New Britain herald., 1927-07-20
stock PRICES ARE
Still STALWART
Upward Trend Continues, DE-
spite Liquidation

New York. July 20 P-Despite
the heavy liquidation inspired by
the belief that the market has been
climbing too rapidly. stock prices
continued to move upward today
under the stimulus of aggressive
pool operations in wide assortment
OF specialties. Scores of issues were
bid up l to 6la points. with COM
paratively few weak spots scat
/ tered throughout the list.
Money was again in plentiful sup
ply. but the call rate was main
tanned at four per cent, although
concessions we're allowed in the
outside market. The weekly steel
trade reviews reported moderate
improvement in business, but Re-
public Steel. the first of the large
independents to report its second
quarter earnings. showed net of
s9SS,115 against Sl.121,4 36 in the
corresponding period last year. This
brings the earnings in the first half
OF the year to 1886 a share. as
against $50. in the first half of
1925.
Automotive issues continued to
present isolated points or strength.
General Motors crossed 200 to a new
peak, but met heavy profit taking
around that level. Gabriel Snubhers
was in heavy demand in the early
afternoon. crossing SO to a new
peak. Abitibi Power. General Rail-
way Signal and Westinghouse Elec-
trio all moved into new high ground.
Cluett Peabody jumped another six
points today.
The bad break In Lehigh Valley
yesterday tended to check specula-
tive enthusiasm for the rails, al
though Atchison was again lifted to
new high ground. and a steady de-
mand was apparent for Baltimore &
Ohio, Peoria & Eastern. Louisville &
Nashville and Gulf Mobile & North
ern.
Wall Street Opening.
Stock prices moved irregularly
higher at the opening OF today's
stock market, with most off the ad-
vances confined to fractions. Du-
pont started the day IA points
higher and Cluett Peabody was up
IL.
Renewed strength developed IN
various industrial shares as the
morning advanced. buyers apparent
ly disregarding cautionary advices
by commission houses that "tech-
nical reaction" is imminent Opera
tors for the advance continued to
take encouragement from easy
money conditions and found new
material In Hudson Motors good
earnings showing and yesterdays
stiffening of brass prices. Some of
the rails scored early gains despite
the relatively poor showing of Kan
sas City Southern and the decline in
freight loadings during the holiday
week. Gulf. Hobile & Northern and
Wabash gained a point each. but
Atchison was off as much/soon after
the opening. Railway equipments
were strong, General Railway Sig
nal soon moving up to a new high
OF 131 IA Other industrals which
quickly attained new peaks were
Allied Chemical, Westinghouse
Electric. General Motors and a few
more. Public utilities responded to
good earnings reports. Brooklyn
Union Gas touching new top.
Foreign exchanges opened steady
with demand sterling quoted around
$3.50 is.
Considerable profit taking was en-
counteroi by several issues late in
the morning, Houston Oil and Man
haitian Electrical Supply dropping :
to 3 points under yesterdays close.
Buying continred In the rails. Atchi-
son reaching a new high md sew
eral others advancing l to points.
but Lehigh Valley was again under
pressure. Montana Power and Tim
ken Roller Bearing We're among the
numerous shares to establish new
tops Call money was renewed at
four percent
THE MARKET AT $50 P. NJ.
FURNISHED by Putnam & Coz
High Low Close
Al Che & Dv 1925 15o12 1913
4