Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-29

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

market. Bullish sentiment was Gre
ated by placing Of U. s. Steel COM
mon stock on regular 81 annual d.
vidend basis. the announcement Of
higher gasoline prices and the publ
cation of report that freight car
loadings for the week ended April II.
exceeded those of the same week last
year by over 10000 cars.
Closing quotations, while not uni
formly upward, disclosed a long list
OF net gains ranging from to 10
points. Trading was in slightly lar
ger volume than yesterday, the days
sales aggregating 227, 500 shares.
Banks called about s20,000,000 addi-
tional in loans today, presumably in
connection with the further shipments
OF gold to Canada which have exceed
ed $15,000,000 on the current move
ment. but the call money rate held
steady at 3 IL per cent with funds
again reported available below that
figure in the outside market" Time
money and commercial paper rates
were unchanged. The only adverse
development of the day was the es-
Enlistment of a new low record for
French francs at 1928 cents, which
was somewhat of surprise in view
OF the reported progress being made
toward the adoption Of plan for the
funding of the French debt to the
United States.
U. S. Steel common opened with a
block Of 5000 shares at 122 ga, sag
ged to 122 1-2, advanced to 1913 liz
and closed just below that figure at
net gains Of nearly points on the
day. Crucible. Gulf States. Republic
and U. S. Cast Iron Pipe each closed
a point or so higher. The weekly
steel trade reviews report little
change In the situation during the
past week, but called attention to
the fact that there had been no abrupt
falling off in business this month.
Talk Of mergers and higher prices
stimulated activity In the oil shares.
Atlantic Refining. which is expected
to be merged with Marland, scared
up six points to a record high at 1876
1-2 and then eased about point. Pan
and most of the others improved
fractionally.
Active short covering again took
place in the motor group on rumors
that substantial cash extra would
be declared next month on General
Motors common stock, which scared
! nearly five points today to a new high
record for the year at 1872 1-2. Mack
Trucks and Hudson each advanced
about 2 points, while Jordan, Pierce
Arrow preferred, Fisher Body, Stew
art Warner and Studebaker moved up
point or SO.
Buoyancy also developed In a num-
Der of specialties. Dupont which
owns large block of General Motors
common, jumped over six points to
M Cyl1f ND
Indies. California Packing, Cudahy
Packing, General Electric, Pullman
and Texas Gulf Sulphur all showed
net gains of 2 to 6 points.
Good buying also was noted In
such issues as Allied Chemical, Am
erican Can. Davidson Chemical Free
port, Texas General American Tank
Car and National Biscuit.
Despite the car loading statistics
and the fact that the first 81 railroads
to report their March earnings show
ed net operating income of nearly
$75,000,000 as compared with slightly
more than $5S,0000OO in the cores
ponding month last year little specu-
lative interest was shown in the rail-
road shares, the general average of
which closed slightly lower on the
day. big Four jumped ten points
d
sales but the active issues recorded
only narrow fractional changes.
Trading in the commodity markets
was dull with price changes generally
unimportant. Wheat futures were in
slightly better demand in less favor
able weather reports. Cotton trading
was featureless with cloing quota
tons l to points net lower Raw
sugar dropped 1872 of a cent a pound
and slightly easier tone was noted
in the future market. Coffee futures
fell back II to IS points.
Sterling exchange held relatively
firm, presumably in reflection of a
further transfer of funds to London
where higher interests are available.
Most Of the continental exchanges
were heavy, Belgian francs dropping
about ten points to around $50 cents,
a new low. Spanish pesetas advance
ed another six points to Ground 1880
cents. Japanese yen held firm around
their recent record high.
Prices turned about considera bly,
In today's bond market with most of
the trading interest centered in the
sharp upturn to st. Paul Railway is
sues following the court order for
foreclosure and sale of the road. AL
though money rates remained easy.
they failed to have an important
bearing on the market and most of
the days advances were credited to
selective buying.
Latest developments in the ST. Paul
situation marked another important
step in the roads reorganization,
which eventually will restore inter-
est bearing securities to bond hold
ers. Virtually all of the bonds and
certificates involved in the receiver
chin and rnnrpa nj IN fioy, raSnon5pd IN
the news of rallies of one to almost
8 points.
Foreign developments were less
favorable. French francs sank to a
new low record for all time, partly
because Of fears that difficulties will
be encountered in effecting a debt
settlement and this country's bonds
were depressed In consequence. The
reactionary tendency spread to Bel
gian and other obligations.
Aside from the st. Paul group, few
railroad liens developed outstanding
strength, although the New York
Central consolidated 4s, Union Pacif-
ic refunding IS and Long Island first
Is sold to points higher.
While some of the securities be-
hind the International Mercantile
Marine bonds will be removed by the
sale Of the White Star ships. other
arrangements may make it necessary
to retire the issue at the callable
price of 10, 1t was reported today.
This uncertainty checked accumula-
ton of the bonds and they reacted
81 points to s2h. compared with
the recent high price Of SO. Sicily
OIL 6hs achieved a new peak price
above 140 on reports Of an impend-
ing merger but later lost all Of their
gain.
The second largest public utility
bond offerings Of the year has been
announced for tomorrow when a
f37,0o0,000 American issue Of An yea~