New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1927-07-22
selling ATTACKS
| ARE NO BARRIER
Stock Market Continues Upward
Trend

New York, July 20 R-The stock
market continued to push upward
today despite repeated selling at
tacks but the advance was by no
means uniform. The further easing
of the credit situation helped to
maintain bullish enthusiasm, al
though there was an unusually
heavy volume of weekend profit
taking which impeded the efforts Of
spectators for the advance.
A reported turn for the better in
the lumber trade, following closely
reports of improvement in the steel
and copper industries. strengthened
hopes of good business this fall.
Meanwhile. rumors of special divi-
dend action in the near future by di-
rectors of General Motors and other
large corporations kept speculative
enthusiasm at high pitch.
Bear" traders continued to fer
ret out weak spots. Houston Oil
broke nearly 10 points to 142, but
quickly snapped back to above 149.
Amusement shares were singled off
for selling In the early afternoon on
reports that theater receipts were
unsatisfactory, Paramount, Famous
Players and Fox Film feeling the
brunt Of the attack. Such recent
strong spots as Baldwin, General
Electric, American Radiator and
Union Carbide also lost ground.
Oil shares failed to respond to the
action of the Oklahoma corporation
commission in restricting drilling In
the Seminole field. The quarterly
report of the Marland company.
showing deficit Of s2,155,000, tend
ed to dampen speculative enthusiasm
for those shares.
Gabriel Snubbers was bid up four
POINTS to 5S1a on unconf1rmed re-
ports that Henry Ford was negotiat-
ing for rights to manufacture snub-
bers on the new Ford models. Amer
lean Tobacco common and the B
stock and Cluett Peabody also
touched new record highs. Out
standing strength also developed in
Case Threshing, Crucible Steel.
United Cigar.A Freeport Texas and
American Smelling.
Rails were decidedly mixed, with
the Van Sweringen issues in good
demand.
Wall Street Opening
Stock prices displayed a firm I'M
Il of hn
markets. The brisk rallies which
followed the two sinking spells yes
terday helped to revive confidence in
the long side which had been shak-
en- somewhat by the belief that the
recent advance had been too rapid
and had weakened the markets
technical position. DUPONT and
Abitibi Power each opened a point
higher, and Sears Roebuck immedi-
ately moved into new high ground
for the year.
The increase Of Al per cent in the
New York Federal Reserve ratio,
bringing it up to IS per cent, testi-
fed to the ease of the credit situa-
ton, and had q bullish effect on
speculative sentiment. While recent
half yearly reports show decidedly
contrasting results, hope is still held
out in most speculative quarters for
good fall business. The recent I'M
provement in the copper and steel
industries has been reflected in them
strength of those shares. Although
a number of specialties continue to
attract attention by their violent adj
vances. the bulk of the demand GEN.
ters in the high grade investment is
sues. Early gains of l to 3 points
were registered in today's trading by
L. S. Steel common, American
Smelling. National Biscuit, Allied
Chemical, Hudson, Mack Trucks and
Corn Products. General Motors
crossed 2l6 and was followed into
new high ground by Congress Cigar.
Houston Oil was again under pres
sure, breaking more than 5 points
to 146. or nearly 30 points below
last weeks high. Foreign exchang-
es opened steady with demand ster-
ling around s4S5 is and French
francs around S.91 IA cents.
Although heavy pressure develop
ed in various sections, many indus
trials continued to forge ahead as
call money opened at ga. the low
est renewal rate of the year. Ga
briel snubber "A" was particularly
active, rising 4 SIS points to So IL,
new high, and Erie Steam Shovel
touched H., up ?. Houston Oils
loss was extended to "a points, but
later much of the decline was recov-
cred.
TUE AIAREEI At o.9n d N