The Waterbury Democrat., 1934-08-06
BY ELMER c. WALZER limited Press Financial Editor


 New York, Aug 6-(UP)-A ral- ly in gold and silver issues togeth- CT with strength in grains arrested a break in the stock market todav that had brought many leading ls- sues into new low ground for the year.
 The brunt of the selling in stocks occurred after a ragged openins: Trading was heavy on the decllnf with the tickers a minute or so late in the first 15 minutes of deal7 ings. After dozens of the leaders had made new lows, buying began in gold and silver issues. The re- mainder of the market then steadied and prices moved up from the lows so that at the close the market in general was irregular as compared with Saturdays closing levels. Trading was quiet on the recovery.
 Wheat spurted to new highs for the season and closed with net gains of 3 IA to 8 7-S cents 2 bushel, while oats rose 1 9-4 to 3 cents; rye 3 5-S to 7-S cents, bar lev to 3 1~2 cents and corn 3-4 to 2 Is cents. All other commodi- ties except hides and silk were higher.
 Nearly all news items of market importance were beafish. Wal. Street, however, paid more atten- tion to imitation talk than to reali- ties. Trades bought the silvers in moderate amounts but since offeF- ihgs were light they easily ad- yaficed. U. S. Smeiting crossed 13O late in the day, against previous close of 125 1-6.
 Howe Sound at one time was up 3 points and substantial gains were made by Cerro De Pasco and American Smelling. Gold mining issues were up fractions to more than ? points with Dome the best sainer. but their activity was less than the silvers. Traders circulated rufllors the administration would not make change in he gold price at the present time because the treasury has large amounts of financing to do in the immediate future, It was believed, however, that the silver purchase plan and the printing Of silver certificates would receive more attention with a view of stimulating somehow commodity prices.
 Nature was taking care of the commodities in the drouth strfck- en areas. but higher prices were not sufficient to offset the tremen- dour loss of purchasing power in the region. Hence, traders were prone to sell stocks whose compan- les derive their major income from the agricultural areas. In the morning the mail order shares made new lows for the year. They later rallied. Farm equipments made a good showing after early weakness. International Harvester rallied to a small gain.
 Railroad companies are due to lose through lighter grain load ings. In addition to that higher expenses have reduced income, and hence the group was a target oi sellers in the morning when new lows for the year were made py such issues as Atchison. Union Pacific, Pennsylvania. and South ern railway. The carriers rallied and some of them made small net gains It was announced today that 33 class one roads had failed to earn expenses and taxes in the first six months of the year.
 United States steel sold down to 31 7-S off 1 7-S, and a new low for the year in the first half hour Thereafter it rallied to within a fraction of the previous close.
 Copper shares were firm in the afternoon, International Nickel made small gain when directors ordered the payment f q 15-cent dividend against 10-cent dividends, in the past two quarters. General Motors rallied to a gain in advance of it's dividend meeting scheduled for later today when some expect an extra will be ordered. Chrysler recovered substantially after mak- ing new low for the year.
 Wet stocks were steady to firm all day. American Telephone re- covered all of an early loss of ? Is points to 106 Is. the latter