New Britain herald., 1928-05-03
PRICES IRREGULAR
 BUT MOVE UPWARD
Many Pools in Wide Assortment
 Of Stocks

1 New York, May 3 LP-Specula- tive uneasiness over the credit situa-
 ton subsided somewhat today and
 prices moved irregularly higher as pools resumed activities in a wide assortment of stocks. A plentiful
 supply of call money at the renewal figure Of per cent. followed by a
 drop to 1 f-o in the early after
 noon. and Secretary Mellon's assur-
 ance that the meeting of the Feder-
 al Research governors was without special significance and that no im-
 port2nt action was contemplated in
 connection with the brokers loan situation. helped 10 revive bulish
 confidence.
 Motor shares were heavily bought on reports of large current earn
 tngs, General Motors leading the
 advance with B gain of points. Chrysler mounted to q new hish
 level in anticipaticl Of d record-
 breaking first quarter report after
 the close of the market,
 Higher earnings also provided
 the background for the advance in
 Public Utility issues. Montana Pow CT scared 9 points to 175 and was 1 followed into new high ground bv
 American Telephone and Telegraph, which climbed 10 new peak price
 and then lost it's gain el tho tradi- { fional selling on the gc >d news which followed tho announcement f that the federal statutory court had
 granted the Intnrborough Rapid 1 Transit's application for seven
 cent fare.
 Oils were again reactionary on
 selling presumably inspired by the
 reported failure of Seminole field
 operators to reach an agreement for extending the curtailng ar
 rangement which expires May IS.
 Fresh selling also developed in
 some of the tobaccos with Lorillard
 touching new 1928 low, Cot,
 broke l-2 points on realizing. Rails were mixed. Southern Rail-
 way touched a new record high al
 l6S. Missouri Pacific common
 crossed 50 to a new peak on buying
 influenced by expectations of an
 carly report by the committee ap-
 pointed to study plan for paying
 off the back dividends on the pre- ferrod. New York X Harlem, which
 recently broke from 5Q5 to o26 on odd lot transactions was again in
 demand. moving from Se5 10 ST. Chicago & Alton issues were again under selling pressure after their rapid advance of Tuesday.
 ! New York, May . Pi-Prices Of
 many leading stocks opened higher in todays market, with several
 points of heaviness. New York fractions responded to the court ruling authorizing an increase of Interhorough Rapid Transit fares. the common stock of that company
 opening 2 points higher at new i high of 62. Gains of point or moro
 were recorded by Union Carbide,
 Loew's, Loose Wi!es. Houston Oil, General Motors and others, whilc i Texas Gulf Sulphur scared 2 points. Wright Aero and Southern Railway were heavy at the outset.
 Other New York issues displayed moderate strength in the early trad , iNg. Brooklyn Manhattan Transit, al v a. Third Avenue, at 46, and Man haitian Modified Guarantee, at 6i, all establishing new peaks for the year, with gains of 2, to points. Further accumulation of mining shares was in progress in the first
 hour, Park Utah Consolidated open ing with the purchases of q block of l4,o0o shares at 13 and quickly ris- ing to 1% 7-s. up l 1-c, while Howe Sound reached new top at 56. A few Specialtios attracted attention,
 Rossia Insurance soon jumping SIs 1 to a new record at 325. while At
 lantic Gulf & West Indies preferred and Cudahy Packing gained point or so. Shattuck. which scared & points yesterday. fell back 2ls early today. and there was active selling of some of the oils. Standard Oil of New Jersey and Atlantic Refining
 each lost about a point Some of the tobaccos exhibited renewed weakness. Lorillard sagging d point to 3l 5-S. a new low for the year. Such public utilities as Public Sprv- ice of New Jersey and Columbia Gas gave good accounts of themselves. both reaching new peaks with gains Of 5-S and points respectively. Foreign exchanges opened steady, sterling cables ruling unchanged around si.S7 15-16.