New Britain herald., 1927-02-18
SPECULATION IS
NOTICEABLE TODAY
Weekend Realizing Slows Down
TOday'S Activity

New York, Feb. IS Up-specula-
ton for the advance, which has
been conducted at a rather brisk
pace this week. particularly in the
railroad shares. slowed down today
as a result Of rather heavy week
end realizing. An opening outburst
of strength resulted in over a
dozen rails and a few specialties
being elevated to new high levels
for the year. but many Of the
gains were reduced in a later SELL
ing movement. By early afternoon,
prices were upward againN coinci-
dent with the lowering OF the call
rate to 3 ga per cent, but lrregu-
larities continued to crop out.
Delaware & Hudson was in brisk
demand in the late trading. cross
ing 1874 to the highest price since
1910, while Wabash common, an
other Loree issue. was pushed up
to around $40 a share, new peak
for all time. Lehigh Valley also
touched new high ground.
Raising OF the annual dividend
on Laclede Gas from IS to s12 had
bullish effect on sentiment. Buying
OF the ruhbers was held In check
by the relatively poor 1926 earn
ings report of the Kelly-Spring-
field company. Heayiness also
cropped out in some of the motors
while South Porto Rican Sugar,
International Harvester and Rem
ington Typewriter yielded 2 to 8
points on the appearance Of selling
pressure.
Wall Street Opening
Stock prices displayed q strong un-
dertone at the opening of today's
market. Baldwin opened 3 IL points
higher and Atchison. Chicago and
Northwestern, Baltimore and Ohio
and Packard showed gains Of a point
or so. Rails were again under heavy
accumulation, several large blocks
changing hands in the early trading.
With call money falling yesterday
to S-4 per cent, the lowest level
since last June and brokers' loans
about S400,000,000 below those at
atoms for the advance went ahead
with increasing confidence as the
session progressed. A further ex-
pansion in public interest was noted
but it was confined largely to the
rails and few specialties. Pennsyl-
W
highest price in IL years on uncon-
tirmed reports that plans were under
way to strengthen the roads COM
petitive position in the east and mid
die west. New high prices since
1925 or longer. some Of them the
highest ever recorded, were es-
trblished by Baltimore and Ohio,
Atchison. Chicago and Northwestern,
Texas and Pacific. New York, On
tario and Western, Missouri Pacific
common, Norfolk and Western. Ca
madam Pacific and Kansas City
Southern. American Smelling and
International Telephone, with early
gains of three points each, led the
advance in the industrials, Du Pont
was heavy. Foreign exchanges open
ed easy, Demand Sterling being
quoted around S4.S4 9-l6 and
French francs just above 391 cents.
With attractive profits in sight
from the recent remarkable ad-
vances in the railroads, temptation
to realize was too great to resist and
prices dipped sharply. with the reac-
ton accumulated by extensive selling
by the bear element, Missouri Pa
ciflc sold three points below yester-
days final figure and Thinker Roller
Bearing 4. Toward noon active bid
ding for investment shares was re-
sumed. especially Southern Railway,
Lehigh Valley and the Van Swerin-
gen issues. Erie common sold at
the highest price in 20 years and the
first and second preferred in ten,