The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1926-07-01
GRAIN
!. LIVESTOCK
STOCK PRICES
FORGE AHEAD
RAILS STRONG

New York. July l.--LN-Stock
prices continued to forge ahead to-
day, but the pace Of trading In the
initial dealings was somewhat slow
er. Large buying orders were exe-
cuted for such industrial favorites rs
baldwin, Allied Chemical, National
Biscuit and Mack Trucks, with Unit
ed States and other leading steel
shares advancing fractionally. Union
Pacific moved up fraction to new
top price for the year and Erie was
strengthened by plans to reconsider
the Nickel flale merger.
More varied buying Of industrials
and snacialties develoned despite an
outbreak Of profit taking in U. S.
Steel and General Motors, the former
falling below lab compared with yes
terday's record high, of LA. Inde-
pendent Steels, however, continued in
demand, Gulf States and Sloss-shef-
field each gaining point. Reports
that better weather was expanding
the business Of the mail order and
chain store establishments led to re.
newed buying of Woolworth and
Montgomery Ward. Early gains Of !
Alkali, Y. s. Rubber, American To-
vator. With Erie directors scheduled
to vote on a revised Nickel Plate
merger plan offering better terms,
the roads precrred issues shot up
to 2 points while Chesapeake and
Ohio, another Van Sweringen road,
reached new high above 1870. New
York Central, New Haven and Frisco
also advanced briskly. Foreign ex-
change trading was featured by n fall
in the French franc to q new low
level at 2.7l cents: demand sterling
was unchanged at $4.o6 3-lC.
Professional operations for the rise
in today's stock market werei shifted
from the industrial to the rail shares,
many of which were whirled up In
vigorous fashion to the highest levels
of the year. u. G. Steel and Gen.
eral Motors, which had given spec
tacular performances earlier in the
week, were forced to absorb heavy
profit taking and Jagged behind the
rest Of the list impeding the upward
movement. Trading continued on q
broad scale.
The maintenance Of heavy freight
traffic in excess of million cars. q
week, with its promise Of larger
earnings for the carriers, cOntribut-
ed to the Atrength Of the rail issues
which were stimulated by merger
developments and dividend rum0rs..
Speculative attention centered main
ly on the Van Sweringer stock be-
cause Of the belief that the modified
Nickel Plate merger plan would merit
tho approval Of stockholders and
satisfy the objections raised by the
interstate commerce commission.
With interest heightened by the meet
ing of the Erie directors to consider
the amendments, Nickel Plate com
mon, Chesapeake and Ohio common
and preferred and Erie first and Sec
Ond preferred rose to the hest prices
Of the year. Union Pacific also reach
ed a new peak ut 155 3-8 and New
Haven at 40 Ia.
Indnstrials moved ahead ct slower
pace, but the under current Of
strength in the general list encourag-
ed pools to proceed with their .aetivi-
ties despite occasional interruptions.
u. s. Steel at one time soldTa point
below yesterdays close and General
Motors was two points below, but
brooklyn Union Gas, Consolidated
Gas. Air Reduction. Adams Express,
Woolworth and Montgomery Ward
rallied one to four points.