New Britain herald., 1928-06-22
TRADING REPORTED
 DESUL7ORY TODAY
Prices Go Up, Down and Then
 Up Again

Ne" York, June % LP-Desultory trading characterized todays stock market. one of the dullest full ses- sions of the year. Prices started forward al the opening, slipped back , before midday and then started up- ward again in the early afternoon, repeating the performance of the last few days.
 Except for the decrease in federal reserve brokers loans. which was somewhat smaller than generally ex- pccted, there was practically ~pthing in the overnight news to mnuence the prico movement Money rates continued firm. Further exports of gold to Italy and France this week end and the heavy demand for funds in connection with mid-year settlements preclude any possibility Of easy rates before the early part Of next month. Weekly mercantile reviews continued 10 report irregu- larity in business, although fall pros- poets are somewhat brighter. Radio was again an cratic per former. climbing nearly 5 points to IA 3-s. dipping 10 Ill f-2 and then reboundinG 10 1TG IA. or nearly o5 points above the weeks low. A jump of 5 1-2 points in Pierce Arrow pre- ferred was based on reports that ne- gotlatlons arc nearing completion for the merge Of that company with Stakeholder. Willys Overland com mon fell back more than ? points on the traditional selling on the good news following the dividend an- nouncement. General Motors also encountered selling resistance. des- pite unofficial predictions of a sub stantlai dividend distribution at the August meeting.
 Concurrent strength of Pittsburgh < West Virginia and Western Mary land, which advanced 5 and points, respectively. was based on the re- cent decision of the interstate com- morce commission granting the for mer permission to huild a new line 10 connect with the latter near Con- nelIsyille, Pa. Pittsburgh Coal and Pittsburgh Termina' Coal also re- corded substantial gains.
 'oppers, after a period of slug sishness, moved forward under the Ieadrrship of Greene Canauea and Calumet & Arizona. Food, mail order and chain store shares also developed several points of strength. but the airplane. tobacco and eX- press issues ran into further selling.
 Wal! Stree, Opening
 Price movements continued 10 lack uniformity at he opening Of todays market. Radio opened points higher and gains Of q point or more were recorded by American Smelt- ing, Allied Chemical. Curtiss Aero plane and Montgomery Ward. tn- tcrnational Harvester broke 3$1 points on the first sale and Chesa- peake X Ohio dropped 1 's. Willvs Overland common opened fraction ally lower despite the resumption of dividends yesterday.
 Wall street apparently was dis appointed at the decrease of $15S.- 100000 in brokers loans as many preliminary estimates had indicated a reduction of $500. .000.0u0 or S400, ,noo. Although the loan total is about s30.000, 300 below the < recent record breaking iigure. it is | still more than S1.0OU. .uoG. n0O above | inc total a year ago. Many bank \ CTS believe that a further drastic f reduction is necessary.
 Early gains of 1 10 2 points were ,l recorded in q wide assortment of i| lssnes. but the rally again failed 10 follow through and prices began to < slip. Radio fell from IA l-d to + III 1-2. General Motors from 175 IA 10 Ill 5-S and T.. $. Steel com Il mon from 135 to 134. Wright Aero t nautical, which opened unchanged | at 139. dropped back 10 135 l-2. American I.insced, Willys Overland common. and Otis Elevator each saescd points below yesterdays final quotations and Dupont, Amer ican Express and Johns ManNille point or SO
 Railroad shares. which were the strong spots in the market yest.r- day, were again in good demand. Texas % Pacific quickly moved up ? points and New York Central, Wabash. Reading and Western Maryland advanced point or so.
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