New Britain herald., 1927-02-10
RAIL INTEREST IS
 LESS NOTICEABLE
Wall Street Takes Crack at h.
 dustrialS Today

NEW I UT T GU. lV VII oPSNN't~ i tive operations for the advance shifted from the rails to the indus l trials in today's stock market. With public enthusiasm for the rails tem- porarily chilled by yesterdays de- moralizing market in those issues, operators for the rise began bidding LID selected industrials and specialtles | in an endeavor to obtain an outside 1 following, Baldwin was again an out standing feature, touching 17b, the | highest price ever recorded, with short covering operations playing prominent part in the advance. Hope of a cut in the New York | federal reserve rediscount rate after the close of today's market was prac- | tically abandoned when no change was announced in the Boston fed eral reserve and Bank of England rates. Most traders have been expect ing a cut in the British rate to pre- cede one here. Banks called about s15,OO0,0 900 in loans. but the call rate ; held steady at per cent.
 Other railrad equipments followed | the lead Of Baldwin. American Brake Shoe and Fundry jumping 5 points and American Locomotive, Lima Locomotive and American Car and Foundry climbing 2 points or more.
 Rails were sluggish. Pittsburgh and West Virginia broke six points and Western Maryland. common and second preferred and Chicago and | Great Western common, sold down 8 points or so. Wheeling and Lake Erie common was unusually quiet, but advanced from it's opening price of so 10 S5. The premium for loan- ing the stock was quoted at 3-S Of per cent with no borrowing de- mand.
 High priced specialties in which there is a small floating supply responded brisllly to the appearance Of buying support. International Harvester, Case Threshing Machine, South Porto Rican sugar and |. S. Cast Iron Pipe were among the leaders.
 U. s. Steel common was heavy on the announcement that thrilled orders dropped over 1Go,oo0 tons last month, a decrease of only about 100000 tons having been expected.
 The stock market which went through period of convulsive move ments yesterday, opened relatively steady today. with the main price tendency upward. Reading and Mathieson Alkalie each opened about a point higher and most of the other standard industrals and rails im- proved fractionally on initial sales
 Failure of the bank of England to decrease it's rate cast damper on the hopes of traders who were ex- pecting a cut in the New York fed eral reserve rediscount charge at to- days meeting. Speculative interest in the stock market switched from the rails to the industrials with new high records being established in the first hour of trading by Baldwin. Crucible Steel and producers and refiners.
 Good buying also appeared in such issues as U. $. Rubber Allied Chem ical, Houston Oil, Radio and U. S. Industrial Alcohol.
 The first sale of Wheeling and Lake Erie common took place at S0 an overnight drop of 10 points, while the preferred opened 4 points l lower at S3. Wabash and the Chi cago Great Western issues also were heavy, with Chicago and Eastern Illinois preferred, one of the few carly strong spots in that group. l Foreign exchanges opened firm with demand sterling around Si,S4 5-S and French francs around S02 <, cents.
 Bullish operations drifted Into stocks which had not apparently been unduly exploited in recent hec- tic sessions, this accounting in large measure for the accumulation of purchasing orders in many new groups. Notable gains were estab- lished by various chemical, farm im- plement, sugar, motor and leather issues. Commercial Solvents B jumped eight points and Interna- tional Harvester almost five. Rem ington Typewriter broke , F, and the motion picture, baking and non- dividend paying rails continued to be 1 supplied at intervals. The standing rate on call loans was maintained at four per cent.
 THE MARKET AT 2:3O P. NJ.