Independent from Long Beach, California • 67

TTyrY' rrvyonnr PRESS-TELEGRAM (FkQ-C-7 INDEPENDENT (AM Market Posts Another- Gain, Profit Takers MISS PORTER OX HOLIDAY Financial writer Sylvia Porter if taking a Thanksgiving holiday. Her cohnmt "Year Moneys Worth," will resume Friday. Devaluation of Pound Bodes III for U.S. Home Buyers usually active pre-Thinks- quite so impressive as the giving trading. dramatic'' surge- Tuesday.

As the glamor- Hie blue htpf settled, for stocks took the spotlight in fractional gains in most NEW YORK (UP!) Stock market shook off cnc retha-heavy profit ulring Wednesday to notch aaodier advance in un- the upswing, which was not y. OVER THE COUNTER tion, with about $13 bflfion! in one-family dwelling! nortgsges. 2 Home mortgage interest rates bump into usury law; ceilings In many states. To- skirt these and produce yields attractive to --so-called points can be add-! ed to the interest rate paid by buyers. A point sents a percentage of total mortgage the er must pay in orda to geC' mortgage.

Wednesday's Quotations ASUS INSUIANCI IWCIO, bssM 8 mercial banks charge Industrial customers of the highest credit rating, usually large corporations. Interest rates on consumer loans are higher. Mortgages across the country now range roughly from 6.4 pa cent to almost 7 pa cent. ADDING 3 pa cent to 6ft pa cent $20300 20-yew mortgage would Increase the interest cost about $100 a yew, estimates Gordon S. Braialin, board chairman of the Dime Savings.

Bank of Brooklyn. His bank is one of the largest home financing' institutions in the na 000 shares, compared with 12300.000 Tuesday. Brokers wen surprised atthe heavy, trading since traders usually become less sggremive before a. holiday. In this case, a number of them may take Friday off as an unofficial holiday fa a four-day weekend.

Institutional participation was visible in the market with 37 blocks of 10,000 shires or more crossing the tape. Of the 15 most-ective stocks, 11 advanced, 3 declined and 1 remained unchanged. BRUNSWICK Corpi was most active, advancing 1 to 13ft on sales of 384,100 shires. The volume Included five blocks fag 98800 shares st prices ranging from 12 to 13ft-Tja wwwiiw mnounced lata in file day that it plans to sell 15 per cent of a subsidiary to the public early next year. American Airlines moved into second place, dipping ft to 32ft on 264300 shares, with most of the NEW YORK tf The cost of financing a home in the United States may go up in ths backwash of the British pounds devaluation and rising interest rates.

Mortgage money also may be harder to obtain. Devaluation and rising interest rites "sure aren't doing the situation any good." said George Christie, economist fa F. W. Dodge, construction analysts. "Whatever change there Is in interest rates is likely to be upward." THE FEDERAL Reserve Board increased the discount rate the rate it charges banks who borrow from it to 4ft pa cent from 4 pa cent Sunday.

The boards action followed an increase in the official bonk rate in England from 8W to 8 oa cent. In light of their increased borrowing costs, leading, banks boosted their prime lending rates to 6 per cent from 5ft Tuesday. The prime rate is the rate com 4 Amtai Pre Biadl Asoiisd ft Ait Mil Inc Autanwrtaa Sj Inna Minn Vk fiavtaiMkli It mu uS a DOW. volume coming from a block of 182300 shares at 32. Occidental Petroleum rounded out the top three, losing 1ft to 100ft on sales of 112,600 shares.

Steels tnd motors generally reverted to their usual narrow trading ranges. Du Font gave up 2ft to 149ft in the mixed chemicals. Oils rose. Golds met renewed Pennsylvania Railroad gained 1 and New York Central ft in the mostly higher rails. Airlines turned mixed.

Aircrafts charted a similar course. Prices on the American Stock Exchange advanced in fairly active trading. Of the 976 Issues traded, 502 advanced, 292 declined and 182 remained unchanged The Amex Index Jumped 24 cents to $2132. Volume rose to 4345350 shares from the 4,184,128 shares traded in the previous HP FuntfA0)Or Ctn Observers said ths initial strength probably was a carryover of the enthusiasm from Tuesday. They felt, however, the fist's ability to withstand the later profit taking underlined the market's confidence in the stability of the dollar despite Britain's devaluation of the pound and the flood of interest rate hikes here.

A drop in new factory orders for durable goods, usually a depressing factor, apparently was overlooked since the monetary situation is dominating Investor thinking. Some observers said the nervous Wall Street community now seems to be favoring a tax hike to steady the economy, so the renewed possibility of passage of the hike did not have an advene impact ra the list. OF THE 1,404 issues traded, 841 advanced, 448 declined and 207 remained unchanged- There were 82 issues at 1967 tows while' 49 readied new Ughs. The New Yak Stock Exchange index reflected a gain of 32 cents in the average share price. The Dow Jones industrials picked up 3.07 to 87432.

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