New Britain herald., 1927-08-25
HEAVY BUYING IS
 MARKET FEATURE
General Motors Common Scars
 Seven Points to Record

New York. Aug. ?5 R0Heavy buying of General Motors common stock. which scared points to a new high record at 246, a gain of IS points within the last week. overshadowed all other develop ments in today's stock market. Pools lifted about score other issues to rev peak prices. but considerable ir- regularity developed in the general list, due to the extensive shifting of speculative accounts.
 Despite reports of another sharp advance in brokerage loans this week. call money was in plentiful supply at the renewal figure of BE per cent. Hope is held out in some speculative quarters for further reduction in rediscount rate of the New York Federal Reserve bank. di- rectors of which meet after the close of the market.
 The rise in General Motors pre- sumably was in further reflection of the optimistic forecasts of that corporations business by William C. Durant. prominent stock market op- orator. and Louis G. Kauman. di- rector. Under the cover of this strength, however, heavy selling took place in other industrials, par ticularly in the steel. copper, oil, mercantile and public utility groups. Famous Players broke 4 points. Commercial Solvents B Gold stock) scared 13 points to a record high at 363ls and the new stock, which was admitted to trading to- day. ran up from 17sh to 1s4. Bon Ami jumped 6 points and Dupont, Wright Aeronautical Reynolds To- bacco B and National Tea sold to 6 points higher.
 High grade rails moved upward under the leadership of Atchison on prediction of sharp upturn in freight traffic in the next six weeks. The July report of the Southern Pacific showed a decrease of s1.- 34s.204 in net operating income as compared with the same month last year.
 General Motors old and new stocks quickly sold up to new high prices at 239 5-S and 121 1-2 respectively. U. s. Steel. however, was heavy, Cautious pessimism in the current reviews of the steel trade evidently created feeling of hesitancy. Rail- road shares in some instances moved ahead in the face of relatively poor current earnings reports and con tinued decline in freight traffic from last years figures. Midland Steel Products quickly scared points to a new high above 140. Mackay Companies went up points to a new peak on expansion plans, but Radio Corporation fell back 2 points. American Snuff jumped 8 points in the first half hour. Point | or better gains were recorded by New York Central, St. Louis & San Francisco, National Biscuit, Interna. tional Agricultural Chemical and others soon after the opening. Oils appeared little affected by additional cuts yesterday in Crude Oil prices Houston Oil quickly gained about a point.
 | A selling furry which drove Gen. eral Motors down points from its high level and also weakened Bald win, DuPont, Bethlehem Steel. Gen. eral Electric, Case Threshing Ma chine, Woolworth. International Har- vester and Paramount Famous, sub. sided to 6 large extent when fur. ious bullish demonstration com menced in the high priced railroads Atchison sold at 200 for the first time and Union Pacific, Norfolk 6 Western, Chesapeake & Ohio. Della. ware &s Hudson. Atlantic Coast Line and Lehigh Valley rose 1 to 2k General Motors snapped back tc ?40 5-8, & new peak. The rate fol standing call loans was maintained at 3h per cent.
 Prices ranged fractionally higher at the opening of today's stock market. Postum stood out with 6 gain of 1-2 on the initial sales.
 THE MARKET AT 2:3O P. NJ. l Furnished by Putnam & Col