New Britain herald., 1926-08-20
MARKET VARYING
 ALL DURING DAY
Alternate Periods of Strength
 and Weakness
By the Associated Press


 New York, Aug. 20.-Selling pres sure against the standard industrials was renewed in todays stock mar ket, which showed alternate periods of weakness and strength. U. S steel common broke to 149%, or about 10 points below the high es- tabllshed earlier in the week. on the announcement that the steel in- dustry was operating below so per cent of capacity this week for the hrst time in several months.
 The break in steel, which tool, place around the noon hour. fol- lowed an early period of strength during which pools were again ac- tive in a number of specialties in which favorable merger or dividend developments are believed to be pending. Supporting orders quick ly made their appearance and the market was again headed upward in the early afternoon. 4 possible ex- planation of the recent selling move ment was seen today on the re- port that William c. Durant, auto mobile manufacturer, who is re- ported to have been actively en- gagged in the buying of General Mo- tors and U. s. Steel in the last few months, was sailing for Europe next week, Wall street taking 1t for granted that he was reducing his stock market commitments prior to his departure.
 Good buying was again noted in the railroad equipment shares, sev- eral new orders for signal and train control devices being announced during the day.
 Despite the forecast of record breaking July earnings statements for some of the leading class 1 car riers, the rails lost ground with the industrials, Chesapeake S Ohio and Atchison, two of the recent strong spots being the hardest hit in the first wave of selling in that group. By the Associated Press.
 Wall Street Opening
 A further evening-up of accounts imparted regularity to opening prices in today's stock market. Good buying quickly made its ap- pearance in the rails. Chesapeake and Ohio and Missouri Pacific preferred each opening a point higher. U. S. Steel common opened unchanged at 15O 3-4 and the first sale Of General Motors, selling ex- dividende 5-S, was 199, as com pared with the closing price of 2O2 yesterday.
 Price movements continued to lack uniformity in the early trad ing, but the sharp reactions in some of the standard industrials during the past few days led to ex- tensive weekend covering in those issues. Pierce-Arrow preferred ral- lied on the announcement that ac- cumulated dividends would be ad- Justed through an issue of second preferred stock, but the common lost ground.
 The failure to reach an agree ment for the settlement of the British coal strike was regarded as a bullish factor for the steeis on the theory that American companies would be able to capture some of the foreign business which English companies were unable to compete for at present.
 The so-called Van Sweringen rails led the early advance in that group, with some of the buying undoubted- ly stimulated by the excellent July earnings report of the Kansas City Southern. Heaviness was apparent in the early trading in such recent favorites as Case Threshing Machine, DuPont and International Harvester.
 Buying in new groups caused a fresh impetus to prices, with Gen. eral Asphalt. Westinghouse Air brake, American Ice, American Hide S Leather preferred, Ward Baking B, and |. s. Cast Iron Pipe, making ladvances. U. s. Steel, General Motors, Mack Truck and DuPont also rose brisllly, but met stock at the higher levels, causing the cancellation of much of their rise before noon. The renewal rate on call loans was un- changed at 1-2 per cent.
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