New Britain herald., 1927-07-19
|ST0CK MARKET IS.
| Still GOING UP
Steady March to Higher Ground
Continues

New York. July 10 P)-Respond
ing to growing expectations of fav.
orable fall business the stock mar.
ket today resumed its march tc
higher ground. with new leaders
brought forward as some OF the old
favorites showed signs Of waverine
on protit-taking. Investment issues
continued to attract the most inter-
est. with much of the buying re-
ported to be fore institutional and
European account.
The credit outlook continues fav-
orable. The declaration of a loo
per cent stock dividend by the Com
mercial Solvents corporation, and
the publication OF the quarterly re-
port of the Hudson Motor Car COM
pany, showing earnings of 1852 a
share as against s2.52 in the pre-
ceding quarter. had a bullish effect
on sentiment. Public participation,
continues on relatively small scale
Motor and public utility issues
presented several points of strength
in today's trading. General Motors
crossed eos to a new high record.
Buying of some of the minor motors
was said to be for the account OF
new investment trust which even
tually planned a merger OF those
properties. Abitibi Power crossed
80 to new peak and good buying
developed in Consolidated Gas and
Peoples Gas.
Electrical stocks moved into new
high ground under the leadership of
General Electric, Westinghouse Air
Brake and Manhattan Electrical
Supply. Thinker Roller Bearing and
American Bosch Magnetic stood out
in the automotive group.
Although the Kansas City South
ern Railroad, the first to report Its
June earnings, showed a slight de-
crease in net operating income, the
demand for the rails continued I'M
abated, with Pittsburgh & West Vir-
ginia, Atchison, Canadian Pacific
and Gulf, Mobile & Northern in the
FOREFRONT or the advance.
Wall Street Opening
Stock prices displayed a firm un-
dcrtone at opening of today's market.
Further accumulation was noted in
railroad group. based on the pros
pect of increased freight traffic this
fall. American Bosch Magnetic and
Mathieson Alkali attained new 1927
peak prices.
Although several OF the larger
commission houses have been urging
their customers to take profits on
the bulges on the theory that the
technical position of the market had
been weakened by the recent rapid
advance In many issues, spectators
for the rise continued their opera
tons with confidence. The ease with
which some of the standard indus
trials and rails have been bid up
has been attributed to the sharp re-
ductlon in the floating supply by the
investment buying of the last month.
indicating that substantial portion
of the half billion or more dollars
distributed in the form of July divi-
dend and interest payments has
found its way into the stock market.
Additional new high prices were re-
corded by Manhattan Electrical Sup
ply. Canada Dry Ginger Ale, Inter-
national Business Machines and Ba-
yuk Cigars. Oils displayed firmer
undertone on reports that the un-
settled condition in the industry
caused by the over-production of
crude was being alleviated to some
extent by record-breaking gasoline
consumption. Reading and Atchi-
son led the early advance in the
rails. Foreign exchanges opened
steady, with demand sterling quoted
around s485 3-16 and French francs
around 3.91 IA.
THE MARKET AT 2:3O p. NJ.