New Britain herald., 1928-02-23
STOCK RALLY IS
 RESUMED TODAY
Appears, However, to Have Lost
 Much Momentum

New York, Feb. :s R1The rally
 in stock prices, which set in Tues day was resumed today, but appear
 ed to have lost much of its momen- tum. Pools succeeded in marking up q number of specialties , to 6 points
 but renewed weakness of U. s. Rub
 Der and heavy offerings of U. S.
 Steel common on the bulges tended to restrict bullish operations in other
 sections of the list.
 In view of the sharp reaction a few days ago, consolidated interest
 was manifested in the weekly brok- ers' loan statement to be issued by the New York Federal Reserve bank after the close of the market. The
 decline in stock prices ordinarily
 would indicate a substantial con- traction in loans. although the sit
 uation has been complicated by the calling of assessments for the St. Paul stocks under the re-organiza- tion plan during the period covered by the loan statement in being as-
 sumed in some quarters that these payments would tend to keep loans up.
 Steel common was freely offered around the 140 level but General Motors showed a firm undertone on predictions of record-breaking first quarter earnings. U. s. Rubber sold down nearly { points to 47A in re- flection of the further decline in rub Der futures. Montana Power. which scored a sensational advance on Tuesday. also yielded to profit-tak- ing. .....
 Bullish operations were most ef- fective in American Radiator. Bur roughs Adding Machine. Information al Business Machines, Case Thresh- ing. Peoples Gas, Greene Cananea Copper and International Telephone, all of which sold to 6 points above Tuesdays final quotations.
 Rails held fairly we'll despite the publication of an unsatisfactory car loadings report. Union Pacific, Ches- apeake & Ohio and few other leaders advanced a point or so, but
 Seaboard Air Line common turned
 weak in the early afternoon.
 New York, Feb. aS R,- Accumu-
 lation of buying orders over the
 holiday prompted by the recovery exhibited by the market Tuesday. caused an uprush of prices at the opening of the stock market today.
 Montana Power continued its march upward, reaching 162. General Elec- tric, TIeischmann. United Drug, AL 1 lied Chemical, Montgomery-Ward and Gold Dust also were substantial ,ly higher, the last mentioner start | ing the day with a gain of points. Buying of numerous speciality is-
 sues continued. but at a more mod crate pace. Victor Talking Machine issues were extensively accumu-
 lated, reaching new record levels.
 Copper stocks moved upward in the
 early hour, Greene Cananea, Ana
 conda and Calumet & Arizona gain
 ing 1 to 2 points. Standard Plate
 Glass preferred. which almost dou-
 bled in value Tuesday. rose further to 36 1-2. Railroads were irregular in the early dealings despite poor car loadings. which ran behind those of the preceding week as well
 as the year before. Chesapeake & Ohio and Boo preferred soon were
 up point or 50, but Missouri Pa cific had a loss of about as much. American Railway Express, which had a bad slump on Tuesday, soon sold down 4 points more. Oils show ed little early activity. despite some predictions of better earnings in the first quarter of 1923. Foreign ex- changes were firm at the outset with sterling cables around S4.Ss. The market did not hold a definite course very long in the forenoon. A 12 point slump in American Rail- way Express, coincident with liqui-
 dation of U. s. Rubber. tmpelled some nasty selling. but the list after wards strengthened under the lea dership of Peoples Gas. Greene Cananea Copper, Nash and Hudson
 Motors. At noon prices were sagging
 again in sympathy with selling of
 Freeport Texas and International Nickel. The renewal rate for call
 loans was unchanged at If per cent.
 THE MARKET AT c:3O F. NJ.