New Britain herald., 1930-03-13
Federal Reserve Rediscount Rate Cut Anticipation Spurs Market On
 To Brisk Advance In Price Levels
Oils in Demand and Gain During Day-Pools Con- tinue Activity and Mark Up Several Special Issues -Steels Heavy On Mer- ger News.

NCW ork, March l5 Hl - E.N- rcctations of a cut in the New York federal reserve rediscount rate after tho close Of the days business pro- Nided the background for d brisk advance in prices in today's stock market. Elurries of selling swept through the market at intervals be- 1 cause of the disappointing nature or some of the recent trade news but offerings were well absorbed. and operators for the advance succeed cd in maintaining the upper hand.
 Oil Shares In Demand
 Revival of speculative activity and strength in the oil shares. a dozen Of which moved into new high ground for the year, featured the days proceedings. Buying of this group was stimulated by the sharp drop in crude production last week, the California court decision uphold ing the legality of tho Yates restric- tion scheme and rising commodity l prices.
 Houston was marked up nearly } points to a new top at S6$4, Skelly climbed moro than points to new i high at g 7-S, and Standard Oil of New Jersey. General Asphalt and ln- dian Refining sold points or more above yesterdays final quotations. | Barnsdall, Sinclair. Standard Oil of New York, Atlantic Refining, Pure Oil and Independent Oil & Gas were among the stocks to attain new 1880 l peaks. Call money renewed un- ! changed at 4 per cent but dropped to . 1-2 in reflection of ,lc heavy accumulation Of funds here il con- ncction with March 15 income tax | payments.
 Bankers acccptanccs were reduced IS of 1 per cent for the fourth time | in the past fortnight, strengthening | the belief that q further cut in rcdis- count rates was close at hand. The | bank of Poland today reduced its discount rate from s to per cent, | following the lead of other central banking institutions of Europe.
 Pools Continue Activity
 Pools, having attracted public
 
 favorite, continued to mark up spe- cial stocks. Many observers look for d large increase in federal reserve brokers loans today because of the reported heavy distribution of stocks in the last ten days.
 Warrington Pump was bid UT 6 1-2 points to 19O 1-2, duplicating the high established few days ago Nanadium Steel was marked up more than points to new high above 95. Auburn Auto. Simmons and U s. Industrial Alcohol, which were underselling pressure yesterday showed sharp recovcrcs.
 Federal Light 6 Traction, which has been taken over by the Cities Service interests, moved up more than points to new high at IT after having been heavy in the early trading Warren Bros, Lackawanna Westinghouse Electric, Electric Auto Lite. Anchor Cap and Gulf States Steel recorded substantial gains.
 Bethlehem, Republic and Youngs- town Sheet and Tube were all heavy on the announcement that directors ot Bethlehem and Youngstown ha,, agreed upon merger, and that the plan would be opposed by the Repu- lie Steel interests who had hoped to include Youngstown in their nes combination. J. l. Case dropped more than , points but recovered i < less. Coppers were heavy in furtha, reflection of the unfavorable trade statistics published yesterday.
 THE MARKET AT 2:3O.3:OO p r