New Britain herald., 1926-12-17
FRENz|ED BUYING
 SENDS STOCKS UP
(Continued from First Page)

to execute the orders which had poured into the market overnight from all sections of the world. Post No. 2, where transactions in steel common take place. was surround ed by tightly packed mob of brokers as the opening gong sound- cd.
 The ringing of the gong was drowned by the shrieks of brokers. It was nearly 10 minutes before committee of the exchange could decide upon a fair opening price for steel.
 Steel Shares Change
 After the first sale of steel, strings of transactions running from 5000 10 10000 shares changed hands at frequent intervals. the stock holding well within the limits of the opening quotation during the first half hour. Total sales in the first Is minutes of this stock ran close to 120,000 1 shares.
 Favorable Developments
 In addition to the U. S. steel divi- dend, Wall street was faced by an- other series of favorable overnight news developments including the | raising of the Crucible Steel dividend ! from S5 to s6. the resumption of dividends on U. S. Industrial Alcohol l common and Freeport Texas com mon and a batch of Christmas dividends' by smaller industrial companies.
 Atchison opened 3 5-S points high CT at 1924, the highest price ever recorded for that stock, and New York Central, Texas & Pacific, Pull man, Baldwin, American Smelling, International Harvester, South Porto Rican Sugar and United Drug showed early gains of 2 to points.
 S1,925 Share
 Texas &5 Pacific Land Trust, which sold early this year at s510 a share, changed hands today at s1,925 share, a record high price and an overnight jump of s25.
 Trading in the thew" stock of the United States Steel corporation on a when issued' basis started on the New York curb market at 10:3O a. m., the first sale seing 115%.
 Crowds in the customers rooms of the large commission houses testified to the sudden revival of public in- terest in the market. Pools, which had striven to attract an "outside 1 following in a number of special ties which give promise of special merger or dividend developments, f renewed their activities with in- i creased vigor. With hundreds of millions of dollars being distributed this month in the form of dividends, interest payments and bonuses, and other millions available on call loans secured by securities collateral there was no lack of ammunition in the campaign for higher prices.
 Steel Workers Benefit
 Thousands of steel workers will benefit through the cutting of the steel melon as they were given an opportunity earlier in the year to purchase stock on the installment plan at $136 a share. Later they saw the stock drop more than 10 { points below that figure but few of them sold and their faith In the has been justified.
 Heavy Early Trading |
 In the first 45 minutes of trading, total transactions in '. s. Steel com mon alone were 367,000 shares, or It the rate of over 5000 shares a minute. The enormous trading in his stock indicated that the single lays record of S75,00O shares in steel common established December 31, 1916, would be broken.
 A big buying movement also de- ,eloped in Allied Chemical and | American Smelling, both of which nave been associated with stock split-up rumors in the last few weeks. American Smelling scored Tn extreme advance of AZ points md Allied Chemical s points in the