New Britain herald., 1928-08-15
WALL STREET HAS
 SUDDEN ADVANCES
Easier Credit and Better News
 Affects Market
By STANLEY W. PRENOSIL | .ri al pro~a


 | Associated Press Financial EditorI
 New York. Aug. Is Rp-Easie, credit conditions and favorable trad. news provided the background tol sharp advance in prices in today's stock market. Buying was rather selective in character. but embrace d many of the popular industrials, the rise m which Was accelerated by ac- tive short covering.
 | Cal money renewed at [ per cent as against 7ia yesterday. and then dropped to 6ia and Der cent There was no change in time money and commercial paper rates, but per sistent reports were in circulation that federal reserve authorities were buying bills in the open market to relieve temporarily the tight money situation which has restricted trad. ing in securities and threatened the fall expansion in business.
 Bullish sentiment was created hy the increase In freight car loadines, the optimistic tenor of the weekly steel trade reviews and the increase from s5 to $6 in the annual dividend on kennecott Copper.
 General Motors, which has been sluggish for the last fortnight, sud oenly advanced nearly points to 1S2 F. Radio, which had been sell ing IS to % points below General Motors for the greater part of the last month. crossed General Motors in price today by soaring 10 points to lS2ia American Can was an- other active feature. climbing more than points to 9sHa. the highest prince since the 1926 stock split-up. Wright Aeronautical. Midland Steel Products preferred. Montgomery Ward. National Tea. Jewel Tea, AL lied Chemical, Johns Manville, Case 1hreshing and Atlantic Refining all sold to points above yesterdays s final quotations. Nearly . score others including Packard stude- baker, Houston Oil, Allied Chemical and International Nickel sold 3 or more points higher.
 Rails were quiet. Jersey Central lost nearly all of yesterdays 11-point gain and Colorado X Southern sagged 2 points to new 1928 low at 1o5. Trading in the rails was restricted by the uncertainty regard ing the outcome of the wage dispute on western roads.
 Stock prices displayed a firm tone at the opening of today's mar ket, which was featured by brisk demand for the motor shares. Chrysler opened with block of c. 0oU shares at the split price" of 9a to 91 la. an extreme rise of l \ points, and the first sale Of General Motors was a block of 2,5OO shares at 111 IA to IT l2, an extreme gain of 1 point. St. Louis Southwestern quickly advanced II. points and Murray Corporation. l.
 Pool operations were resumed on q broad scale in the motor and &C., cessory shares. Chrysler ran into some profit taking after setting a new high record at the opening. but Packard and Murray Corporation each moved up points and Gener- al Motors extended its gain to F before the end of the first half hour. Dodge Bros. preferred, Brock way Motor and Motor Wheel all set new high records.
 Revival of activity and strenAth in some Of the oil shares presum- ably Was based on the sharp de- crease in crude oil production last week, although expiration of the Seminole curtailment agreement has aroused fears of another period of surplus production. Atlantic Refin- ing was the leader with an early gain of more than 5 points. Amuse- ment shares moved forward under the leadership of Warner Bros. A and Paramount Famous Lasky, the latter reaching new high ground at 137 F.
 |. S. Steel climbed a point and Montgomery Ward and Johns Man vile, which were heavy yesterday, rallied briskly. A good demand also developed for Radio and lnterna- tional Nickel
 Foreign exchanges opened steady with sterling cables unchanged at S4.S5 5-16.
 Full advantage was taken of tech- nical market conditions, favorable business prospects and cheaper money rates. call loans dropping to 6i2 after opening at 2 per cent. 10 push number of important shares upward in a forceful manner. Ra- dio at lSo 1-4 had gained almost 5 points. Montgomery-Ward 6 at l93 3-S and General Motors IA at 1S1 E.. Case Threshing Machine and National Tea improved and Atlantic Refining 5-8.