New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1926-09-03
SALES ARE over,
STOCKS GO UPWARD
Trading Appears Very Brisk
for Pre-HOliday

New York, Sept. P}-The pres.
sure OF weekend sales apparently
having been completed by mid day
stock prices surged forward this
afternoon under the leadership OF
the high grade rails and public util-
tiles. Trading was rather brisk for
pre-holiday session, though large
ly OF a professional character.
Less concern was manifested over
the money situation, due to the large
volume of funds available in the
call market at Az per cent. The
increase in re-discounts and note
circulation shown in the weekly
federal reserve bank statement were
regarded as a reflection of the ex.
panding fall demand for funds Of
commercial purposes.
L. S. Steel common, which sold
down to 14S IA in the first hour
rallied to Isl by early afternoon or
buying influenced by reports that the
steel industry started September
with operations above SO per cent
of capacity, or about five per cent
above that Of a fortnight ago. Oil
shares also received better support
on the stiffening of wholesale gaso-
line prices in the middle west, and
predictions of record breaking earn
ings by some of the larger indepen-
dent companies.
Baltimore and Ohio, Southern
Railway and Missouri Pacific pfd
were added to the growing list OF
new 1926 high prices in the railroad
group. Western Union moved up to
new high for all time at 14S&.
American Sumatra Tobacco. Unit
ed Drug, and Thompson's Restau-
rants also broke through to new
high levels. Increased activity also
developed in the packing shares on
reports that tho industry had suffi-
GENTLY turned the corner.
Wall Street Opening
Stock prices moved within mar
row and irregular limits at the open
ing of today's market, in continu-
ance of the usual pre-holiday re-
adjustment of speculative accounts.
A good demand was still apparent
for the railroad shares, with the
western carriers favored in the carly
dealings. L. s. Steel common, Gen
eral Motors and a number of other
popular industrials opened fraction
ally lower.
Heavy proht-taking turned the
course of prices downward soon
after opening, with many large trad
ers showing a disposition to get "out
of stocks" over the holiday. Bullish
operations were not entirely aban-
doned, however, new peak prices for
the year, or longer, being registered
in the first half hour of trading by
Pennsylvania, Illinois Central pre-
ferred and Brooklyn-Edison. Selling
Of the motors received impetus from
the announcement of a reduction II
manufacturing schedules by one OF
the large manufacturers, Stewart
Warner sagging TO new low leVe
for the year. L. S. Steel common
which turned sluggish on the publ
cation of the George +. Baker inter-
view, intimating that no stock divi-
dend would be declared this year
was again in supply, selling down
close to 14S soon after the opening
Energetic buying of railroads.
public utilities and equipment issues
was sandwiched in with brisk sell
ing Of the tobacco, oil and pipe
shares during the forenoon. The
majority of stocks, however, were
pointing up strongly around noon
U. s. Steel rising to above $50. New
York Central. Southern Pacific, Rock
Island and Chesapeake & Ohio were
lifted into new high ground for the
year. L. 6. Cast Iron Pipe, United
Cigar Stores and Barnet Leather
yielded about four points each and
General Asphalt preferred TX. The
renewal rate for call loans over the
prolonged holiday was continued at
4 II per cent.