New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1928-09-18
WALL Street IS
again BOOMING
Ticker Far Behind as Market
Turns Irregular
By STANLEY W. PRENOslL

T. NeW 1Ofk, sept. IL VA wave
of selling. presumably inspired b,
the calling OF s25,ooo.ooo In BANK
loans turned the course OF prices IT.
regular today after all early out
burst OF strength had carried nearH
two score issues into new hisn
ground. The ticker was again
swamped with the volume OF trad
ing, falling half an hour or more
behind the market.
Call money held steady at the
renewal rate of per cent, but
slightly former tone was reported
in the time money market for short
term loans. Failure of American
bankers to purchase any gold in the
disappointment. as more gold i'm
ports had been looked for this
week. Sterling exchange was Slight
ly higher.
The inability of the ticker TO keep
up with the trading is reported TO
have caused several large traders
temporarily to withdraw from the
market. Others showed an inclina-
ton to take profits becauS OF the
possibility OF another large increase
in brokers' loans this week. Judg-
ing from the tremendous volume OF
100 to 300 share lots. the public was
still in the market on large scale.
| L. $. Cast Iron Pipe was a specta-
cular feature. soaring IL points. In
ternational Harvester extended ITS
gain to S SIS points. Gimbel Bros.
to Z IA and Curtis Aeroplane to
81. before profit-taking sales fore
ed recessions throughout the geiier-
al list.
Coppers again gave one of the
most impressive demonstrations OF
group strength. American Smelling
ran up more than points to e56
IL and was accompanied into new
high ground by Anaconda. Ameri-
can Zinc. Cerro de Pasco. Calumet
& Hecla, Inspiration, kennecot, Ne
vada. CRANKY and Miami.
Continental Motors sold at 20.
double the years low, and then lost
most OF its gain. General Motors
was in brisk demand around yes
terday's high price. Renewed ac-
tivity and strength of Briggs manu-
, featuring. which reached new high
ground, was accompanied by reports
that English interests had acquired
a large block Of the stock.
Selling pressure was most effec-
tive against such issues as Mullins
Body, Bethlehem Steel. Wright
'Aeronautical. International Nickel
Johns Manville. Montgomery Ward
and Vanadium Steel. all off 3-4 to
81 points.
Stock prices made further recoH-
cry at the opening OF today's market,
with heavy buying resumed in sew
eral Of yesterdays features. kenne-
colt opened with block Of 1000
shares at 10I, Continental Motors
with a block of 5000 shares at is
and Mengel Box with block of -
500 shares at 40, all new high rec
ords.
Loose Wiles advanced point and
Hudson Motors. Fox and Missouri
Pacific common improved fraction
ally.
| With the public still in the mar
ket on large scale. and the pools
pientifully supplied with buying
power and funds to finance their OPP
erations, the advance gained mo-
mentum as the session progressed
More than score issues mounted
to new high levels in the first half
! hour Of trading. Expectations that
\ American bankers would purchase
some of the South African gold sold
! in the London market today failed
to materialize.
| International Harvester opened
with a block of 1.Q0U shares at 200,
up points and new high record
Among the many other issues 10
reach new high ground were Amer
lean Encaustic Thing. Briggs Man
ufacturing. Graham-Paige. Advance
Rumely, Columbia Gas. yellow
Coach, Cerro De Pasco. kennecott,
Inspiration, and Atlantic Refining.
Colorado Fuel. Curtiss Aeroplant
and Transue & Williams recorded
early gains of points or more.
Nash, Packard and Hudson motors
also were in brisk demand.
Foreign exchanges opened steady.
with Sterling Cables quoted slightly
/, higher
Prices moved in the same OLD
groove in the forenoon. that Is 10
saw the coppers. motors and motor
accessories W, re in the front rank OF
the upward sweep Of values. FOOL
operators appeared to be banking
heavily on the eagerness OF the gen.
eral public to speculate. ana octs'oe
orders were to a large extent lhe
impelling force that pushed numtr-
Gus shares to new peaks Tor Tue
wear. L. s. Cast Iron Pipe al 40,
International Harvester at 1854 anu
American Smelling at 1851 moNea
along little faster than anyth'he
else on the upward track. Selling
however. was making impressions
on L. S. steel. Bethlehem steel
General Motors. international NICK
81. New Haven and New York Cen
trail at midday. Call loan renewals
we're made at per cent.
THE MARKET At 2:3o +. NJ.
FURNISHED by Putnam 4 Coz
A Chem e. Dye 199's 1861 1862
American Can 1I2as l"Sa l"9b
Am Loco go. rs 70 = 20 =
Am Sumatra w 'o's "a
Am Sm 4 Ref 256 % .al -"" Is
Am Sugar IS 80
Am Wooden :. 1888 Is les
Anaconda Cop .Sl% sess eoE
Atcbi.on 49,. 1851 1874 1874
Bait & Ohio. 1854 ll3A2 10 ::
Beth Steel -. 67s 6'ia o'fs
Brook Man :. 147s 1S] -
Ger lie Pasco 1o4h loo wv
Ches & Ohio 1889 1874 1872
C RI & Pac 126A 12ol2 12ok