New Britain herald., 1929-01-22
MARKET RESPONDS
TO EASY MONEY
Shows Vigorous Upturn in Motor
Shares Today

| New York, Jan. % R-The stock
market responded to slightly easier
money today with a vigorous upturn.
| particularly in the metal and motor
! shares and specialties. More than
| score of issues were lifted to new
| high ground, the old Du Pont stock
recording maximum gain of co
| points.
| Call money was in supply at an
official rate of per cent. which
was shaded to 5 in the outside
market, and bankers expressed the
opinion that higher rates would be
improbable until the end of the
month The inflow of gold from
England was resumed for the first
time since November with ship
ment of $2,5Oo,000. which inspired
considerable buIlish enthusiasm, al
though the Bank of England is eN-
pected to raise its rediscount rate be-
fore permitting the loss OF any con-
siderable amount OF gold.
The attitude toward the credit
situation in banking circles remain
ed rather gloomy, however. as time
money held at ga per cent for
the shorter maturities. and bankers
acceptance rates in some cases were
higher than the rediscount rate. A
rise in the rediscount rate of one
of the interior Reserve banks is re-
garded as likely at any time, paving
the way for an increase at New.
York.
| The days news was largely fav-
orable, including the second increase
in the dividend rate OF Chile Cop
per in three months, placing it on
u $3.50 annual basis. 1t was re-
ported that Anaconda had offered 10
exchange 10 shares of its stock for
every 100 shares of Chile which it
does not already hold. Nj. A. Hanna
Co. resumed dividends on the first
preferred stock after lapse of four
years. An unfaNorab BILE development
was further reductions in gasoline
prices.
The stock market opened with
the main price trend upward today,
although there was some Irregular
ity. Accumulation of the coppers
continued, with Anaconda, kenne-
cult. Columet and Hecla and others
mounting l to points.
L. S. Steel, Packard, Consolidated
Gas and New Haven opened a point
and more higher. Wright Aero was
d soft spot, losing points. Other
initial losses were fractional.
The market strengthened as U. s.
Steel, after losing more than S
points yesterday. again went for
ward. extending it's gain in the first
half hour to Il points. Banks
were reported to be paying off more
Of their indebtedness at the federal
reserve, and credit conditions were
temporarily more comfortable.
The buying Of coppers continued
at fast pace as a II cent domestic
price, four cents above the low OF
1928. was regarded as assured
Plants are operating at capacity to
keep up with demands. Anaconda
touched its previous high at 127 Il
and kennecott mounted points. A
block of 10000 shares of Chile
changed hands at 90, a new high
in anticipation of favorable action
by the directors meeting later in the
day.
Studebaker was again heavily
bought, as result of the reports OF
a stock dividend. A block Of $500
shares was taken at 80 Is, uI
nearly point. Motor Products
jumped nearly S points, Adolf Gobe1
nearly 3, National Biscuit and
Adams Express each 2.
Warner Brothers preferred touch
cd a new high at SO IA. while
Johns Manville. Montgomery Ward
American Safety Razor, Chicago
Great Western preferred and Soc
preferred mounted / to ga points
THE MARKET AT 2:3O p. NJ.
FURNISHED by Putnam & Coz