New Britain herald., 1928-02-21
N 4RKET GOES UP
 IN HEAVY BUYING
Express Sbare lnd SpeciddS
 Develop Weakness

~vASASf AAVeAAsS
 New York. Feb. q R - After three days of sharply declining prices. the stock market turned up, ward today a buying orders poured in for . wide variety of stocks. Ex- preas shares and . few other spec. ialties developed weakness. bu, many of the standard rails and in dustrials moved up to points. with gains twice as large in some of the pool favorites Trading started at . brisk pace. but had slowed down considerably by early afternoon. The rally was generally characterized as . correction of . temporarily over-sold position.
 Call money opened unchanged at { l-4 per cent. but dropped to by early afternoon. There was nc change in the other monetary ac- commodationA. Receipt of &5.000, 900 in Russian soviet gold attracted considerable interest.
 The weekly steel reviews stated that the industry was holding its percent gains and that prices re- mained steady. A downward revi- sion oe crude oil prices was report. ed from the mid-continent field. giving further evidence of contin- ued over-production.
 U. g. Steel common and General motors received good support, bu, the gains were only nominal. The sharpest advances took place in the high rptced industrials and pool specialties. International Business Machines. DuPont. A. M. Byers Reynolds Tobacco B. Chesa peake & Ohio. Canadian Pacific. Standard Milling. General Railway Signal Montgomery Ward and Vanadium being among the many issues to sell , or more points above yesterdays final quotations.
 Stock prices gave demonstration of strength at the opening of today's market. with trading in large vol ume. Gains of point or more were recorded by General Motors, West. ern Maryland, Radio. Freeport Tex as and several others. American Railway Express opened K higher at 1seN,a a high record. on reports that a banking group had acquired control. and Goodyear recorded a similar gain.
 Buying orders were distributed over broad list of industrials, with rails taking little part in the for. ward movement. Accumulation ot stocks was influenced by the specu. iative belief that the reaction had run its course. at least temporarily and that a rally was justified or technical grounds. "Bear" traders also showed g disposition to cover some of their commitments over the holiday. Public utilities, motors and non-ferrous metals gave the best demonstrations of group strength Montana Power quickly scared ! points on unconfirmed reports that merger negotiations were pending with Electric Bond < Share, tenta. tive plans calling for shares oi Bond & Share for one of Montana Power. Dupont moved up { points before the end of the first half hour and Kennecott, Greene Cananea Copper. American Zinc common and preferred. A. M. Myers. Gold Dust and American Express all sold . or more points above yesterdays final quotations. Further weakness developed in International Nicke which sold down 2 points to a new 1 low on the current movem ,M eI 7S1s. or 20 points below the years high. Brooklyn Edison and Inter. boro Rapid Transit also were con. spicuously heavy. Foreign exchange, opened steady. with cables on Lon. don ruling around $4.S7K.
 Some of the express issues which had been soaring crashed badly, but prices of several other stocks seem. ed to be making serious effort tc so through the roof American Ex press dropped from 1sl to 1ss and American Railway Express from 13SA to 130. Accumu ulation of Mon tana Power lifted 19 points. Greene Cananea Copper got up 6la. Midland Steel Products preferred 6, 1nterna- tional Harvester. National Biscuit Detroit Edison and American Zint preferred $ and Gold Dust, Houston OH. Borden and Alumet & Arizona to 4h. Chesapeake & Ohio and Canadian Pacific with gains of 3 points or more featured the rail. roadA The renewal rate for call money was unchanged at 41-4 per cent