Douglas daily dispatch., 1926-06-30
STOCK PRICES
VERY BUOYANT
FOR TUESDAY
(By Dispatch A. P. Wlre)

NEW YORK, June 29.-Leading q
vigorous upturn in the stock market
U. S. Steel, common shares today
mounted more than 3 points to the
highest price in their history at 141 3s &.
Scores of other representative indus
trial issues Joined in the advance, with
gains of 1 to 6 points.
AS u. S. Steel crossed 14O, mark
that has several times proved a re-
sistance point to its numerous up
swings, the achievement was greeted
with a noisy demonstration on the
floor of the New York stock exchange.
Without faltering, the stock continued
it's climb to unprecedented heights, be-
fore last-minute profit-taking forced
it back to 140%, at the close, a net
gain of 2h points for the day. In the
great bull movement last fall, steel
common reached high level of 1894.
Other steel shares We're equally buoy
ant as buying enthusiasm was aroused
pig iron since 1924, an unusually high
rate of mill operations for this time
of year, and prospects for increased
returns to stockholders. Several other
so-called Morgan stocks, including
General Motors and General Electric,
scared to points along with U. S.
Cast Iron Pipe Dupont, American
Smelling and Allied Chemical.
NEW YORK, June 29.-Spirited bid
ding for leading industrial shares i'm
parted unusual buoyancy to the stock
market today. Encouraged by the es
tablishment of a new high record by
u. S. Steel at 141 3s, operators for the
rise distributed buying orders for scores
of other popular issues, lifting prices
1 to points on turnover of nearly
100000 shares.
In it's upward surge the market ig-
nored a Tightening of credit conditions
resulting from Withdrawals of funds to
meet the mid-year settlements. Cali
money renewed at 5 per cent, the high
est opening rate since April 13, but
this factor was only temporary detri-
ment and the upward movement stead
lily gathered momentum until a few
minutes before the close, when scat
tered profit taking caused slight re-
cessions from the days high levels
The climb of U. S. Stee Ito record
heights apparently was based on vague
hopes of an increased distribution to
stockholders as well as on exception
ally favorable trade reports The de-
mand for pig iron was said to be at q
rate unequalled since 1924, while steel
manufacturing, operations have held
around 80 per cent of capacity with no
prospects of an immediate recession.
The trend toward higher prices also
was reported to be spreading through
out the industry.
After attaining a peak price of 141 %,
steel common closed at 140%, net
gain of rs points.
Other steel shares were correspond
ingly strong.
The demand for equipment, chemical
and various specialties stocks increas-
ed as trading progressed. A long list
of advances ranging from 1 to points
included Baldwin, General Railway
Signal, Pullman, General Electric, u S.
Cast Iron Pipe, Dupont, American
Smelling, Allied Chemical, the Com
mercial Solvents issues, U. S. Indus
trial Alcohol, United Cigar Stores and
Westinghouse Air Brake. Oil shares
were neglected and a few issues, such
Case Threshing Machine, moved down
ward against the trend.
With spectacular enthusiasm center
ing in the industrial division, rail
shares were relegated to the back
ground, although the maintenance of
a steady investment demand pushed the
price average to a new high mark for
the year Chesapeake and Ohio is
sues, Atlantic Coast Line and Louis
vile and Nashville were the strongest
features, rising / to points.
Commodity prices were mixed with
some encouragement derived from the
firmness of the wheat market. Cotton
futures declined Is to % points on Wall
street liquidation inspired by more fa-
vorable weather and crop news Sugar
prices were marked up moderately, but
coffee worked lower.
Foreign exchanges were somewhat
easier, with French and Belgian francs
depressed by indications that stabiliza-
tion plans would be delayed pending
applications for credits abroad. De-
mand sterling held firm around 4.S612.
Call money ruled at per cent all