New Britain herald., 1927-01-04
MORE REACTIONS
 IN DAYS DEALINGS
Poor November Earnings Aid
 Selling Movement

New York, Jan. { Rp-Specula- tors for the decline succeeded in bringing about further reaction in today's market. A large increase in brokers loans last week. disquiet- ing Mexican dispatches and specu- lative disappointment over the ac- ton of directors of the Atchison. Topeka and Santa Fe railroad in declaring an extra cash dividend of only 75 cents, all tended to create bearish sentiment. which an casing of money rates and optimistic busi- ness forecasts could not counteract.
 Wall street apparently had an inkling Of the action to be taken by Atchison directors as the stock opened 4 1-4 points lower. rallied above 165 just before the dividend action was announced and then sold down to 162 12, an overnight lass of nearly six points. Sharp reces- sions also took place in such issucs as Atlantic Coast line, Jersey Gen. tral and Westinghouse Air Brake.
 Selling of stocks also may have been influenced by a poor November earnings report by the Pullman com- pany. which showed an operating deficit of nearly s75.000 as against operating income of nearly s32o, 900 in the same month of 1925. a drop in freight traffic on the Chicago and Northwestern in December. a de- cine of 30 cents ton on Bessemer iron in the Pittsburgh district and a falling off in December sales of the Sears Roebuck company compared with the year before.
 An attempt to rally the list by bidding up selected list of motor, sugar and tobacco shares around midday met with little success, all though gains of to points were recorded by a few issues in those groups, These were reduced when selling pressure was renewed in the carly afternoon.
 Wall Street Opening.
 Selling pressure was resumed against the stock market at the opening today. and prices were dis tinctly reactionary. Atchison broke IA points on the first sale in ap- parent anticipation of no special di- vidend action being taken at today's $ meeting of the board of directors. Dupont showed a decline of 5-S points: L. s. Cast Iron Pipe 2 and Eastman Kodak 1.
 In the absence of any adverse news developments, other than a few disquieting Mexican dispatches, Wall Street was inclined 10 regard the investors and traders who did not wish to record their gains in 1926 income statements. While the so- called January reinyestment demand invariably takes several days to as- sert itself, bear traders were encour- aged in their operations by the fail ure of operators for the rise to pro- vide stronger support for their fav- orites. Easy money rates apparent ly furnished little incentive for a resumption of bullish demonstra- tions, more attention being paid to the increase of over s6o,000,0O0 in brokers loans last week. Liquida- ton of some of the high priced spe- cialties was stimulated by the belief that pools operating in those issues were having considerable difficulty in distributing them because of the apparent lack of public interest. |. $. Cast Iron Pipe and Case Thresh- ing Machine extended their losses to f points before the end of the first half hour. Dupont to and McCrory stores B to 215.
 Energetic buying of the motors, Nash jumping 1l-4 to Il 5-s, the highest since the ten for one stock split-up, turned the course of the market upward in the late after noon. Early losses in Baldwin, Inter- national Harvester, American Smelt- ing and General Motors were con- verted into substantial advances. South Porto Rico Sugar reached 172 s-4 and American home products S2, both new record figures. Atchison sank to 162 3-4 before steadying, The renewal rate on call loans was unchanged at per cent.