New Britain herald., 1926-12-30
RAILROADS SHOW
 WAY, UPWARD NOW
Speculative Confidence in Mar.
 kd Restored
By The Associated Press.

New York, Dec. a0.-Speculative confidence in the stock market ap- parently was restored by yesterdays sharp rise in prices which was re- stunned today under the leadership of the high grade railroad shares, al- though the usual year-end shifting of speculative accounts imparted some irregularity to the industrial group. The advance took place in the face of an increase in the call money rate from sh to 6 per cent which followed the calling of about $40, coo, 600 fin loans.
 Refusal of the Mexican govern ment to grant an extension of time of the new oil regulations which go into effect the first of the year had little effect on the general list, although it probably inspired the selling of shares of some of the oil and copper companies which have large property interests south of the Rio Grande. Offerings of these is- sues were we'll absorbed. and the de- clines, as rule. were moderate.
 Rails attracted strong invest ment demand under the leadership of Atchison, which moved up over three points to around 170 on q re- vival of rumors concerning a special dividend distribution at next months meeting of the directors. Union Pacific, Nickel Plate." Chicago and Northwestern and Texas and Paci- fic also recorded good gains.
 Universal Pipe common was bid up to new high level for the year on buying credited to George Whelan, tobacco magnate, who was reported to be interested in a mer- ger of that and other companies. Bloomingdale Brothers and Ameri- can Home Products also touched new high levels. New York Trac- tions responded to reports that Gov ernor Smith and Mayor Walker were attempting to patch up their dif- ferences on the transit situation. Merchandising issues continued to reflect reports of record breaking holiday earnings.
 Wall Street Opening.
 Selling of the Mexican Oil shares. based on uneasiness over the new laws going into effect next year, con- trasted with a resumption of the advance in other sections of the stock market at today's opening. Pan-American issues were weak but domestic oils. such as Atlantic Re- lining and Union of California, were in demand. Atchison, American Ice, Vase Threshing Machine and Foun- dation opened 1 to 2 points higher.
 Bear selling of representative in- dustrials was resumed in the subse- euent dealings. with particular pres sure directed against U. S. Steel, Baldwin and General Motors, which sold to 2 points lower. As the leaders began to topple the initial was checked and early gains of l to 31. points were reduced or can celled. A tendency to tighten spec ulative holdings of high priced rails caused general recessions in this group, although Southern Railway was an exception, climbing above fs5. Selling of American Smelling was attributed to the unsatisfactory Mexican land law situation. Foreign exchanges were steady, with sterling holding ct s4.s5 and French francs at their stabilized level slightly be- low agents
 Prices shifted about In the fore noon in a manner hewildering to traders, but there was a strong un- dercurrent of confidence in various groups, notably the baking and To- cal fractions. Some demand also sprang up for the influential rail- road issues. including Pittsburgh & West Virginia which rose to 1855 1-4. a record figure. Union Carbide was pushed up 1-2 to 100 1-2, the highest in it's history. There was some contraction around noon of the earlier pressure against a sprink- ling of the pivotal industrials. Gail loans were maintained at 1-2 per cent.
 THE MARKET AT 2:s0 P. NJ.