New Britain herald., 1926-08-24
MARKET IS HEAVY
 DESPITE RALLIES
Some BulliSh Activity in Gen.
 eral Motors

New York, Aug. 24 Pl-Frequent shifts of speculative sentiment char acterized today's stock market, which showed a tendency to heavi- ness despite efforts to stimulate in- terest on the long side by bidding up selected rails and specialties. The further increase in brokers loans last week, coupled with the tempor- ary withdrayal from the market of operators who have been active in recent Speculation for the advance, had dampending effect on bullish enthusiasm.
 Renewed bullish demonstrations in General Motors carried that issue up nearly 5 points to 2144, but large offerings appeared on the rally and the stock had cancelled it's gain by early afternoon. Persistent liqui- dation continued in United States Steel common, which sold down 2 points below last nights closing quo tation before it began to meet effec- tive support.
 Bullish activity in the rails un- doubtedly was predicated on the ex- ceedingly favorable character of many of the July earnings reports now being published. The Union Pa cific reported net operating income for July of S2,4SS,406 a gain of s67S,129 over the same month last year. While a strong underlying in vestment demand was apparent for some of the high grade carriers, chief speculative activity centered in the low-priced issues, particularly the Seaboard Air Line and Wheeling & Lake Erie.
 An extreme break of nine points in U. s. Cast Iron Pipe probably was influenced by reports that German manufacturers were successful bid ders on several recent pipe contracts in this country. Acute weakness also developed in the merchandising is sues, particularly Woolworth and Montgomery-Ward, which were heavily sold by bear traders.
 Wall Street Opening
 Renewed activity and strength in General Motors, which opened 1 7-S points higher at PIP, featured the opening of today's stock market. Pool operations were again apparent in number of specialties, initial gains of a point or so being recorded by Consolidated Cigar, Foundation company and Remington Typewriter.
 General Asphalt was heavy on realizing. quickly sagging 1 F points.
 Despite another increase of s22,- 000,000 in brokers loans in the week ended Aug. IS, making gain of over $40, 0,000,000 in the last three weeks, operations for the rise were conducted with confidence in the early trading. Speculative interest quickly shifted from the high priced industrials to the low priced rails, Seaboard Air Line common and pre- ferred and Wheeling and Lake Erie common and preferred being ac- cumulated in large blocks at advanc- ing prices. w. rner Brothers pie lures was quickly up three points to new peak price for the year in buying presumably influenc- ed by the process of the company's new talking motion pictures and U. $. Industrial Alcohol responding to the increase in alcohol prices by climbing a point. General Motors quieted down after the first outbreak of buying, but q sudden demand de- veloped around the end of the first half hour which carried it up to 21S. Predictions of record breaking Aug ust sales by the corporation's presi- dent being factor in the buying movement.
 Isolated points of weakness among influential shares, especial 1y U. S. Steel. Montgomery Ward. Woolworth and Canadian Pacific failed to arrest the forward trend of other stocks. Increased pur- chases of railroads were associated with predictions that July earnings would establish another record. Northern Pacific and Rock Island eclipsed their previous high prices of the year, more varied buying was observed. with the public utilities and food issues showing a revival of speculative interest. The renewal rate on call loans remain ed unchanged at 1-2 per cent.