New Britain herald., 1929-08-14
BULL MOVEMENT ON MARKET LAGS
Heavy Selling Inspired by Fear
 Of Loans Increase

New York, Aug. 14 Pt-The wild "bull' movement, which has been under way in some of the high pric- ed industrials and rails since last Fridays drastic break, showed signs of slowing up today under the heavy selling inspired by fears of another large increase in federal reserve brokers loans this week
 A sprinkling of issues, including L. S. Steel common. General Elec- tric, Westinghouse Electric and Con- soldated Gas, were whirled up 8 to 16 points to new high records in early trading, but sagged 2 1-2 to the early afternoon selling move ment.
 Profit Taking Heavy
 Meanwhile, the rapidity of the re- cent advance induced heavy profit taking and some short selling in ether stocks, giving the general list an irregular appearance. At least a score of the recent favorites dipped to 8 points below yesterdays final quotations.
 Several of the large commission houses urged extreme caution in the making of new commitments, and this tended to bring in selling from small traders and investors through out the country.
 Operators for the rise bid aggres- sively for stocks of high current earning power on the theory that no major reaction on the market was likely until general business showed signs of slowing up. Weekly steel trade reviews reported some season. al curtailment in demand but no ap- nreciable reduction in output. The latest batch of earnings reports gave further testimony to the pros perity enjoyed by most corporations in the first hali of the year. Credit Situation Relaxed
 Credit conditions showed signs of further relaxation despite the Bull fish stock market activity of the last few days. Call money renewed at 7 per cent, as against 8 yesterday, and dropped 10 6 in the early afternoon. This was the first time in six weeks that call money has been quoted as low as per cent. Time money rates also were shaded slightly. Meanwhile, London Cables an- | nounced the shipment of more than s5,O00,000 in gold to New York. Wall street figures that each dollar in gold provides the basis for SIC ir credit.
 Revival of activity and strength in the oil shares, presumably based on the reduction in crude output reported last week by the Ameri- can Petroleum Institute, was one of the days features. Houston ran up 12 points and Standard Oil of New Jersey, which ordinarily moves within fractional Hints. climbed 3 oils advanced 2 points or more.
 Westinghouse Rises 1 Westinghouse Electric ran up 16 points to 250 and sagged to 242 5-6, General Electric ran up 10 IA to S99 and dropped back to S92 | 1--, Allleu SIltlIlltdi o-1 points and fell and U. s. SteeI ran up and dropped 4 1-4. Con- solidated Gas climbed 8 points to a new top at I'll 1-2.
 Brooklyn Union Gas, Chesa neake x Ohio. Johns Manville, Wssteln Union, |. s. Industrial Alcohol | Public Service of New Jersey and Auburn Auto all sold points Or | more higher.
 Delaware & Hudson dropped 8 14 points, American Tobacco 3-S. | Union Pacific 5 and R. H. Macy. | International Harvester, Dupont | Shattuck and Commercial Invest ment Trust fell back to 4 points. American Woolen issues sagged to new low levels for the year in re- sponse to the publication of the semi-annual report showing a large deficit in the first half of the year.