Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-17

lJuu 5 heNlSWI HAS Deeu dCCOuIlL-
able for a slow development of
spring wheat. Some goods which
morn rally should be moving freely,
now are not going actively into con-
SUMPTION because of inclement
weather and farm work in different
sections also has been retarded. OPP
en:ng Of lake navigation at northern
ports. moreover, has been delayed
and business generally has not gain
ed the hoped-for momentum thus
far in the second quarter.
Bradstreet's states that while
some areas, notably parts of the Pa
cific coast, the southwest and the
central west note some Improvement
i'll Virginia, the great majority of
advices are that the weather is too
cool or the soil too wet for the best
inter ests of distributive trade or
farm work"
General Motors which had been
run up to 11S Sd, in the early aft
ernoon, fell back to 115 rs in the
late selling movement. closing just
above that figure for net loss of
/ Is. Mack Trucks dropped from
l0J rs to 1O7 IL. Net declines Of
a point or more also We're recorded
Jordan. Pierce Arrow preferred.
Stesart Warner and Hudson. the
last-Lamed dropping from &c rs to
o. and then rallying feebly.
L. S. Steel common touched
I'D 81 and then dropped back TO
IlH IL, the opening price.
The American Works, Cuba Com,
pany. National Biscuit. South Porto
Rican Sugar, Chicago Pneumatic
Tool, Colorado Fuel Crucible Steel.
International Paper. Postum anG
Universal Pipe preferred all showed
conspicuous strength.
Buying of the merger rails, which
was rather active in the early trad
ing as q result of the interstate COM
merce commissions approval OF the
recent election of three Frisco" di-
rectors, to the Rock Island board.
but II was checked later by the pub
llcation of statement by Chair
man Lovett of the Union Pacific
that existing laws We're an obstacl
TO mergers on a large scale. Rock
Island closed unchanged at A. aft
er having touched As IA and Frisco
common closed 3-S higher at IS ii
after having sold at 80 34S. Other
active rails showed little change on
the day.
The principal commodity markets
lost ground. Distant wheat options
sagged cent or SO a bushel. Cot
ton declined II to Z points on pre-
diction of generally fair and warmer
weather in the south, the new crop
positions touching new low prices
Tor the season. Sugar prices held
steaClly. Coffee closed unchanged to
IA points lower in futures trading.
CAN money renewed at 4 IA per
cent and held steady at that figure
all DAY. Time money and CONNER
clai paper rates were unchanged.
Foreign exchanges were irregular.
demand sterling ruled slightly high
er around $4.S5 "a but French
francs sagged over 8 points to $50
cents. Other continental rates
moved within rather narrow and ir-
regular limits, a jump of 8 points
TO 14.29 cents in Spanish pesetas
being one of the few features. The
Canadian Dollar was again quoted
at a premium of $50 Of one per-
cents.
Slackening interest in the bond
market today was reflected in mar
row price movements and coIorless
tfadlng. The stronger tone of lib
erty bonds, some of which sold az
the highest levels of the year. kent
interest in investment obligations
alive but selective buying elsewhere
was counteracted by scattered real
izing sales.
Although Paris Orleans railway
mems d1pped to new low level for
the year, other French bonds re-
covered from the nervousness occa-
sloned by the fall in the franc tn |
the lowest rate in its history. A
prlsK demand for German agricul-
tural bank Is at the 1926 TOP price |
was linked with reports that this
institution would soon re-enter the |
american market for another S25
100000 loan. ~
The general movement Of rail.
ROAD bonds was toward higher
ground but the advance was bv no
means uniform. Erie convertibles
We're among the most active features
OF the day and buying perations
also were successfully conducted In |
chicago and Alton 3 lbs and Certi- |
hcates, Rio Grande Western 4s.
Katy" first As, Seaboard first d
ana New York Central Refunding
I LIS, in which the gains ranged
from / to 3 points. Norfolk and
Consolidated As slumped FL
o. points on single sale.
Local traction issues maintained |
their leadership of the public utili-
~ group, some of them climbing
pack to within point or two of |
the years top prices. Other points
OF strength in this division were
commercial Cable As, Dupont Power
LIS, Nassau Electric Is. Sugar
company obligations showed better
resistance to selling pressure, al
though Warner Is of 1880 fell more |
227, 900.
(By the Associated Pressl