New Britain herald., 1927-07-08
STOCK PRICES ARE
 HOLDING STRONG
Firm Undertone Is Shown in
 Today's Dealings

New York, July s P-Stocl prices displayed a firm undertont today in the face Of the announce. ment of record breaking stock ex' change member loans, Professional. who sold stocks freely eurly in the session. encountered strong support. ing orders, and in some cases, cover ed their commitments at higher prices by the early afternoon. There was little in the days news to influence the price movement Ac- tive bidding for some of the higf priced industrial specialtlcs. particu. United Fruit. all of which attained new peak prices. revived talk oi stock splitups and special dividend action before the end of the year Resumption of conferences towards revision of the Southwest railroad merger plan was accompanied by activity and strength in Kansas City Southern, although Wall street was still in the dark regarding the basis or exchange.
 General Motors dipped below 200 but strong support appeared in some of the other automotive issues. Jor- dan Motors, which touched a new low at Is 5-S, only few days ago sold above IS on revival of merger rumors. Gabriel Snubbers also at tained a new peak on reports ot large current earnings, aLd Hudson sold above S3.
 New high prices also we're attain ed by Manhattan Electrical Supply and Adams Express. white American Brown Boveri, United Cigar Stores preferred and Niyaudou sank to new low ground.
 Easy money rates and an unabat- ed investment demand for high grade securities provided the chief Background for the advance.
 Wall Street Opening
 Stock prices moved irregularly lower at the opening of today's market. Dodge Bros. common and preferred sank to new low levels and Consolidated Gas yielded a point. Eastman Kodak moved up ? 1-2 points and International Com bustion, 1.
 Overnight selling, based on the increase of more than S111,00O,o co in stock exchange member loans last month, was quickly absorbed and the market headed upward un- der the stimulus of pool operations in a number of specialties and merger rails. The recent dissolu- ton of several bond syndicates ac- companied by a break in prices has stimulated the demand for high grade stocks, the floating supply ot which is believed to be small Pools, encouraged by the ease of money rates. centered their ectivi- ties on issues in which special de. velopments are believed to be pend ing. Dodge Brothers issues extend ed their declines to point or moro but met good support and recover i p1 llelT lOSStS DtlOTG lllt eIlu Ol lllt first hour. Brooklyn Manhattan Transit preferred sank to a new 1927 low. American Banknote and Brown Shoe reached new high ground. Kansas City Southern as- sumed the leadership of the rail group by crossing to new peak price for all time.
 Monetary conditions were unal- tered early, call loans again renew ing at per cent, but considera ble confusion prevailed in the move ment of prices. In great measure, quotations for high price shares went up while those of the specula- tive descriptions went down, with marked exceptions in both groups. Adams Express advanced and Houston Oil 4 If both reaching new peaks, while International sil- yer was up IA. Meantime Penn- sylvania Dixie Cement and Eivadou dipped to new minimums for the year.