New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1926-07-21
BULL OPERATORS
Improve PRICES
General Tendency Of Market
Today Is Strong

New York, July 81 P-Further
irregularity developed in today's
stock market as a result of a more
extensive readjustment of specua-
tive accounts, but by early afternoon
spectators for the advance ap-
peared to have regained control of
the price movement. The morning
decline was checked by a rally in
the so-called "Durant stocks"
American Safety Razor being bid up
over three points from its low level
to within striking distance of the
record high established a few days
ago.
The abrupt halt to the downward
plunge of the French franc, which
was construed as an indication of
returning confidence abroad, con-
tribution of easy money rates and
the optimistic tenor of the weekly
steel trade reviews, which stressed
the fact that July production and
demand had not eased off to the
extent looked for by leaders in the
trade, all helped TO create bullish
enthusiasm.
A sudden upturn in Republic
Steel reviewed rumors of an early
restoration Of dividends, but these
lacked official confirmation. AS the
quarterly meeting of the United
States Steel Corporation approaches,
more talk is heard of ''melon cut
tings," but in conservative quarters
no action of this kind is expected
before the October meeting. Steel
common is now selling within a few
points of its record high.
Lorillard Tobacco was one OF the
few outstanding weak spots
breaking over four points to new
low for the year on rumors of dis
appointing earnings.
1rregularity continued through the
noon dealings but motors and some
of the other standard industrials
recovered all or part of their early
.icsses. Meanwhile. bullish operations
were resumed in a number of spe-
cialties. Air Reduction and Texas
Gulf sulphur each climbing at least
8 points to new high records for the
year. A break of 615 points in Buff
falo and Sosquehanna preferred to
new 1926 low at 4S 4 was one of the
few important developments in the
morning trading In rails.
Wall Street Opening.
Mixed price movements, rejecting
Ia further REIMBURSEMENT of specula-
tive accounts, characterized the
opening of today's stock market In
the foreign EXCHANGE market, the
flight of the frame was checked, at
least temporarily, by the appearance
of strong buying support abroad
which caused the demand rate here
to jump 20 points to ZIG q cents at
the opening. Most of the opening
stock quotations disclose d small
fractional changes, a drop of 212
points in General Railway Signal be-
ing one of the few early features.
Bear traders, acting on the theory
that the recent decline had not suf-
ficiently corrected the supposedly
topheavy speculative position, pres
sed stocks for sale during the early
trading centering their initial at
lacks on the motors, which quickly
yielded 1 to ~ points. The weekly
report of the American Petroleum
Institute, showing an increase OF
over 10000 barrels in the daily av-
erage of gross crude oil production
in the week ended July IT. furnish
ed an excuse for a renewed attack
on the oil shares. Rails were SLOW
in responding 10 the excellent June
earnings reports now being pub
lished, and to the approval of the re-
yised Nickel Plate" merger plan by
the directors of the Pere Marquette
and Hooking Valley railroad. Tor
eign exchanges displayed strong
undertone at the opening, all the
continental paper currencies rally
ing in sympathy with the trench
franc. ...
The closing was strong. Vigorous
bullish demonstrations we're given
in the final hour when the steer
shares assumed the leadership of the
advance. Republic rallied more
than points on expectations lnal
dividends would be resumed at TO-
davis meeting while Gloss Sheffleld
had scored a similar gain ana al
vances of 1 to points took place
in L. S. steel, Bethlehem, Gulf States
and Crucible. U. S. Cast Iron ripe
rose points to a new 1926 hlgh
and General Motors sold within
fraction of its peak. Total sales APP
nroximated 500, 900 shares.