The daily Gate City and constitution-Democrat., 1920-04-26
Stock Market Notes.

limited Press Leased wire SerVlce.1
NEW YORK, April 26.-The stock
market closed strong, the rail issues
being led by Reading and the indus
trials by American Wooden. through
out the greater part OF the day the
market had shown marked strength
and the United States supreme court
decision in the Reading case had In
creased the confidence OF the street
in stock values. After generally
strong day, there was a brief raid On
the market after two o'clock when
was apparently on the short account
and from which the market quickly
arllied for the close.
At it's top figure, Reading was prac'
tically eleven points up on the day.
The strength in American Woolen
was ;r connection with rumor that
the American Woolen company was
about to declare a stock DIVIDEND,
the size of which varied In the essl'
mates from Is to 70 percent.
The stock market responded
promptly by advancing quotations on
all standard railroad stocks, lmmedl-
ately on receipt of news that he
supreme court had ordered the dis
solution Of the combination between
the Reading and its coal aux1llarles.
The advance here changed from 5A
in Reading itself down TO fractional
gains in such roads as Louisville and
Nashville.
Wall street believed stockholders
in Reading must profit largely by the
conversion of the present coal
auxiliaries of that line, under the
order OF the supreme court. 1t be-
lieyed that the stockholders would
receive a large sum if the properties
were sold for cash or a considerable
return in stock if they were converted
into other corporations Traders
pointed to the course after the stand
ard Oil company and the tobaccos
combination were ordered dissolved
when the total value OF the stocks
into which the combinations were
was vastly greater than
the original selling price Of the
parent corporations stocks
Other railroads advanced in sym
pathy with Reading, especially those
having coal lands, under belief that
the supreme court ruling In the Read
ing would compel similar action ON
the part of the other roads holding
and handling commercial coal IN
terests.
Leading issues were ffrm, showing
advances on good buying at the STOCK
opening today. q. S. Steel
opened unchanged; Central Leather
n. I'D X; Studebaker 112, up z; Re
public Steel 961a. up IS; Anaconda
57@ IN 81; Replogle Steel so, up
IL: Bethlehem B SsA, up 3; Corn
Products 80, up y; Sinclair 34%, up
q: vanadium S01a, up IA American
WOODEN 11S. off l; Baldwin JIG, up
az. Consolidated Textile up rs;
I,ackawanna Steel S414. up IL.
Selling that appeared in early trad
ing as a result of weekend accumu-
lations was easily absorbed and Steel
common advanced further to 975s. 1t
was in General Motors, however. hat
shorts had their trouble. 1he STOCK
made an early high at 3l5' up ~
points over last weeks low. Cruclpie
was heavy and failed to reach 24o.
Improvement in prices continued IN
the second hour when Corn Products
took the lead and sold at 1ooA, up
about s points over last week low.
The earnings statement PuolfSneu
last week showed better than nine
dollars a share for Corn Products
common stock in the first quarter or
the wear. or an annual rate OF thirty
seven dollars per share.
Some Of the low priced rails were
housht well around noon and several
issues gained point or more. IN tne
industrial group Consolidated Textile
made a new record higa at 46A.
This was IL above the conversion
price for the notes.
The supreme court decision on the
Reading case was followed immedf
ately by a sharp increase m quota
tions of rail issues. Reading SOLD at
s41A up q; Union Pacific llSA, up
1&: B. and o. 331a, up 21a; st. Paul
34%, up 19s; Erie 1875, up IS; Le
high valley 44a4. up 2%; L. and N.
up "a; N. Y. c. II, up 2; New Haven
301l up H.; N. P. II, UP rs; South
ern Pacific 95al, up ~; Southern
Railway 21B, up q.
The market closed strong. ..
Closing prices were:
, U. S. Steel 97B, up 1Ss; BALDWIN
1171A, UP AZ; Studebaker 1l27s, UP