New Britain herald., 1926-04-07
MARKET SOFTENS
 DURING DEALINGS
Hudson, C. E. and Am. Can
 Bear Brunt Of Selling

New York, April : Pl-stock prices. which have been moving steadily upward in quiet trading for the past week, began 10 turn soft this afternoon when weakness developed in some of the popular industrials.
 Hudson Motors. General Electric tho selling, cancellinS their early gains and sagging q point or more below yesterdays closing quotations Easter call money renewal rates en- couragcd n resumption of construC- tive operations in several sections of the list during the morning.
 The increase in crude oil produc- ton last week had a restraining in- fluonce on tho oil shares, and sugars were heavy In sympathy with lower commodity prices. Several of the independent steels, notably Otis Steel preferred, Midland Steel Pro- ducts preferred and Vanadium, re- corded extreme gains of ? 10 nearly { points in the early trading d. though the weekly steel trade re- views reported further softeninG of Pig Iron prices, now the lowest since last October. Packard and Eaton Axle featured the early ad- vance in the automotive issues. Buy ing of the rails centered largely In Jersey Central "Soo" preferred and St, Louis Southwestern, up 2 to D points, wNh Delaware and Hudson turning reactionary to the sustained rise of prices during the last few days, and was generally regarded as temporary readiustment of the speculative position. The action of the market since the drastic reaction last month has been regarded as sat isfactory by bankers, several of whom have expressed the belief that period of quiet and stability vas needed until the future business out look became more clearly defined.
 Wall Street Opening
 New buying orders appeared in the stock today In response to the favorable tenor of the latest indus trial news, lifting prices moderately higher at the opening. Renewed short covering, also contributed 10 the Initial upward movement, which included Baldwin, Allied Chemical, United Drug, Crucible Steel, Mathieson Alkali, Studebaker and a variety of other motor shares.
 The offer of the Standard Gas and Electric company to exchange in shares for those of subsidiaries &C., counted for q brisk rally in United Railways Investment preferred, Pittsburgh Utilities preferred and Philadelphia. company common, the last named reached a record high price at 76. Shares of the parent company. however, turned heavy.
 Good exhibition of group strength were given by the motor and chemi- cal shares, while wide inquiry for miscellaneous issues embraced In ternational Harvester, American Car and Foundry, Coca Cola, General
 Electric and Burns Brothers A.
 Early gains in these stocks ranged from to 394 points. American Beet Sugar fell more than point to the lowest level in five years and Hudson Motors and Union Oil of California were among the other soft spots.
 With the trading element buying 1 stocks either for a turn on the long | side or to retire short coverings, prices forged steadily higher in the | forenoon. Members of all the pop ular groups were pushed up point or more. with National Tea eXcep- | tionally rising six points, Large or ders were executed in some of the low priced motors particularly Pack ard and Willys-Overland. A few soft spots cropped out, with sugars falling in sympathy with q further cut in raw sugar prices, but this sell ing did not appear 10 be & drag on ] speculative operations elsewhere.
 The renewal rate on call loans was reduced further to 1 per cent.