New Britain herald., 1926-08-18
MARKET CHANGES IN DAYS DEALINGS
Standard IndustrialS Yield to Selling Pressure

New York, Aug. IS P-Further irregularity of price movement de- veloped in today's stock market. Standard industrials yielded rather readily to renewal of selling pressure but rails showed a ten- dency to forge ahead on the ap- pearance of fresh buying power. Bear traders, taking advantage of the speculative uneasiness which has developed as a result of the recent stiffening of money rates and the increase in the New York Federal Reserve bank rate, ham mered several of the leaders down 1 to points in the early trading, being aided by liquidation inspired by commission house advices to take profits and tighten committ- ments. Selling appeared to have run its course, at least temporarily. By early afternoon a rally started under the leadership of the high grade rails.
 The weekly steel trade reviews reported that mill operations were being continued at a high rate all though some producers reported a slight recession in new bookings. U. S. Steel common, which has been liquidated Afreely on intimations that no stock dividend would be paid this year. sold down to 152 1-2 or more than points below the record high established yes- terday.
 Substantial recessions also took place in General Motors, Dupont, American Smelling and U. S. Cast Iron Pipe, all of which recently es- tablished record high prices. Rail road equipment shares showed in dependent strength on buying in fluenced by the prospect of large orders, particularly for signal and automatic train control devices this fall. General Railway Signal, American Brake Shoe and Foun- dry. Air Reduction, and Westing- house Air Brake all sold material ly higher.
 The cut in the Cuban American Sugar dividend and growing fears that the Mexican situation might prove to be an adverse market de- velopment, helped to keep bullish enthusiasm in check.
 Union Pacific was one of the leaders of the rail group, moving up over points to 159 1-2. the highest price since 1914. Chesa- peake & Ohio climbed to 153 1-4, Pere Marquette to 1o4 Is and Rock Island to 6S 1-2, all new top prices.
 Wall Street Opening
 Price movements were conflicting at the opening of today's stock market as the process of readjust- ing speculative accounts continued. Strong buying support was extended to selected issues such as General Asphalt common and preferred, Nor folk and Western and Texas and Pa citic but recent leaders, including U. s. Steel and General Motors opened fractionally lower
 The denial of reports that an early stock dividend was in prospect for L. s. Steel had depressing influ- ence on the entire list in the early dealings. At the same time fears were expressed that operating con- ditions in the steel industry, which have been maintained at an unusual ly high summer rate, might become spotty in the fall. Steel common receded more than point and other popular 1tocks such as American Can, Dupont and Cast Iron Pipe, which had accompanied 1t on its re- cent advance, were heavy. Cheml- cal and farm implement shares yielded to profit taking. Aggressive buying continued however, for few rails and specialties. Chesapeake and Ohio and Rock Island, both in the merger class. reached new top prices for the year. Foreign eX- changes were firm, with French and Belgian francs and Spanish pesetas opening materially higher.