New Britain herald., 1926-12-27
SELLING MOVEMENT
 0N IN AFTERNOON
No Explanation for Reaction in
 Mall Street Stocks

New York. Dec. 27 R)-Stock
 prices turned reactionary this after
 noon affor an early display strength.
 There was nothing in the days news
 to explain the selling movement.
 which centered largely in the high
 grade industrials. although the de-
 crease in manufacturing activity in
 November and December reported in the federal reserve bulletin prob i ably aroused some misgivings over
 the business outlook, which were
 not entirely offset by the optimistic
 forecasts of leading bankers and
 business men published this morn
 ing.
 Baldwin was quickly hammered
 down points from it's early high
 and General Motors, Allied Chemical
 and United States Steel common,
 sold down q point or two, the last
 named having previously touched
 1so 1-4, or just IA of point below
 the record high established earlier in the month. Rails displayed a strong undertone in reflection of the publication of unusually favorable . November earnings statements by the St. Paul and Chesapeake and
 Ohio. Atchison was bid up in spec ulative expectation of an extra cash
 dividends in January. preparatory 1 to a stock distribution later in the 1 year.
 Pools were again at work in
 number Of specialties, particularly in
 internationa, combustion. Yellow
 Cab, Mack Trucks and some of the
 coppers. oils and tobaccos. New peak | prices for the year were registered by Dupont, Liggett and Myers, Cocoa 1 Cola. International Harvester pre- l ferrcd, Eastman Kodak and several i others.
 Money rates continued relatively firm, but an easier tendency Is ex-
 pected after the turn of the year. Wall Street Opening With the country's business lead
 CTS predicting continuance of gen. eral prosperity In 1927, buying of l stocks was resumed on fairly
 large scale as the market reopened
 after the Christmas recess today.
 Gains of a point or more were re-
 corded by General Motors and other
 prominent industrials, while lead | ing rails were included In long list
 Of fractional advances.
 An unabated investment demand l for high priced stocks enabled con- 1 structive forces to establish prices l throughout the list at higher levels Increased public participation also
 was in evidence as the Christmas | buying spirit was carried over into 1 the final week of the year. |. S. 1 Steel quickly mounted more than q ! point to above 160, within a frac- 1 ton of it's record high, and Dupont ] reached a new peak at 1S1. Expec- ! tations of an early resumption of { dividends stimulated buying of i Bethlehem Steel, which view with
 Sloss- Sheffield for leadership of the 1 independents. Many of the rails i followed Atchison and New York | Central into higher ground. Large | blocks of oil shares. such as Phil i lips and Pierce Petroleum. were taken at advancing prices, and com
 mercial Solvents B" jumped 5 points. Foreign exchanges opened steady.
 Profit-tal1ing sales were absorbed
 without difficulty save in a few in stances where the recessions ran to several points, notably In Baldwin. Brooklyn Manhattan Transit and Collins Ss Aiknan preferred. Buy ing orders, however. were uncover ed in many stocks at the lower lev
 els and the ensuing rally received
 considerable momentum from the active demand for several issues including American Smelling. h. ternational Combustion Engineering and Yellow Coach and Truck. The persistent selling of the Western
 and Pacific stocks which has been
 somewhat of mystery to the street continued. the preferred go- ing down to 76. the lowest figure
 of the year. The renewal rate on
 call loans was reduced to 1-2 per cent.