New Britain herald., 1928-08-09
WALL STREET HAS
 LITTLE ACTIVITY
High Money Rates Prevent Stocks From Moving
By STANLEY W. PEENOSIL

oy S1 1ANlsLl M. '>IA>NHiI'
 Associated Press Financial Editor)
 New York. Aug. P-High . money rates again proved too great an obstacle for speculative opera tions for the advance in today= | stock market. Scores of issues wer' run up 1 to points on resumption Of pool operations in early trading. ! but the scarcity of money caused d general selling movement later which cut down or wiped out many of the early gains and sent num- ber of issues to points below yes terday's final quotations.
 Call money renewed at : per cent but despite the attractiveness of the high rate, banks called about Sl3.- GOO. 900 in loans. Time money was quoted at l-4 per cent. the highest rate since July 1921, with no great amount available even at that high figure. Rumors Of another increase in the New York Federal Reserve bank rediscount rate after the close of the market were freely circulated, but they were without official con- firmation.
 Amusement shares turned weak on a denial of the many rumors in circulation during the last few days. most Of them involving the new talking pictures. Warner Bros. X dropped nearly f points. Fox Film , 1-e. pathe 1-2 and Paramount ! ' rt. i falN days flna! quotations. Coty soli down { points. Western Union re- acted ; l-o and Coca Cola 3.
 Early gains in Radio General Motors, Warren Bros. Consolidated Gas and other high priced speria'- lies were substa ntislly reduced in the afternoon selling mo,epent
 Establishment of new high rec ord by St. Louis Southwestern a' 9l S-4. or 3-4 points above last nights close, was the only develop ment of interest in the rail group.
 Price movements continued irregular at opening of today's stock
 market but with better buying
 supported noted in several of the
 leading industrial issues. Genera
 Motors advanced q point and
 schulte Retail Stores, keith-Alhee Sears Roebuck. and General Elec-
 tric improved fractionally.
 Johns Manyille fell back point
 and Chrysler and Columbia Ga:
 yielded slightly.
 Ineasiness. over the credit situ ation, which was accentuated by tn, conflicting rumors regarding tn action to be taken by the director of the New York federal reserv
 bank at their meeting late this after 4 noon, continued 10 have a restrictiN | effect on trading. Overnight bushes
 news was largely favorable, one o
 the chief items being the announce
 ment of a new traffic agreement be
 tween the American Telephone an Western Union companies. :, Heavy buying of Radio, Hhic i, quickly advanced points, turned 1T ;; course of prices upward before th Motors Rossia Insurance. Nesting
 house Electric and Atlantic Refinin IS each extended their gains to poin l. Or more. Booth Fisheries commo J and first preference moved into ne l. high ground
 {. Some heaviness developed in Il l. rails at the start. Chesapeake D Ohio. Canadian Pacific aud Delawa' 2 & Hudson yielding a point or 50. II B. dian Refining preferred opened 1
 22o, a drop of 20 points from Ii ', last sale on Monday.
 ', Foreign exchanges opened easie with sterling cables holding fair
 steady around s4.S5 1-2 and Spari> '' pesatas yielding , points to 16. T" cents.
 Investment utilities with a IT. vances of 3 to points were in il rs front rank of the forward mov 'Is n,ent that occurred in spite of f a. raising of the renewal rate for G
 loans from 6,2 to per cent Sor ed observers believed thst the acti |i- of the market indicated that it W ai becoming reconciled to q possit "k t1 d ol IlS SHeT IlloltN IdttS IiON LII la. the crop demands and business p. quirements were becoming more n. a factor in rcduuins the availal na supplies of credit for speculati ,s. purposes.
 C.
 THE MARKET AT 2:30 r. NJ.
 IFuinished by Putnam 6. CoD