New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1928-09-11
Speculation ON
IN MARKET AGAIN
Extreme Gains Are Registered in
Pool Specialhs

New York, Sept. II R-Wil.
speculation for the advance was re
sumed in today's stock market afteI
an early period OF irreguiarity. EA
IRENE gains in the pool Specialize
ranged from : 10 ~ points, with Al
least two score issues pushed int
new high ground for the year. oI
longer.
CneasineSs over the credit stu.
alton. which accounted for much o.
the early selling. disappeared wheI
word was passed around that a plen.
tiful supply of call money Was avail
able at the renewal figure OF Z l..
per cent, and that the rate was like.
~ to hold for the rest of the week
Time money rates continued firm
with the per cent asking rate
maintained for the short maturities
Expectations of gold imports from
London failed to materiaiize, al
though cable dispatches from Lon
don indicated that such shipments
were likely in the near future.
Sale of New York Stock Ex-
change membership at the record
breaking price of 100000 was one
of the most interesting develop
ments of the day. Except for TIL.
publication of certain favorable
earnings statements. there was lit.
tie in the days news TO influence
the price movement. Revival OF
activity and strength in some OF the
oil shares was associated with re-
ports that Walter C. Teagie. presi
dent of the Standard Oil Co. of New
Jersey would have an importan,
statement to make on plans for the
world curtailment of crude on his
return from Europe on Friday.
Montgomery Ward. in which Ar.
thur w. CWten of Chicago and his
associates are reported to have
amassed fortunes Of several million
dollars, was again a spectacular
feature. The stock scared 10 points
to new high record at 264. al
against d low of III earlier in the
year. American Machine and Foun-
dry jumped II points. Motor Pro-
ducts 10. Commercial Solvents l "
American Snuff lo1a. Warner Bros
"A" 5 ia. Radio IA, Genera
Electric and Union Carbide 5 rs
nearly all of them to new high rec
ords.
Substantial gains also We're re-
corded by the advance Rumely is
sues, International Nickel. Nation.
al Biscuit. Loose Wiles Biscuit, Pur-
lily Baking issues and Case Thresh,
ing Machine; all up points o.
more.
Widespread irregularity developed
at the opening of today's stock
market. Bethlehem Steel and Union
Carbide each opened point higher
The first sale of General Motors was
block OF 5000 shars at zoo IA but
it quickly sold down to 1913, or
points below yesterdays close.
Confused price movements III tn,
early trading reflected the uneasi
ness created by the stiffening il
money rates yesterday. Time money
is now quoted at the highest rate III
seven years. The recent advance III
call money is attributed. in part. &c
the semi weekly adjustment of fed.
eral reserve accounts. and prepare
tons for federal income tax pay.
mentS.
In the first outbreak Of selling
Wright Aeronautical dipped points
Montgomery Ward 2 and Warner
Bros. A. Thinker Roller Bearing
Pullman, General Asphalt and Allied
Chemical yielded a point or more.
Pools quickly organized their buy.
ing support. and regained control Of
the price movement. Union Carbide
was quickly bid up 5 points to new
peak at IT'S and Motor Products ad.
vanced to a new top at 146. Stan.
ley Co. OF America. Radio. American
Sugar Refining and Delaware &
Hudson advanced points or more
and L. S. Steel common 1 IL.
Foreign exchanges opened steady
with Sterling Cables unchanged a,
1856 1852.
q ri a