New Britain herald., 1928-08-22
WALL ST.POOLSI IN
 FURTHER RECOVERY
Railroad Shares However, Turn
 Dull on Profit Takin9

prices made further recovery today under the stimulus of pool opera. tiGns in 8 wide variety of motor food, drug, copper. merchandising and public utility shares. Railroad shares. which had participated in the advance earlier in the week turned dull on profit taking. Trading showed . moderate expansion. the 2.o00, o0o- share mark being crossed before the end of the third hour.
 Money rates continued relatively firm but apparently were disregard ed as market factors. Call money renewed unchanged at per cent and held steady at that figure throughout the early trading. de- spite the calling of about SIS, ,oO0.- 900 in bank loans. Time money and commercial paper rates were un- changed.
 Leadership of the market was di- vided among Radio. General Motors and |. s. Steel, all of which changed hands in large volume. Radio ran mp a. points to 190 3-4, General Motors climbed more than 3 points to 1S9, and L. s. Steel common ad- ranced to IS: a. or within 1 1-4 points of the years high.
 Weekly steel trade reviews again were optimistic in character, stress. ing the stiffening of pig iron prices. Several more favorable earnings re- ports by small industrial companies were published during the day.
 Express shares showed buoyancy, American soaring II points. Adams ID and American Railways D. Tim ken, Otis Elevator. Woolworth, Sears Roebuck and Eisenlohr To- bacco sold to 5 points higher. Heavy accumulation of National Cash Register. based on rapidly ex- banding sales of new business ma chimes. carried that stock up to a new high at 75. Other issues to break into new high ground in- cluded American Smelling, Granby, Broadway Motor, Mohawk Carpet. E, s. kresge, Corn Products, United Drug and Loft. =.
 4 wave of selling during the morning carried Cudahy Packing, Commercial Solvents. St. Louis Southwestern and Montgomery Ward down to points and several others point or more. but buying support was quickly supplied and these stocks rallied with the rest of the list in the early afternoon.
 Rullish operations were resumed on broad scale at the opening Of todaSs market. Packard opened With a block Of 11,oOo shares at s9 l-2, an overnight gain of ? points. Loft opened with | block Of 5000 shares at IS 1-4, a new high record, and the first sale of schulte was a block of $500 shares at 60 7-S. unchanged from yester- day. General Motors, Radio and Victor Talking Machine showed ini- tial gains of point or so.
 The market gave every indication of having shaken off the restrl.nt previously imposed by stiffening credit conditions. Supported by favorable earnings statements of many industrial corporations, pools again bought heavily and apparent ly succeeded in attracting an outside following.
 Packard quickly extended its gain to Slz points by touching a new high record at S47-S. American Smelling, National Dairy Products and Sears Roebuck also moved into new high ground on gains ranging from cl: to points. Lambert was quickly bid up points and Ameri- can Express, National Tea, Otis Elevator and International Harves- ter advanced ? points or so in the first half hour.
 Big blocks of stocks appeared on the tape at frequent intervals. and the abbreviated quotation system was used to keep pace with the volume of trading. One block of 10000 shares of Armour A stock changed hands at 20. up 1-4.
 Foreign exchanges opened steady, with sterling cables unchanged at s4.S5 IA.
 The market took tremendous amount of realizing without waver- ing much. except in isolated spots, Cudahy Packing, dropping 4 points. st. Louis Southwestern, 212, and War 2, elsewhere prices 10 large extent sailed serenely along to higher attitudes, with the public utility group commanding the Interest of buyers again as reports spread of largely expanded earnings. Adams express which advanced 10 points yesterday, gained as much more today when it reached 3l5. A block of 14,0o0 shares of National Cash Register was absorbed on it's rise to 75, a record price. The re- newal rate for call loans was un- changed at [ per cent.
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