New Britain herald., 1926-10-29
DECLINE, THEN AN
 UPWARD MOVEMENT
TOday'S Market Shows Con-
 plGt0 Reversal

New York, Oct. 29 LP-Tho stock market displayed a complete re- versal Of form today, selling off at the start on renewal Of selling pressure against the motors and oth- CT speculative industrials, and then turning sharply upward under the leaderships of oils, fractions and high grade rails. Money continued in plentiful supply and bond prices advanced to record high levels, indi- eating that large sums were still seeking investment.
 Southern Pacific assumed the leadership of the railroad group by moving up 3 points on buying in 1iuenced by the possibility of an early increase in dividend. Recent strength and activity in New Haven was associated in some quarters with the likelihood Of a merger of that road with the Pennsylvania, which already owns a small block Of New Haven stock.
 Equipments were bought on the belief that large orders for rails and record breaking freight traffic fore shadoWed an increased demand for rolling stock. Beyond the fact that most issues were selling on an un- usually attractive yield basis, there was nothing in the days news to ex- plain the demand for the oil shares under the leadership Of Pan- Ameri- can B, Atlantic Refining and Gen. eral Asphalt.
 A brisk demand for Packard, fol- lowing the publication Of the best earnings statement in the company's history. eventually stimulated the demand for other motors, with Mack Trucks. Willy Overland and Hudson making substantial recoyeries from the low levels.
 Stcels displayed a firm undertone despite the falling off of Bethlehem's earning in the third quarter, com pared with the preceding three months. and the report that ingot production of the U. s. Steel Corpor- ation's subsidiaries in the Chicago district was down to 72 per cent of capacity, the lowest in some time. 2
 Renewed selling pressure against the motor shares marked the open ing of today's stock market. Gen eral Motors dropped a point on the first sale and Hudson slipped below 41 to a new low level. for the year Elsewhere the price movement was mixed. but mainly downward. Warner Pictures and Dupont each yielded a point on initial sales.
 The market turned reactionary soon after the opening when liquid ation developed in several sections of the list, wiping out or reducing most of the earlier gains and send ing a number of issues down to ? points below last nights final quo tations. The failure of the public to buy stocks on such ordinarily bulIieh developments as record breaking freight traffic. Easy money and higher dividends and good earnfnrs reports discouraged pool operations in several issues, and led to a resumption of bear attacks acairst sunposodly vulnerable spc- ciolties. Worthineton Pump and International Agricultural Chom'cal prior preferred sank 10 new 1926 low prices while Produces G Re liners common and preferred and Gotham silk Hosiery touched may- mum pr rcs. Marine preferred showed Independent stren~th on buying presumably influenced hy the return Of two NorGan partners to the board of directors. Tn tho Foreign Exchange market. Demand Stcrling hold steady around S4.94 IA and French francs advanced 3 points to 9.1tia cents, the highest level since last :prirp