New Britain herald., 1926-09-02
RAILROAD STOCKS
AGAIN ON bound
Go Upward But Falter Under
Profit Taking

New York, Sept. 2 H)-opposine
speculative forces struggled for con,
troll of today's stock market witt
the result that there was consider,
able confusion in price movements
Despite the fact that they were
forced to contend with n large vol
ume of holiday realizing. oper.
ators for the rise appeared to have
the advantage, bringing forward
new leaders whenever the old fav-
orites showed signs of wavering.
An early attempt to unsettle the
general list was passed on rumors
of an early increase in the redis-
court rates of some of the smaller
federal reserve banks, particularly
Philadelphia, but this was offset by
the appearance of a large volume
of funds in the call money market
at the renewal rate of Az per cent
as against an opening rate OF five
per cent yesterday. The optimistic
sentiments expressed by George +.
Baker, veteran banker, also helped
to create bullish enthusiasm despite
his reiteration of the belief that no
stock dividend would be paid In the
near future on United States Steel
common. which slumped from Isl Z
to 14912, but rallied above $50 by
early afternoon.
Although the large commission
houses reported that the public was
slow in re-entering the market,
pools were again busy in a. number
of ordinarily inactive specialties
such as General American Tank, In
ternational Nickel. Virginia Barolina
Chemical and Owens Bottle. Motors
suddenly leaped into prominence in
the earl yafternoon when bullish
demonstrations were started stimuli
taneously in several of the low pric-
ed issues such as Chrysler, Dodge
Brothers A, Pierce Arrow and Pack
ard. Revival of activity in the cop
pers was predicted on the belief that
the foreign demand for the red
metal will be materially increased
when the sterilization schemes in
Italy, Belgium and France and car
ried into effect.
Railroad shares started upward
at the opening but ran into heavy
profit-taking sales as the session
progressed. However, several new
high records were again recorded in
that group.
Wall Street Opening
Renewed activity of the railroad
shares. particularly the Southwest
ern issues, on the announcement that
freight car loadings crossed the MIL
lion mark for the thirteenth conse-
cutive time in the week ended Aug
ust 81, featured the opening of to-
days stock market. New York Cen
trail quickly advanced to new 1926
peak price and moderate gains were
recorded by Missouri Pacific and
Frisco common. Southern Railway
opened nearly a point lower. In
were mixed.
Continuance of profit taking sales
some irregularity to the
early trading. Operators worked for
higher prices derived encouragement
from the stiffening wholesale gaso-
line prices in the middle west; the
monthly review of the National CITY
bank stating that the general bust
ness situation continued satisfactory
With prospects for record breaking
business this fall. the decrease IN
failures last month. and
he plentiful supply of funds avail
able yesterday in the call money
market.
Rails maintained the early leader
shin, New York Central extending It's
gain to moro than ! point by cross
ne 143 while Delaware and HUDSON
was quickly bid up points to 10"
IL the highest price since lslV.
New peak prices also were recorded
~ BROOKLYN Edison. American To-
,acco Products, Coppers came IN Tor
more speculative attention. substan-
.ial gains being recorded by Auacon-
Ia and Magma. In the oils, the early
strength Of Maryland contrasted WIN
he hoaviness of Phillips Petroleum.