New Britain herald., 1927-08-19
POOLS ACTIVE ON
new YORK MARKET
Many New High Records Made
During Day

New York. Aug. 10 P-Stock
prices continued to move upward to-
day under the leadership of the high
grade industrials. Weekend realiz-
! ing sales and occasional bear" SELL
| ing slowed up the advance now and
! then, but offerings generally were
| we'll absorbed and flock of new
| high records esta blished.
Easy credit conditions. the antici-
| pated increase in farm wealth and
expectations of a normal upturn in
| business after the Labor day holt
day, were the chief factors stressed
by those working for higher prices.
Pools we're again active in num-
Der of specialties in which favora BILE
dividend or merger developments
are believed to be pending.
L. S. Steel common, which sold as
low as 129 IA in last weeks break,
was in brisk demand above 1877.
General Motors, selling ex-dividend,
touched 227. equivalent to a gain Of
about three points, while the new
stock ran up from 113 as to 115.
General Electric was In brisk de-
mand. moving up more than four
points to 12s by early afternoon.
There was good demand for
stock of companies likely to benefit
by the reported agricultural pros
perity. such as Allied Chemical.
Davis Chemical. Case Threshing
Machine. Mathieson Alkali and
Woolworth. all Of which sold three
or more points above Yesterdays
final quotations.
Rails quoted down somewhat, al
though good inquiry was noted for
the Saint Paul Saint Louis South
western, Southern Railway and Lee
high Valley issues. Coal stocks also
developed strength.
A firm tone characterized the
opening of today's stock market,
which was featured by the sale of a
block Of $500 shares of Interna-
tional Nickel at 67 is. an overnight
gain Of one point. Allied Chemical.
opened point higher. but other
standard industrials showed little
change. Shubert Theaters showed
an initial gain Of three points.
Renewed selling of few stocks
that figured sensationally in last
weeks break Manhattan Electrical
Supply and Houston Oil falling 3
points passed unnoticed. General
Motors at 2os IA more than made
up the So dividend deducted from
the price today Case Threshing Ma
chine spurted to 1854 in anticipa-
ton Of a stock split up and Inter
national Harvester, National Lead,
Woolwor.h. Pittsburgh Coal. Davi-
son Chemical and Warren Brothers
also made spirited advances. the last
mentioned crossing par. The re-
newal rate for call loans which
carry over until next week was
maintained at 31z per cent.
Some surprise was expressed at
the unexpectedly small decrease In
brokers' loans, in view of the dras-
tic decline in prices last week, but
no fears were entertained over the
credit situation in view of the ample
supply of funds available on call all
week at 1-2 per cent.
Early buying again centered In the
motor shares, with gains or a point
or SO in General Motors Hudson,
Mack Trucks and White. General
Motors newestock was admitted to
trading. opening at 113 3-s and
quickly advancing to ia. Amuse-
ment shares were bought In expec-
tation of a substantial increase in
earnings this fall. with special atten-
ton directed to operating economies
effected by some Of the large motion
picture producers during the sum-
mer months. Abitibi Power as
sumed the leadership of the public
utility group, which has contributed
half a dozen or so new high records
daily for the last week or more.
Abraham and Strauss advanced 2
points and was followed into new
high ground by Baldwin and Reid
ICc NlcdllI montana rover was
heavy.
Net income of Electric Power &
Light Corporation for the year end
ed June 80 rose to s7,256,2l7, equal
to $1.91 a share on the common
after preferred dividends, from So
063,3S1 or 80 cents a share in the
preceding - months.
Buying OF finished steel IL spotty
but Improvement is shown at some
centers. says Daily Metal Trade. In
Chicago, heavy lots of reinforcing
bars have been placed. Strip steel
sales are heavy at Pittsburgh COM
posed of accumulation of small lots
Structural awards in the east con-
tinue heavy. with New York lettings
breaking all records.
Prices on the Salmon Fish Pack
quoted by the Alaska Packers Asso-
citation, controlled by the California
Packing Corporation are substan-
TALLY higher than last year due to
the unusually small salmon catch.
William Timson. president Of the
Alaska Packers. says the 1897 pack
probably will be under 100000
cases compared with $50 900 eases