New Britain herald., 1926-08-25
BEARSIN CONTROL
 0F MARKET TODAY
Selling Movement Also Affected by Discount RumOrS

New York, Aug. 25 Pl-specula-
 tors for the decline continued in
 control of the price movement in to-
 days stock market. despite occa-
 slonal attempts to rally the list by
 bidding up selected rails and spe- | cialities.
 Marking up of the call money
 rate to per cent. following the call
 Ing Of amout $2O,000,000 in loans,
 and fears of an early increase in the
 fealscount rates of the Boston snd
 Phlladelphia federal reserve banks,
 influenced the selling movement.
 Publlcation of the weekly steel
 trade review, showing that mill on
 erations and demand were being maintained at relatively righ rate TOT this season of the year, failed 10 stem the liquidation in those shares. U. S. Steel common broke
 below l47. to a new low on the cur rent movement. Wall street heard today that much of the recent Iiqui- dation has been for the account of a large New York estate, but the re- port lacked verification.
 Rails offered stubborn resistance to pressure, the firm undertone in that group being attributed to the unusually favorable earnings and traffic reports now being published. Buying centered largely in the North Western issues, some of which gave promise of special dividend develop ments before the end of the year.
 Selling pressure against the indus trials converged largely on such is- sues as American Smelting. Case Threshing Machine, Dupont, U. S. Cast Iron Pipe and Woolworth, all Of which had shown substantial re- covery from the low levels estab- lished last March. Cuba company broke 3 points to new low level for the year. On the other hand, bull ish demonstrations were resumed in Warner Brothers Pictures A, which jumped over points to a new rec ord high price. U. S. Rubber also re- ceived strong buying support
 Wall Street Opening
 Selling pressure was renewed et the opening of today's stock market, which displayed a distinctly reac- tionary tone. Popular industrials were again thrown on the market in | large blocks, initial declines of a point or so being recorded by AL ! jed Chemical, General Asphalt and Montgomery Ward. U. S. Steel com mon and General Motors each opened 3-4 lower the former touch- ng the lowest price since the es- ablishment of the new record high of 159 5-S last week.
 Strong buying support came into he market after the first batch of selling orders had been absorbed, bringing about recoveries of a point 'r more in some of the early weak 'pots. The overnight selling origin 1ted largely with professional trad ITS, who attempted to capitalize the | given to Prof. Ripleys at- ack on the failure of many large corporations to give stockholders ull information concerning their ssets and earnings. Rails resisted ressure, the strong buying support or this group being influenced by he fact that freight car loadings ad exceeded the million mark for ? consecutive weeks and by the ublication of favorable July earn lgs' statements. Merchandising is- 1es were heavy in rejection of peculative disappointment over the nall margin of profit obtained by ome companies on an unusually .rse gross business.
 Speculative selling of the custom ry leaders broke out again at the igher levels, causing nasty unload lg of other shares which had been ought for turn. |. s. Steel yield from 149 to 146%, General Mot IS from 207% to 204% and Dupont om S02lA to 296. U. S. Cast Iron ipe, which had rebounded from )9 to 215 toppled again to 211&. 1ort covering started a rally which as in progress at midday. The re- awal rate on call loans was again e n n1 o n at ,ar