New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1928-05-24
WALL Street HAS
FURTHER Recovery
Midday Selling FURRY Is Wiped
. Out
BIT STANLEY ". PRENosIL

. w. E.NoCllL
(Associated Press Financial EDITOR
New York. May 20 P,-stock
prices made further recovery in TO-
days market. A furry Of selling
swept through the market at mid
day. but offerings were Well alb
sorbed. and the market resumed its
rise under the leadership Of the
steel, sugar. copper. food and air
plane shares. Trading showed
moderate expansion in volume.
The days news development we're
largely favorable. Call money was
still available in the outside mar
ket' below the official rate OF six
per cent. refined sugar prices were
advanced lilo OF cent a pound
and f1rmer undertone was report
cd for copper prices. Directors Of
the Greene Cananea Copper conf
pany resumed payments at the an
nual rate OF 81 after a lapse of
eight years. and dividends also we're
resumed on Nicholas Copper COM
mon.
Adams Express which scared II
points yesterday. made 4 similar
gain today. Curtiss Aeroplane ran
up nearly II points and Wright ~ a.
losing half OF their gains in the
! noon selling movement. and then
heading upward again. National
Biscuit, International Harvester Col
orado Fuel. International Telephone
! and Collins and Altman sold four
to six points higher.
| Gimbel Brothers again moved into
new high ground on buying infu-
enced by the election Of Julius RIOS
/ enwald to the board Of directors
! Kelvinator responded to reports Of
! heavy electric refrigerator sales by
crossing 20 10 new 1925 high
| Auto sales also was under heavy ac-
emulation, setting new top at
l5E.
! Other Issues to break into new
high ground included Ludlum Steel.
| Central Alloy Steel. Consolidated
, Railways OF Cuba. South Porto
Rtcan Sugar. and American Safety
/ Razor.
General Motors and Montgomery
Ward each yielded . points on real
izing, but rallied with the rest Of
the list.
Wall Street Opening
I Violent advances in the airplanc
/ stocks featured the opening OF to-
days stock market. Wright Ach-
nautical opened points higher at
! 1872 and Curtiss Aeroplane showed
an initial gain Of IA points at 1879,
Columbia Gas. General Electric and
| Southern Railway each opened or
more points higher and Wabash and
American Smelling each opened a
point higher. The nrst sale OF
Studebaker was block OF $4,000
shares at so, up IL.
The impressive recovery in prices
yesterday. combined with a slight
easing Of the credit situation. helped
TO restore builish confidence in the
market. Pools. which had practical.
ly withdrawn from the market
earlier In the week. resumed theil
operations with vigor. particularly ir
stocks IN which special developme nts
are reported 70 be pending.
Trading also was on a larger scale
than In the previous sessions This
week. Blocks OF 1000 to 10000
shares appeared on the tars at fire.
ouent intervals.
New peak prices for the year. o.
longer. were registered In the first
hour OF trading by American Home
Products. Park & Tilford, Gimbel
Bros. Burns Bros. B.. Postum Ger
cal, American Bosch Magnetic. Cerro
DE Pasco copper and Briggs Manu-
featuring. the gains ranging from
fractions to nearly four points.
Rails moved forward with the IN
dustrials but the gains we're not as
large, buying presumably being held
in check by the repeated failure OF
the weekly car loadings TO come UP
10 the corresponding weeks OF the
last two years.
Foreign exchanges opened steady,
with sterling cables quoted around
A.SS1-4.
THE MARKET At 200 p. ".