New Britain herald., 1926-08-03
MARKET RUNS WILD
 AND HITS THE SKY
Highest Prices in Over a Decade
 Are Registered

hSOSsSAsA
 New York, Aug. P,-Specula- ton for the rise ran riot in today's stock market, the most active since the famous three million share days which accompanied the drastic break in prices last March. More than a score of issues were lifted to new peak prices for the year, or longer, while the average of 20 leading railroad shares touched the highest level in over decade.
 General Motors was again the sen- sational feature, opening points higher at 205, quickly running up to a new record high level at 2l1 1-4, breaking sharply to 203ia and then rallying by early afternoon to within 8 few points of the record top. Feverish speculation in this issue was the result of the statement credited to Thomas Cochran. mem- Co.,, that the recent advance was justified and that the stock would sell 100 points higher. This unus- ual comment from a member ot the Morgan firm. which had not been denied by early afternoon, undoubt- edly stimulated the demand for the stock. more than 100000 shares of which had changed hands before the end of tbe third hour
 The top on nearly points in Gen eral Motors was due to the touching off of a number of stop loss or ders just below the market and 1t brought about a sympathetic decline in other sections of the list Hudson broke from 75 to 70 and scores sag ged 1 to 3 points from their early highs.
 When the "bull' movement got under way again after midday U. S. Steel crossed 150 to new record high price. New York Central, Al lied Chemical, Texas Gulf Sulphur and L. S. Cast Iron Pipe were among the other high priced Issues to gain new peak prices. the extreme gains ranging from to nearly s points.
 There were no striking news de- velopments to account for the sharp advance in prices, which appears to have been due to a sudden reawak- ening of public interest on the be- lief that another bull" movement was under way. Wall street heard rumors that the directors of the Standard Oil Co, of New Jersey would make special dividend dis tribution at the next meeting.
 Wall Street Opening
 Stock prices displayed strong tone at the opening of today's market. Buying orders were spread over a broad list but manifestations of group strength first became ap- parent in the motors, oils and steels. Dupont opened 8 S-4 higher at 292 1-2, high record for all time. Yellow Truck jumped over 3 points to new peak at 33 1-2 and United Drug opened a point higher
 Excited speculation in General Motors, which scored over 1C points to 211 1-4 before realizing sales temporarily checked the ad- vance. overshadowed all other de- velopments in the early trading. Strings of transactions running from 1000 to 10000 shares appear ed on the tape at frequent inter- vals. total sales of this issue in the first half hour totalling nearly 100,- 900 shares. Yellow Cab, which is controlled by General Motors, was another spectacular feature, extend- ing it's early gain to points be- fore the first outburst of buying had spent itself. With the average of 20, leading railroad shares at the highest level since the war, fresh buying was again attracted into that group. Predictions of good business in the second half of the year by leading bankers and busi- ness men, stiffening gasoline prices and prospects of liberal melon cutting this fall furnished the groundwork for the advance. For eign exchanges opened slightly easier.