New Britain herald., 1926-07-15
GALL MONEY RATES
 ARE CUT WAY DOWN
This Has LiTening Effect Upon
 Stock Market

New York, July IS Pl-A reduc-
 tion in the call money rate to per cent bringing 1t to the lowest level since June 21, turned the course of prices upward this afternoon, check ing a selling movement which had carried many popular issues down l to points in the early trading. The late buying brought about sharp re- coveries in many sections of the list. but public participation was of a cautious character, due to rather widespread speculative belief that a further reaction was likely after the sustained advance of the last two months.
 The days business news was again largely constructive in chara cter, with the plans for a merger of the Columbia Gas and Electric and Ohio Fuel Corporation properties was one of the principal developments. Other favorable factors included the plac- ing of Onyx hosiery common stock on s3.20 annual basis, and the PHbiANhNiOh VI lllt Stlul-dI0tlal re- port of the Phillips Petroleum Cor poration showing net earnings of S14,201,017 as against s10,456,494 in the corresponding period of last year.
 Anthracite coal carriers assumed the leadership of the railroad group, Lehigh Valley touching the highest price since it was listed on the stock exchange in 1911. Among the score or so other issues to attain new peak prices for the year were American Power and Light Lambert Co.,. Will son Co.,, preferred and Westinghouse Air Brake.
 One of the reasons advanced for the recent sluggishness of the oil shares, apart from the discovery of new fields with their threat of over production of crude, was the huge increase in gasoline stocks resulting from improved refining methods.
 Trading showed a marked falling off, total sales in the first three hours being less than 5000 shares as compared with more than 1.200,- 000 in the same period yesterday.
 With speculative sentiment be- coming more mixed alternate waves of buying and selling orders swept over the market causing much ir- regularity during the forenoon. Railroads were extensively dealt in, but although St. Louis Southwestern preferred, Missouri Pacific prefer red and Lehigh Valley sold at new high prices for the year. conspicu- ous heaviness was shown by Atchi- son. New York Central. Norfolk and Western and Jersey Central. The ruling rate for call loans was unchanged at 1-2 per cent.
 Wall Street Opening
 Buying orders predominated at the opening of today's stock market although prices failed to move uni fornly upward. Copper, low-priced oil and most of the motor shares were in demand. General Motors. however, encountered further ppofit taking. receding nearly ? points at the outset.
 Technical considerations con- alterations continued to sway price movements in the early dealings without any particular regard for the favorable news from trade cen ters. The market gradually devel- cped a stronger tone, however, as the two industrial leaders-U. S. Steel and General Motors-began to respond to a fresh influx of buying orders. There was less evidence Of the strategic bidding up of one ser of stocks in order to cover up selling activities elsewhere. Pool operations were carried out successfully in specialties such as Inter- national Harvester, Savage Arms. American Safety Razor and Case Machine, while rails re- sumed their advance under the leadership of Lehigh Valley, Allan tic Coast Line and Missouri Pacific preferred. French, Belgian and Italian exchanges opened lower but demand sterling held firm.