of the R. C. A.-Victor Co. that the working people of the coun- try have substantial savings and only need reassurance as to employ ment to start spending normally again. We are going to run our plant to capacity until t-is proven that we are wrong" he said.
 In the federal reserve boards Au- gust bulletin, the financial communi- ty found some comforting reading. Member banks were said to be in debted to the reserve system to only about one-twelfth their aggregate reserve balances, and to be entering the period when the demand for currency increases about s150,000,- 900 in an exceptionally easy position. Wall street bankers understand the New York reserve bank is prepared to purchase government securities to such an extent as will offset recent ana lurtler losses or gold.
 Call Money still Low
 Call money renewed again at 1-2 per cent, but the undertone was easier. giving rise to the expectation that the turn of the month frmness was passing.
 Cotton joined the upswing in com modities, while the advance in grains was slowed up by reports of local showers in the midwest. Estimates from Washington that crop damage may amount to s1, ,O00,0OO,OO0 could not be interpreted by Wall street as hastening business recovery, it was recalled however, that the severe stock market panic of 1901 was fol- lowed by crop failure, but that stocks recovered swiftly within a few months. The present situation. how ever, is in many respects dissimilar. If the depression in commodity prices has been definitely ended, nevertheless, bankers believe the longer term implications are decid- edly favorable.
 Good stocks Well Supported
 Such stocks as L. S. Steel, Radio, General Electric and General Motors were we'll supported. The market was inclined to rally at times, for period during the mid cle of the morning, and again in the early afternoon. As a group, the utilities were hardest hit, but the decline was broad
 Eastman and Allied Chemical dropped about ' points each. while Case and American Water Works lost or more. Issues losing about 2 to 3 included North American, American Power and Light. Air Re duction. American Tobacco B. Atchi- son, American Can, Consolidated Gas, Corn Products, International Harvester, Warner Bros. Allis Chalmers. Erie, Rock Island, Byers and Republic Steel.
 THE MARKET AT 2:0O-3:OO P. NJ.
 Total sales to 2:10 p. m.-1,211,- 800 shares.