New Britain herald., 1928-01-20
STOCK PRICES ARE RECOVERING TODAY
Buying However, Seems to
 Center on Few Issues

New York. Jan. 20 R-Further recoveries took place in today's stock market although the advance was rot accompanied by any substantial increase in trading. Buying seemed to center in a few special issues in the leading groups of stocks, with indications that pools furnished much e the activity.
 Desps.e the reduction in call money from { to s1a per cent and the decrease of $32.000.0O0 in brok- ers' loans last week. the credit sit uation was still a source of some uneasiness and tended to restrict operations for the advance. This was probably due to the further liquidation of T. 8. government se- curities by the federal reserve banks. which was interpreted in some quar- ters as an official effort to restrict the volume of credit available for securities speculation.
 There was little fin the days busi- ness news to influence the price movement. Omission Of the Pathe preferred dividend already had been discounted by the action of the stock. and the inauguration of divi- dends on the Bucyrus- Erie issues was in accordance with the previous ly announced plans of the financial interests sponsoring the recent mer- ger.
 Montana Power retined the leader ship of the public utilities by soar ing to . new record peak at 1is, but the other power and light stocks met some selling resistance. Strength and activity Of Hupp Motors was believed to reflect the operations Of William c. Durant, who Is credited with having accumulated about 70 per cent of that company's stock. A. M. Byers, National Biscuit, Interna- tional Nickel and c. R. Kinney also were conspicuously strong.
 Wall Street Opening
 The recovery in stock prices which set in late yesterday. was re- sumed at the opening of today's market. Increased speculative at- tention was apparent in the railroad group, Chesapeake X Ohio and New York Central leading the early ad- vance in that group with gains of point or so. Allied Chemical and General Motors opened a point high CT and U. s. Steel common, Gen. cral Motors and most of the other standard ipdustrials improved frac- tionally on the opening transactions. California Petroleum opened 21s points higher at 26 7-s in response to the announcement of its proposed merger with the Texas corporation.
 Wall street apparently interpreted the drop of $32,000.OOO in brokers loans as bullish influence, disre- garding at least temporarily, the further liquidation of government securities by the federal reserve hanks. which has a tendency to re- trict the volume of credit available. Early trading was only moderate in volume. Southern Railway. Mobile x Ohio certificates, which advanced 20 points yesterday and IS the day before. quickly moved up 71-< points today to a new high record at 157. nearly double last years low. Lackawanna, Reading and Atchison moved up a point or so in the early trading. For the third successive ! day public utilities were prominent on the Upside. Montant Power was again the leader. climbing nearly ( points in the first half hour to new record high at 114A. Coppers show cd f1rmer undertone as buying op- erations were resumed in Greene Cananea and Calumet & Arizona.