New Britain herald., 1928-03-29
WALL STREET HAS PECULIAR SHIFTS
Tendency However, Is Toward
 Higher Prices

New York, March os GT-Contus- d price movement characterized to- days stock market but the advan- tago rested or the side of .hose working for higher prices. StiNenina money rates and the prospect ot a large Increase in federal reserve brokers loans after the close Of the market led to extensive protit-raking and bear selling in some CT the re- cent favorltes, but new leaders were brought forward in the electric. pub lie utility, tobacco and copper groups. Trading showed a further slowing up in volume.
 There Mas little in the days news 10 Influence the price moveme ent. Operators for the rise found encour- asement in Secretary Mellon's state ment that the gold yNport movement Was not likely 10 disturb credit con- ditlons. Time money was advanced to flat A. Der cent basis today in- stead ot i 5-S 10 A. in reflection Of the heavy month-end demand for funds.
 Consolidated Gas and Brooklyn Edison led the upSWing in public utilities, soaring , IS and !. points. respectively, 10 new high records. General electric moved up more than , points 10 a new top and Westins- house Electric followed ill its wake Copper shares responded to reports I CI expanding sales and stlffening red metal prices, Greene Cananea jump ing , points and Anaconda, 2 Dun- , hill International, Bayuk Cigars. DaNisou Chemical and International ! Telephone als6 recorded good gains. Radio rallied from low of 16S to ll3i. and then slipped back to around l11. General Motors. after selling down To lS2i2, rallied 10 around 1S5. |. <. Steel Was heavy on predictions ol a drop in March untlllad orders.
 i Western rails pointed upward in the afternoon trading with Union ! pacfttc Chicago Northwestern and Great Northern preferred in brisk demand. Some heaviness had dey,l- opei earlier in New York Central, Chesapeake and Ohio and Texas and Pacific.
 Price movements were irregular today. Radio opened with the pur- chase of q block of 5000 shares up --2 and Willys- s-Oyerland changed i hands Ut q new peak price. Gen ctal Motors began the day with the sale of 2,Uoo shares at 1S4, followed by one ot 1ooo at 1S319 and an- other Of 1.Uug at lS4. The lower figures represented an overnight drop Of 2a4 points. |. $. Steel was t point lower.
 Early speculative operations rc- ilHcted the uncertainty regarding immediate movements os palces Following Tuesdays unheaval in prices. with the subsequent tighten ing of monetary conditions coiuci- dent with the further large exports o. gold. and the questions Of brok- CTS loans, operators on the long side were disposed to proceed more cautiously. Constructive operations however. while restricted 10 com- paratiNcly few groups, resulted in a good showing for some of the popu- lar issues before the expiration Of inc first half hour. Independent motors like Willys- Overland. Mack Truck and Eeo moved mp suhstan- iislly despite the reactionary trend pursued by General Motors. The agreement reached in the Mexican oil and mining dispute was responsi- blu for large purchases of stocks of corporations having interests in Mexico. Greene Cananea Copper making the best headway Mer- chandjsc shares followed the upturn Of Montgomery Ward which was within a small fraction Of yesterday s record figure of 153 F. Chemical stocks were in favor, particularly Dayison which ruled around 4ll2 Radio after falling back several points from it's opening price of 11o. b gan d new upward march which carried it 10 III. Some of yester- days strong railroads again were purchased including Texas X Paci- lie. and the St. Paul issues. Large orders flowed in for International Telephone and further buying was noted in the Metropolitan utilities. Foreign exchanges opened steady. sterling cables ruling unchanged around SASS 3-16.
 Some of the blue chip" shares divcd for the cyclone cellar judging by the way their prices came down when selling squall hit them. Ai- ams Express toppled IS points 10 e6b |. s. Cast Iron Pipe 12S. 10 236 and Case Thrcshing Machine to 2S6. General Motors. Baldwin. and Dupont lost three 10 four points There were enough strong spots however. 10 save the general market from being upset to any marked eX- tent by these declines. Radio held above IFS. Greene Cananea Copper was up five points and gains of thre, 10 five points were chalkcd up fot American Sugar. Brooklyn Edison and nunhill. The renewal rate for call loans was unchanged at A, pei cent.
 THE MARKET AT 2:3O F. NJ.
 Furnished by Putnam X CoD
 High Low Close ! Al Che X Dye 15S@4 156S, 1888 Am Az Che pd G67s G53, s67.