New Britain herald., 1927-09-13
STOCK PRICES IN
 MARKED RECOVERY
Wheat Futures Sold 0ii at Cana.
 dian Crop Report

oluA OioP AVpull New York, Sept. fS LP-A sharp recovery in prices took place in to- days stock market which was fea- tured by the strength of the tele- phone, copper and oil shares. Cot
 ton broke about s2.50 a bale at the opening, but recovered most Of its i loss by early afternoon. Wheat fu- | lures sold off 10 cents a hushel on publication Of Bearish Cana dian government crop report. Banks called about s15000.6oO in loans during the forenoon. but call money continued in plentiful supply at the renewal rate Of 1-4 per cent. Stiffening of call rates Is gen erallv believed to be incidental 10 the heavy mid-month tax, dividend and interest payments.
 Except for reports Of a sharp re- duction in crude oil production last week. which attracted fresh buying to the oil group, there was little in the days news to influence the price movement of securities. Heavy buy ing of Standard oil Of New Jersey was attributed in some quarters to Rockefeller interests, presumably for the account Of one Of the many educational and charitable organiza tions created by them.
 Strength Of the copners coincidef with the reported stiffening Of the red metal market and the an nouncement Of a substantial drop ! in refined stocks on hand last month Kennecott crossed 75 to a new peak, and gains Of 1 to ? points were quite common in that group. , Expanding earnings was the only explanation available for the strength Of the telephone shares, Pacific Telephone scared 12 1-o points and American Telephone and International Telephone. each climb of about points to new high rec ords.
 Railroad shares also rreserted several strong spots. New York Central touched 1G3 for the first time in 25 years and St. Paul com
 mon and certificates attained new high levels for the year. Texas & Pacific jumped points.
 Wall Street Opening.
 Irrogular price movements occur rcd at the opening of the Stock
 Market today. Advances of a point or more were scored by Chrysler. Atlantic Refining and International Telephone. The last named opening 2I higher at a new peak Of 152 3-5. American Agricultural Chemical be- gan the day points lower and Mack Truck and kennecott Copper sustained overnight losses Of point or so.
 Broader buying came into play as the session progressed, giving lmpet- Us 10 some of the railroad and ,ari- ous miscellaneous shares. Operators "ere generally agreed that yester- day 5 sunening of call money rates Was temporary and owing to prepa- rauonS for Sept. 15 turnover of funds, including income tax pay mcnts due then. Although chain store shares were relatively quiet, il Was certain that continued rapid ex- panslon of retail sales was a factor Tn keeping alive the confidence Of the constructive interest. Western Maryland quickly went up points, while the New York Central and Chicago X Northwestern displayed carly buOyanCy Air reduction soon sold 5 points above yesterdays close and American Republicans was up ,. while point or better gains were registered by such diversified issues as American Smelling, Frceport Tex as, Commercial Solvents, White Mo tor General Asphalt, and others. Foreign exchange opened steady, demand sterling ruling unchanged around $4S5 13-l6 and French francs slightly lower, close to 3.91Ia cents.
 Encouraged by the demand for investment shares, American Tclc- phone and Telegraph touching IFS. traders took on ronnd amounts Of speculative shares, the whole list sursing mp briskly in the late after noon. [. $, Cast Iron Pipe climbed 10 points, Commercial Solvents 6l2, International Harvester 8 and Du Font 3. General Motors. American Smelling, General Railway Signal, Atlantic Refining, International Match preferred and Cluett Peabody were included in numerous indus trials which went up 3 10 points. Totals approXImated 1,SUu.UOO shares.