New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1928-12-26
MARKET IRREGULAR
AS MONEY IS HIGH
General Price Trends Today,
However, Are Upward
BY STANLEY PRENOSIL
Press Financial Editor)

BY STANLEY PRENOSlL
ASSOCIATED Press Financial Editor)
New York. Dec. &c R,-High
money rates brought about some if
regularity in price movement in to-
days stock market. but the main
price tendency was upward on a re-
sumption of pool activities in several
Of the high priced specialties, rub
bers. oils, foods. rails and electrics.
A dozen or so issues were marked up
to Fl points and a long list of ! to
S point gains were interspersed with
a sprinkling OF TO 10 point declines.
Call money renewed at per cent
and advanced to 10 when banks
called $25,000.000 In loans. The
stringency in money was due to the
heavy year-end demand for funds
by large corporations to meet divi-
dend and interest payments and the
usual window dressing" by banks
In anticipation OF the December 81
bank call. With about one billion
dollars to be distributed around the
year-end. operators for the rise
looked forward to an unusually
heavy January reinvestment demand.
Trade news continued favora BILE.
The price of copper was advanced
from 10 to Is Ia cents a pound
Iron age reported that 1.-The buoy
ancy of the iron and steel market is
manifest in a minimum interruption
Of production for the holidays and
In the yelling up Of new demands
as tho opening Of the first quarter Of
1929 draws near" another series of
favorable railroad November earn
ings reports were published during
the day.
National Bellas Hess scared 20H
points to a new high record at 23S
and International Harvester jumped
20 points. R. H. Macy and General
Electric each ran up more than 7
points to new high records at 1874
and 2o5h. respectively. Goodyear
Tire ran up more than S points to a
new high at 1871 and Allis Chalmers
I to a new top at ITS.
In the midday selling movement,
Radio broke II points, National Tea
10. International Silver 9,s. Ameri-
can International Ga and Union
Carbide, Greene Cananea Copper,
Warner Bros, Johns Manville and
Gotham Silk Hosiery down or more
points.
Low and medium priced rails were
in brisk demand. New Haven and
Erie each advanced to within a point
Of their record highs. Oils moved
forward under the leadership of
Standard Oil Co. of New York,
which touched new top at 43 IS.
The Eaton Axle & Spring Co.. to-
day raised its annual dividend from
81 to 50. and quarterly dividend Of
so cents was authorized on the
Glass A common stock of the Inter
national Paper Il Power Co.
The upward movement of stock
prices was resumed at the opening
Of today's market. Initial gains OF
point or so were recorded by
American Telephone. Greene Can
anea Copper. Missouri Pacific. Gen
eral Electric and Nash Motors.
Some irregularity developed be
fore the end of the first hour but
the main price tendency continued
upward. Trading was relatively
light in volume. indicating an alb
sence of any widespread public par
ticipation. Pools, apparently uncon-
cerned over the prospect of money
squeeze" this week. continued to bid
for d wide assortment of specialtics
in which favorable dividend or MGR
ger developments are believed to be
pending.
Early advances Of a point or two
were recorded by such widely diver
sified issues as Du Point, Electric
Auto Lite. Wright Aeronautical, L.
s. Steel, Detroit Edison. Chrysler
Motors. Montgomery Ward. Reyn-
olds Tobacco b and Atlantic Coast
Line.
Radio quickly fell back 2 points
on a renewal of selling pressure
American Steel Foundries. Beechnut
Packing and Kennecott Copper
yielded point or so.
Foreign exchanges opened steady
with sterling cables unchanged al
$4.S5 1892.