New Britain herald., 1927-11-23
.|NDUSTR|ALS RISE IN STOCK MARKET
Speculative Interest Keen in
 Many SpecialtieS

New York, Nov. os Upt-Specula tive interest In today's stock market centered in about a score special ties, which scared 10 l2 points. Standard industrials and rails held fairly steady, meeting good support on reactions, but also enCountering large offerings on the rallies. Pool operations continued to provide a large part of the buying power. all though increased public participa- tion was reported by commission houses in many Of the specially fav- orites.
 Calling Of about sln,0oo,Ono in bank loans, presumably to meet hol- iday currency demands. had no ef- feet on the money market. Call money renewed al 8 + per cent for the 10th consecutive session.
 Rumors of a new steel merger to be headed by the Youngstown Sheet < Tube company were not taken seriously in banking quarters. Some selling came into |. s. Steel common but 1t was checked by the announce ment of another slight increase in the corporations mill operations. ac- companied by reports of large rail- road inquiries for rails.
 Otis Steel prior preferred scared Ii points to new high at 9l on re- ports that the company would earn more than double its s7 dividend this year. National Lead jumped nearly 10 points to new top at 1S5, and Brooklyn Edison advanced : points to new peak at 194.
 Renewed buying of Montgomery Ward which approached close 10 the century mark, was accompanied by unconfirmed rumors that Arthur Cutten. Chicago operator, was heav- fly interested in that issue. Radio, Philadelphia & Reading Coal, Dodge Bros. preferred and American Re- public also showed great activity, blocks Of 2,ooO to 10000 shares changing hands in those and other issues
 Buying Of the rails was held in check by the publication relatively poor October earnings reports by the Southern Pacific Wabash and Western Maryland roads. Special strength developed, In the 800 Is sues, each Of which advantaged points or more.
 Prices headed upward at the opening Of the stock market today. A block of 10000 shares of Radio corporation changed hands at 92, new top, and several large blocks of some other stocks figured in the ini- tial dealings. Sears Roebuck and Montgomery Ward began the day at new peaks and General Electric was about points higher at the outset.
 Numerous new peaks were estab- lished as the market gathered strength in the first half hour or so. Undoubtedly the proposed cut of S235, 5,00o,o00 in taxes. agreed upon by the congressional ways and means committee was a strong fac tor in the early upward movement. Independent Steel shares were among the early leaders, Otis Prior preferred gaining nearly 4 points and the common showing strength, Transuc and Williams and American Steel Foundries advancing more than two points each. American Re publics and Atlantic Refining reflect cd shrinkacc of crude oil produc- tion and International Paper and Westinghouse Electric soon advanc- ed two points or so. Western Mary land and Norfolk & Western showed carly strength, but other rails were resistant in consequence Of further receSsons in October earnings. h. ternational Combustion. General Railway Signal, Trceport-TeXas and several other miscellaneous shares in the early advance 10 higher ground. Foreign exchanges opened steady with demand sterling quoted around s4S7 9-32 and French francs just below 3.93 cents.
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