New Britain herald., 1928-06-07
WALL STREET HAS
 SLOWING ACTIONS
Efforts of Pools to Get Busy
 Avail Little

By STANLEY w. PRENOSlL

By STANLEY w. PRENOSlL Associated Press Financial Editor)
 New York, June : Lp-Reaction- ary tendencies predominated in to- days stock marke, despite repeated efforts of pools 10 revive buliish en- over the political and credit situa- tons led 10 heavy liquidation of stocks by frightened investors and speculators. and aggressive short selling on the part of the profession al element. Rails were heavy throue hout. while the rallies in the industrial group failed to hold.
 Call money renewed at per cent, as against l-2 yesterday, and then dropped to , l-.. Lower call money, however. Was no longer bull mag net. Six per cent time money made its appearance for the first time in years, although the ruling rate was , 5-S to . 5-4 per cent. Fears that federal reserve discount rates would shortly be increased to per cent were an important factor ,u the sell ing movement. Several of the large commission houses advised their customers to restrict commitments, or withdraw from the market until after the presidential conventions.
 Violent recessions took place in some of the high priced spccialties for which there is a thin market. Adams Express. |. $. Cast Iron Pipe. Case Thrcshlng ,iachine and American Express were hammered to nearly II points below yes'er- days final quotations while I.am- bert Manhattan Electrical Supply. General Asphalt common and pre- perred, National Tea, American Lin seed and International Telephone sold down 3 to ) points.
 Radio dropped from an early high Of .ol to lS2 Is, rebounded 10 lg7 and then sold off again. General Mo- tors fell from 192& to lSs 5-S.
 4 few issues showed consistent strength. toty ran lip 12 points to t new peak at IS, and Freeport EeNas responded to the declaration or the regular dividend and reports Of record -broaking May output by climbing points to 4. Gimbel Bros, Was in good demand on re- ports Of expanding earnings.
 Ih" recovery was stimulated by he lack of overnight confirmation of the two rumors which caused yesterdays late selling movement. | he one that President Coolidge had written letter to Republican Chair. man Butler declining to accept renomination under any circum- stances was denied by AIr. Butler. The other involved d further in crease in rediscount rates. begin ming at the Chicago Federal Reserve bank. directors of which meet to- morrow.
 1 Professional traders who had sold short on yesterdays bad news
 were quick to cover. Radio uuickl,
 ran up nearly 10 points but immedi
 atrly fell back again on proiit-tak. ing. Wright Aeronau,ical was bic
 mp nearly : points and AmerirS
 International, Archer Daniels. Mid,
 land and Allied Chemical sold or more points higher
 The first sale Of Packard Mott ors was block of 54o0 shares at so, ur points but not a new high record Warner-Quinlan moved into new 1 high ground on . point gain, and a brisk demand was apparent for the leaving coppcrs and such spe- cialties as International Combustion , Gold Dust, American Linseed and advance Rumely common and pre- 1 f.rrch.
 Foreign Exchange tadins was quiet with sterling cables quoted ] around S4.SA 14.