New Britain herald., 1928-09-06
HIGH MONEY RATES
STOP SPECTATORS
Call Money Goes Up md I'D.
vance Is Retarded

! vance Is ketaIQM
New York. Sept. R - Hixl
money rates again blocked the patti
Of spectators for the advance In to.
days stock market. Call money re.
newed unchanged At I l.: pr cen,
but advanced to : when banks call.
ID &,s.ooo.o0o In loans Persist en'
selling Of Radio. General Motors and
! some Of the other recent favorites
in the face OF advancing prices III
other sections OF the list. vas at.
trtbuted In part. to fears Of = large
increase in federal reserve brokers
loans after the close OF the market
Trading started off at 4 brisk pace
~ powerful pools absorbed blocks
Of 1000 to 10000 shares. Aore than
. score issues. including U. o. Steel
common, were lifted to high records
for the year on gains ranging from
fractions to four points. Oils. which
have been the only important lag
CARDS In the current bull market, at
tracted 4 large following. Texas
Corporation. California Petroleum.
Barnsdall A, Warner Quinian and
Tidewater-Associated ali moved into
new high ground for the year.
Bullish demonstrations also were
staged in q number Of chain store.
FOOD, amusement and public utility
.hornr DsrL A, Ty1fnrA A,,u mo~A -
another new high in response to the
publication OF Notwithstanding
semi-annual report. Liquid Car
bonic. A. M. Byers. Paramount Fam
Gus Players. Brunswick. Bake Col
lender. Calumet 4 Hecla. Mathieson
Alkali and American Safety Razor
also bettered their previous 1925
high prices. American Ltnseed.
which broke 10 points late yester-
day, recovered points Of its loss
and Curtiss and Wright each ad-
vanced points.
Around midday. the general list
began to sell OF. Federal Mining &
Smelling. ordinarily inactive. broke
10 points. Radio extended It's loss
to Z. Frank q. ghattuck to I IA,
General Motors to * and Warner
Bros. common to ). Chrysler, which
established 4 new peak soon after
the opening. fell i. points below last
nights close. as did American Inter.
national. Victor Talking Machine,
Gold Dust and Allied Chemical.
U. 8. Steel common lost about half
Of It's extreme gain OF 3h points and
Texas Corporation lost most OF its
gain of points. Buying support
lacked effectiveness. but the decline
was orderly.
Heavy buying Of low-priced oil
and utilities shares marked the
opening of the stock market today.
The opening trade Of 4 block Of TO-.
900 shares at - SIS, up fractionally.
Transactions In the first half dozen
shares ran from 1000 to $500
shares. Houston Oil opened 2 80
points higher and advances Of l-2
to 50 OF 4 point were shown by
Anaconda Copper. General Electric,
Bethlehem Steel, Freeport Texas.
May Department Stores and INTER-
national Combustion. Radio opened
down a point.
Early buying operations were
again on a broad scale. The first
sale of Briggs Manufacturing was .
block OF 10000 shares at - Ia, up
fractionally. and the Arst sale Of Fox
Film was a block Of $500 shares at
los. up So. Blocks Of 1000 to
5000 shares were quite common in
the early trading.
Oils were again in brisk demand,
California Petroleum and Warner
Quinlan quickly moving into new
high ground. Texas Corporation.
Marland. Sinclair ana Standard OIL
of New York all were active on the
upside.
New peak prices were esta blished
in the first half hour OF trading by
Park & Tilford, holster Radio. Calu-
met & Hecla. American Safety Razor
and Chrysler. Wright, Curtiss. Pa
cific Gas & Electric. Montgomery.
Ward. Commercial Solvents and
Rossia Insurance recorded early
gains Of points or -.
There were 4 few soft spots nota-
bly, General Motors. Radio and War
ner Bros. common. all Of which
yielded l to 2 Ia points.
Foreign exchanges opened steady
with Sterling Cables unchanged at
$4.s5 IA.
Prices Of some Of the old time
faded under heavy SELL
Ing orders, Radio losing points
and General Motors three. The eff
feet OF their weakness on specula-
tive sentiment was counteracted by
the sudden upward rush of U. s.
stel to 1857. the highest of the
year Traders continued partial TO
the oils. with 4 number Of other
stocks showing activity. strength. in.
GLIDING Marine preferred, Hudson &
vanadium Steel and
Grand Union preferred. The old re-
newal rate Of ~ for call loans was
still In force.
THE MARKET AT $3.50 p. NJ.