New Britain herald., 1930-03-14
Easier Credit Situation Results In Broad Advance In Stock List;
 Call Money Falls to 3 Per Cent
Trading in Fairly Heavy Volume Results - Oils Give Impressive Demon. stration of Strength - Kate for Loans Lowest in Four Years.

New York, March 14 LP)-A fur ther relaxation in credit conditions, arising from the reduction in the New York Federal Reserve redis- count rate from to 1-2 per cent and the heavy accumulation Of funds here in anticipation of March 10 tax payments, furnished the inn petus for another broad advance in prices in today's stock market. A sprlnkling Of issues. including a few nigh priced specialties, showed con- splcuous weakness. Trading was in fairly heavy volume.
 Call Money 5 Per Cent
 Call money renewed at 8 l-o per cent for the first time since Jan. 25, 1928, and then dropped to per cent, the lowest official rate in near ly four years. Outside funds were available as low as , 3-4 per cent despite some calling of loans by out-of-town banks. Time money rates eased in sympathy, and some dealers again reduced bankers ac- ceptanccs Is of l per cent the fifth similar cut in the last fort night.
 While Wall streets first reaction 10 the lower money rates was bull lsl, some observers placed a bear lsh interpretation on the change, pointing out that the lower rates were caused by the relatively low commercial demand for funds and the necessity of providing some stim- ulus to business. Efforts of bearish professionals to unsettle the market, however met with strong resistance. Judging by the borrowing demand for stocks, the short interest in some Of the leading speculative issues has reached large proportions.
 Commodities Heavy
 Further heaviness again developed in some of the commodity markets. wheat futures selling off a cent or more bushel in the early trading, and this tended 10 restrain bullish operations in stocks,
 The oils. which had not partici- patcd extensively in the recent bull" market, again gave an impressive demonstration of strength. Recent favorable trade developments have revived speculative activity in those issues, and led to the formation of several new pools in the oil stocks. With few minor exceptions, prac- tically all of the leading petroleum shares, including the Standard Oil issues. Sinclair, Simms, Phillips and Richfleld, moved into new high grounds for the year.
 A. NJ. Byers, Atlas Powder. Amer ican Tobacco "B", Peoples Gas, Auburn Auto and Texas & Pacific Land Trust were marked Up 4 10 5 points. Electric Power & Light which is reported to be engaged in Natural Gas merger negotiations. ran up more than 8 points to new high at so. General Refractorics, Warren Bros. Checker Cab. International Match preferred and Airways appli- ance also reached new high ground.
 |. S. Steel Rises
 Buying of L. s. Steel common re- ceived some stimulus from the an- nouncement that a joint congression- al committee on internal revenue taxation had approved d refund of more than S33.500.0O0 for back taxes, and that the treasury depart ment would allow the credit on Sat urday. |. S. Steel common, after selling down to 179 IA, rallied above 1S2.
 Otis Elevator broke nearly 10 points, J. l. Case s, and Crucible Steel, Worthington Pump and Inter- national Telephone sold down ? points or more. heaviness of the last named being attributed to new stock financing. Standard Brands sank below 23 to a new 193O low on sell ing presumably inspired by the dis appointing 1929 report.