New Britain herald., 1928-02-29
STOCK PRICES ON
 UPWARD TURN NOW
Recent Period Of lrrSdarity
 Seems Passed

New York. Feb. c9 R-stock prices turned upward today after an early period of irregularity. The buy ing movement, which started in the oil group. soon spread to the steel. motor. merchandising. public utility and speciality issues. Bear traders continued nevertheless to ferret out weak spots, forcing a sharp decline in Continental Baking A on fears for the safety of the dividend, and in some of the southern railroad shares.
 Wall Street took bullish view of the reported decision of federal re- serve authorities to oppose legisla- tion to restrict Brokers Loans. The weekly steel trade reviews reported some irregularity in that industry but estimated gain of 7.6 per cent in pig iron production in February as against an increase of GA per cent in the preceding month, the gain being accounted for by the in- creased operations of United States Steel Corporation subsidiaries. oil producing states in an effort to secure uniform legislation for oil conservation and unconfirmed ru- nor that important favorable devel- opment were pending in Mexico. Active oil shares were bid up to 3 points.
 Midland Steel Products preferred and Kresge Department Stores Pfd., each scared 9 pointes, Spear and Company preferred :. and 1nterna- tional Silver. International Tele- phone. Union Carbide and few others advanced 3 to 5 points. Montgomery Ward rallied from law of 127h to 131. Montana Pow CT from 156M 10 16c and Greene Cananea Copper from 11s,s to 121&.
 Atlantic Coast Line broke points to a new 1928 low at 1671-4 and Louisville and Nashville sold off 2 points to It's former low of 1l6. Sea board Air Line common sold down to a new minimum at 15 Is. Ma tional Lead. Bayuk Cigar and Null lins Body also were conspicuously heavy.
 Strength Of the oil shares was be- lieved to be based on the announce ment that Secretary Work was seek ing the cooperation of governors Of Stock prices moved irregularly higher at the opening of today's market but most of the changes were extremely small. Gains of a point or so were recorded by Gold Dust. Missouri Pacific preferred and Mexican Seaboard Oil the last named touching a new high for the year.
 Heavy buying of the oil shares. several of which quickly advanced 1 to nearly points. featured the early trading. Except for the re- cent increase in light oil and gaso. line prices. there was nothing to ex. plain the sudden demand for the oil shares. Most of the 1927 earnings reports of the oil companies now be- ing published make extremely un- favorable comparisons with the year before. Sun Oil advanced 3 5-S points to Al 5-s. the highest price since 1t was listed on the exchange last year, before the end of the first half hour. Houston ran up nearly points and General Asphalt, the Pan-American issues. Marland, At lantic Refining. Lago and Texas X Pacific Land Trust advanced q poin, or two. Local fractions extended yesterdays gains. Non- Serrous met al shares moved upward under the leadership of American Smelling and International Nickel Kresge department stores scared nearly points to new peak at o7 1-4. \ new weak spot cropped out when heavy selling of Continental Baking X carried that issue down f points to a new low at A 1-e.
 Striking fluctuations among spe. cialties gave color to the speculative i picture when the market threaten cd to become commonplace affair after the burst of enthusiasm in the oils died out. Standard Plate Glass preferred which attracted attention by rising from 17 to 40 and clos. ing at c5 last week. was hammered down to Is 1-S today Montana Power toppled from 16: to 1856 1-c Montgomery Ward sold at 127 i-c the lowest for the current decline The renewal rate for call loans was .N.