New Britain herald., 1926-08-17
BEARS SUCCEED IN
 ATTACKING PRICES
But Decline Only Follows
 Upward Jumps

New York, Aug. 17 lP>-specula. 1 tors for the decline. succeeded ir
 forcing a sharp reduction in to- days stock market but not until
 nearly score of issues, including | U. s. Common, American Smelt- ing, L. S. Industrial Alcohol and Rock Island. had been elevated to new high levels for the year. The | decline, which was interpreted in many quarters as natural cor rection Of the weakened technical
 position resulting from the rapid
 advance in many issues during the
 past few days, undoubtedly was
 given impetus by another large in-
 crease in brokers loans last week
 and the pronounced stiffening re-
 gently in the rates for time money
 and bankers acceptances.
 Operators for the rise started to
 mark up prices at the opening
 centering their activities on few
 high grade industrials and a select
 list of specialties which gave
 promise of special dividend action
 within the next few months, but they encountered stiff resistance. A rather widespread tendency to take profits on the bulges, as recommended by several commits sion houses, was noted, with bear traders also quick to detect signs of after touching a new peak at 150 5-S, rapidly fell back points. At lantic Coast line, Sloss Sheffield Steel, Dupont and r. S. Cast Iron Pipe all were selling to 2 points below yesterdays final quotations by early afternoon, Most of the early gains of 1 to points were wiped out, or substantially re- duced, before the end of the third hour, with constructive interests showing disposition to step aside and allow the reaction to run its course.
 There was no business news of during the session al- though publication of several earnings, sales and production statements furnished cumulative evidence of the prosperity now en- joyed by widely diversified lines of trade and industry.
 Wall Street Opening
 Further readjustment of specula- tive accounts imparted an irregular trend to opening prices in today's | stock market. Initial gains of a point or so in Pullman and Inter national Combustion Engineering were offset by similar losses in Houston oil and General Motors. Rails displayed q firm undertone, with buying influenced by the excel lent character of current earnings | abatements and class l carriers, and | the continuance of heavy freight traffic.
 Price movements lacked uniformi- ty throughout the early trading. Pools apparently were not discour- aged by the increase of over $30,- | 100000 in brokers loans reported " the Federal Reserve bank last week.. Active bidding continued for number of specialties, with the esult that Abraham and Straus, Collins and Aikman, Jewel Tea pre- erred, General Asphalt preferred, Jnited Cigar Stores, National Supply nd Pullman were elevated to new ligh prices for the year in the first lalf hour. Rock Isalnd was the rst railroad share to go through it's 'revious 1926 peak price. Merchan- ising shares gave one of the best arly demonstrations of group trength, presumably on buying in uences by reports that retail busi- ess was being maintained in large plume. Reactionary tendencies we're quick to crop out in some of ', he high priced industrials which ' ave been the features of recent 2, markets, but these were rgarded as atural corrections. An overnight ' lnlp of II points in Panish Pesetas , mich were quoted above l5,40 , ents, featured the opening of the , oreign exchange market. Other , ates held fairly steady. ,