New Britain herald., 1926-10-01
BULLISH MARKET
 ALL DURING DAY
RediSCOunt Rate Not Raised-
 Traders EnthuSe


 New York, Oct. 1 - Bullish en- thusiasm ran rampant in today's stock market as the restraint. i'm posed by fears of an increase in the New York federal reserve re- discount rate, was removed for at least another week. Although call money rates were relatively high. and are likely to continue so un- til after the middle Of the month. operators on the long side felt confident that no serious credit stringency was in sight.
 Prices were marked up in all sections Of the list, with the result that more than a score issues were elevated 10 their highest prices of the year. L. S. Steel com- mon touched 153, or more than 10 points above the recent low, and General Motors sold close to 166, a record price for the present stock. Other motors did not parti- cipate in the advance, Mack Truck and Chrysler showing traces of heaviness.
 Coppers took on a new lease Of llfe on recurrent rumors of early increases of s1 annually in the present dividend rates on Kenne- colt and American Smelling. Ken necott, Miami and Nevada corners touched new 1928 peak prices. Most of the public utilities pointed upward. but special weakness cropped out in American and For eign Power common and preferred. which sank to new low levels. An other outstanding weak spot was Continental Baking A, which broke points to within a fraction of the years low.
 High grade rails moved upward with the industrials with the hest gains recorded by Chesapeake and Ohlo, Nickel Plate" common, Norfolk and Western and Delaware and Hudson.
 While the buying of professional traders continued to furnish the maln bulwark of the advance reading commission houses reported an increased inquiry on the part or small investors and traders Trading showed a marked expan- sion in volume, averaging about Ioo'OOO shares an hour above those Of yesterday.
 Wall Street Opening
 Stock prices gave a demons+-a tion Of strength at the opening of todays market. Gains of to points were recorded by U. S. Steel common, General Motors, Conner cal Solvents. B. Case Threshing Ma chlne, International Harvester and amous Players, while Du Pont was I points higher. Blocks of 500 to nearly 1000 shares were common.
 The wild outburst of buying re- hected the relief felt in the specula- i've community that the per cent redlScount rate of the New York Federal Reserve bank was un- changed. Another bullish factor was the establishment of new high re- cord for all time in weekly freight car loadings. Shorts, who have been selling stocks freely as a result of the stiffening of money rates in the last week or so, scrambled to cover as large buying orders appeared in the market, and outside participa- ton showed signs of increasing. New high records for the year, or longer, were registered in the first half hour by Du Pont, General Motors. Ken necott Copper, Union Carbide, Am. erican Sumatra Tobacco, Conner cial Solvents B and Union Pacific with early gains running from l to nearly 6 points. Warner Pictures A was the only weak spot, yield ing points on selling inspired by the denial that Famous Players was negotiating for it's theaters. Plans were under way, however, for the showing of the vitaphone. owned by Warner, in Famous Players thea .ers. Foreign exchanges opened 1 steady, with demand sterling around | ;4.S44 and French francs above | , so cents.