New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1929-01-31
bulls IN Street
SWITCH TO RAILS
Stock Market Buoynt Due to
Money Improvement

New York, Jan. 81 R1With un-
market, strong support came into
the stock market today. and buoy
ancy spread throughout most of the
list, after several sessions of unus-
ual irregularity. Bullish operations
were switched from the utilities to
the rails.
Call money renewed at I per
cent and was in adequate supply at
that figure. although d higher rate
had been looked for today, as final
preparations were made for the
Feb. payments. Considerable
funds had been attracted by yester-
days s per cent rate and some of
the $7.5o0.0oO in gold Just arrived
was evidently put to work. Time
money was also easier.
Failure of the Bank of England
to increase its rediscount rate was
regarded lullishly. as it was believed
to leave the way clear for further
takings of gold in London. No
change in the New York Federal
Reserve banks rate is expected at
the meeting this afternoon. A mod
crate increase in brokers' loans is
looked for. however, but resulting
more from heavy new financing than
from stock market activity.
News Is Favorable
The days news was largely favor
able. including announcement of the
institution Of the policy of paying
stock dividends by Studebaker with
declaration of four quarterly per
cent dividends for 1929. Packard
declared an extra dividend of so
cents. Postum announced the &C
QUESTION of Certo corp.
About a dozen rails were boosted
> 10 points to new tops. A factor
in switching to this group was the
fact that banks are now loaning
more on rails than industrials. st.
Louis Southwestern. c. & O., New
York Central. Canadian Pacific,
Rock Island, Erie. New Haven.
Atchison and Union Pacific were
among issues bid up 3 to points.
The new Du Point stock jumped
111a points OIL the excellent 1928
earnings report while United Fruit,
National Cash Register. Underwood
Elliott Fisher, Studebaker. Pacific
Gas & Electric. International Tele-
phone and Western Union rose to
points.
Some of the utilities encountered
profit taking after their sharp ad-
vances, National Power & Light lost
2 points. and American Water
Works, Consolidated Gas, Electric
Power and Light and others sagged
to 2 points. American & For
eign power lost an early gain OF
points.
A five per cent stock dividend, the
fourth consecutive annual stock
dividend. on common stock of the
Kroger Grocery e. Baking Co.. Gin
cinnati, was announced today. 1t is
payable April to stock Of record
March 10.
Directors of the International Sill.
yer Co.. Meridcn. have declared a,
extra - dividend on common stock
payable March to stock of record
February Is.
An extra dividend of 81 share in
addition to the regular 81 quarterly
dividend has been declared on cap
ital stock of the Buckeye Pipe Line
Co. with properties in the mid-con-
Ftinent oil field, payable March Is tc
holders of record February 2.
i Directors of Studebaker Corpora.
ton Of America today announced a
new policy of paying l per cent
stock dividends quarterly with the
declaration OF I quarterly l per cen;
dividends for 1929. The regular
quarterly cash dividends of $1.25 or
| the common and $1.75 on the pre-
terred also were declared.
i THE MARKET AT 2:3O r. NJ.