New Britain herald., 1928-05-04
WALL STREET ONCE
 MORE GOING AHEAD
Speculation for Advance Starts
 on Broad Scale
By Stanley N. Prenu,li

By Stanley N. Preno>lt
 Associated Press Financial Editorl
 New York. May I p.-Speeu'ation for the advance was resumed on q broad scale in 1oday's Stock Market. Retention Of the per cent redls- count rate by the New York Fed eral Reserve bank, setting al rest, at least temporarily. fears Of a credit stringency over-shadowcd the huge increase in brokers loans, and started a series Of buliish demon- strations through the list. Extreme sains ranged from to nearly ls points in the active issues, with high grade investment shares assuming a prominent part in the advance.
 Trading. which had slowed up earlier in the week because of the uncertainty regarding the credit sit nation. again assumed gigantic pro portions. Nearly son, ,0po shares changed hands in the first three hours of trading, with the ticker falling so minutes behind the mar ket by early afternoon.
 Special strength of the motor is sues was based on the publication of excellent first quarter earnings and production figures by the leas- ing producers. General Motors. which is expected to declare an eN- tra cash dividend of B" or more at tho May 10 meeting Of directors. ran i .,,t. tN ,,1, | at eos and held within q couple of points of that figure in the face of unusually heavy profit taking. rhrysler crossed - 10 now peak and Studebakar. Hupp and others changed hands in large blocks at , advancing prices.
 Heavy accumulation of such sea sonci dividend paying issues as American Telephone International { Telephone. American Bank Notc. Eastman Kodak. International Har- vcs'er, Dupont and American To- ! hacco issues. all of which advanced 1 10 points, was construed as an indication Of strong roinNestmont demand. rurtiSs Aeroplano scared more than 10 points to T new peak at 1o6i2 and Wright Aeronlanc jumped points 10 l55, also new peak.
 New York fractions Were among the fow weak spots. yielding l 10 g | points in realizing following the rc- cent brisk advance in anticipation n+ I., f f1 r,s !, the federal courts 10 the lnterbor- l ough.
 { An outhurst of hullish rnthu>i- asm characterized the opening of todays stock market. American Gan opened with block of o0,oo0 shares at So. up l-a and n new high record. Atchisou showed n gain ot = IA points and Western Maryland and Pullman each advanced ahout q point. General Motors opened witt q block of li,o0o shares at the split price of 19S-t@S t-2. the top figure representing an overnight gain of points.
 Wall street apparently disregardet the huge increases in brokers loan: reported by the New York Stock F.X. change and the New York fedora reserve bank. the former total ap- preaching within sl0o.Noo. 0A0 or tho 1 5000. GOO. non mark Retention ot the 4 per cent rediscount rate by the New York federal reserve bank i allayed fears of an immediate stiff fening of money rates.
 Motors led the early advance. with the demand for those issues stinlu- lated by the publication of excellent first quarter sales and production ! figures. General Motors quickly ral up 6 1-2 points 10 new high at eo3 1 on an enormous turnover. One blocl, of 1o.3oo shares of Chrysler changes hands at 75. followed by another al the same price. and a subsequent ad, vance to 15 1-S. a high record Studebaker and Hupp also changed hands in large volume.
 1 Richtield Oil Of California opened with a block of 10000 shares at 4;
 1-a on reports that negotiations wer, pending for merger with the Pan. American Western company. Radio ran up points before the end Of the first half hour, and |. S- Leather 1 American Sugar Refining. kroee, ! and Dupont were among tho many issues to climb ? points or more.
 Foreign Exchanges opened firm with Sterling Cables quoted slightly 1 higher at SASS l-2o.
 With q scant supply Of invest.
 ment issues pushing their prices III
 to points as purchasing order: were being executed. more interes
 was taken in a number of shares
 which had a wider appeal to tn, l speculative fancy. with the resul that a number of stock rose in brisk fashion as the rank and file 0 traders quickly followed indication, | of an upward trend in individual is sues. Enormous accumulation 0 the high grade public utilities fur
 nished strong foundation for tn, ! general rise. many Of them climbing 10 unprecendented figures. Curtis: 1 Aero shot up nearly s points tt ! 1o3 7-S, a new peak while Wrigh
 went up ] 10 15i
 THE NtRkI.T AT o::,u P. NJ.
 Furnished by Putnam X Col High Low Clos, [ Al Che X Dye l64$s 1G3i. 163 :. Am Ag Che pd
 1 A/crican Can 91 s9 9o7, | Am Loco ..... 1n.i.
 Am Sumatra 5S 5iis 5S Am Sm & Re 1918 19l*s 1918, Am Sugar .. 14i. 7212 73
 Am Tobacco l6o 15S f60 Am Woolen os7.
 Anaconda Cop 11ai 1oi. II !, AtchiSon .... l93 1?4 l94