Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-01

NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks

New York, Apr. 30.-(By The AS
ISOLATED Press 1.-The usual week.
end profit taking and energetic bear
selling of special stocks checked
another rally in today's stock mar
ket, which was featured by the re-
awakening of speculative interest in
the Oil and copper shares. Final
quotations were mostly lower, net
losses in many issues running from
L to points but a large sprinkling
or issues also showed substantial
gains on the day.
The volume of trading showed a
marked falling off from that of yes
terday, the days sales aggregating
only l,23l,6OO shares. While specu-
latlVe sentiment is admittedly more
cheerful than it has been for some
tlme, there seems to be a rather
generalN disposition to await more
light on the trend of second quarter
business.
Operators on the long side found
plenty of ammunition in the news
developments of the past "A hours in
their campaign of higher prices. OF
paramount interest was the agree
ment for the funding of the French
debt which if approved by the Leg
1slative bodies of both countries is
expected by bankers and business
men geperally to stimulate trade
and hasten the economic rehabilita-
ton.
Extension Of gasoline price adj
vances and the optimistic statement
on the trade outlook by G. II. Jones,
chairman of the Standard Oil Com
pany Of New Jersey, stimulated ac-
tivity IN the oil group. Despite the
denial of merger rumors accredited
to oils of the Atlantic Refining Com
pany, that stock scared over seven
points to a new high price for the
year at 120 IA and then slipped
back to us II. Panhandle Pro-
ducers and Refners, which recently
brought in new well, moved up
to ii ID. While the preferred scared
nearly 10 points to 50 rs, both new
highs. Most of the other oils show
ed only fractional changes. Cop
pers were bought in anticipation of
favorable earnings reports by some
of the principal producing compa-
mics, and on the theory that the set
tlement of international debts
would revive the export demand for
the red metal. Anaconda, whose
annual report is expected next week,
moved up : IA points to As 1-2.
Curious cross current of prices
ran through the motor group with
an extreme break of five points to
a new low for the year at "a 5-S by
Moon as one of the chief features,
General Motors, Hudson and most
of the other active issues showed
nnlU fI.J r. inno1 Oh o s
tire price cuts, later officially denied
insofar as they concerned the Unit
ed States Rubber Company, probably
accounted for the heaviness of the
tire stocks.
Speculative features for the safety
of the American Wooden preferred
dividend were reflected in a bear
raid on that stock, which forced it
down over nine points to IS, the
lowest price since 1903. but later
rallied above 90 The common
touched a new low at % II. Ma
rine preferred also was heavily sold.
dropping over 3 points to 81 IL
L. S. Steel common and most of
the standard industrials drifted
lower.
International Telephone respond
ed to the publication of an unusu-
ally favorable earnings statement by
climbing over four points to 123 II.
y steady demand also was noted
for such stocks as American Brown
Boveri, American Ice, National Pro-
ducts, Public Service of New jersey
and Western Union.
Commodity markets were quiet
with the main price trend upward.
Active wheat futures advanced
cent or SO bushel. Sugar and cot
ton prices showed little change.
Call money renewed at 4 percent
and then advanced to II percent,
banks calling about 100000 in
loans in connection with month-end
requirements. Time money and
commercial paper rates were I'M
changed.
Foreign exchanges were reaction
airy. Demand sterling again Tell
below sass and French francs. after
duplicating their years low. rallied
to around $50 cents. Belgian francs
collapsed over ten points to new
low at 1856 cents and then rallied
slightly. Norwegian kroner showed
independent strength by soaring
over 20 points to around 21.18 cents.
Responding to a series of favorable
news developments today the bond
market worked into new high
ground for the year. French obli-
cations as well as other European
issues were strengthened by the
agreement to fund Frances war debt,
while record March railway earn
ings, higher gasoline prices and mer-
ger rumors paved the way for con-
structive operations in various
domestic groups.
Having anticipated the French set
tlement, Wall Street was more in
terested today in the possibility that
the way would be opened for the
fotation of a large French loan in
this country. Bankers indicated that
the nations balances abroad were
sufficiently large not to make new
financing imperative. but that
ratification of the past probably
would be followed by a loan for the
purpose of strengthening the gov
ernments gold position. most esti-
mates centered around an issue of
00,000,000 Despite the reactioDary
tendency of the franc French bonds
were heavily bought, many of them
advancing to new top prices for the
year before profit taking was invit-
ed.
In view of the excellent showing
made by the railroads in March with
net operating income of all class one
carriers estimated at more than
$50, 900, 900, the bonds of these coun-
tries found little difficulty in at
tracing buyers. Both high grade
and semi speculative issues took
part in the advance, although the
major part of the activity was in the
high yielding obligations. Union Pa
cific refunding 4, Pennsylvania
General 4 1-2s, st. Louis Southwest
ern second As, Atchison as of 1858,
Katy As and ga" Wabash As of 1929
were among the strongest features.
Merger reports and additional gas