Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-10

Ice, American Wooden preferred, At
lantic Refining and Gold Dust. Saw
age Arms broke 5 points to "a but re-
covered all it's loss. Heaviness de-
veloped. however, in American Ag-
ricultural Chemical common and
preferred, Devoe and Reynolds, Mag
ma Copper, National Cloak and Suit
preferred and United Drug.
A sharp break of 2 to Sc pound
in rubber prices featured the lower
commodity markets. Active wheat
futures closed l to 2 cents a bushel
lower, an early rally in sympathy
with higher Liverpool prices failing
to hold. Cotton sold off at the OPEN
ing but rallied later, closing un-
changed to IL points higher. Coffee
prices dropped to so points in SYM
pathy with lower Brazilian prices.
Raw sugar futures were unchanged
to 8 points net lower.
Call money renewed at percent
and held at that figure all day al
though banks are reported to have
called about $20,000.OO0 in loans in
connection with weekend settle
ments. Prime commercial paper
held steady at IA percent.
Foreign exchange rates were ir-
regular. Demand sterling held firm
around Sass rs but French francs
broke over five points to $40 1-2
cents or within point Of the extreme
low record established last month.
Belgian francs dropped 10 points to
around 3.76 cents. Swiss and Butch
rates were both strong. Strength of
japanese exchange which was quot
ed at IS 3-S cents per yen, was in
ref1ection of the announcement that
the Japanese government probably
would ship $S6,000,000 in gold to this
country in the current year.
Fresh strength was infused into
the bond market today by the easing
or time money rates. Several repre-
sentative issues lifted to new high
levels for the year, signs accumulat-
ed that large part of the money re-
leased from speculative stock mar
| ket loans was finding it's way into
| Investment channels.
Despite the unmistakabIe inward
trend Of prices in all divisions of the
| bond list, selective buying rather
| than vigorous bidding was the DOM
| inent note of trading. Funds were
! readily available for the purchase of
| nigh grade obligations that the VOL
| ume apparently was was great
enough to force an outlet into the
! more substantial securities in the alb
sence OF any stimulating news.
/ Railroad and public utility liens
| continued to attract buying orders
| today while a stronger movement
| developed to pick out miscellaneous
issues which had been neglected in
recent trading. Moderate gains were
scored by such bonds as Armour
| LES, American Whiting Paper 6s,
| Mutual Fuel Gas IS, and Dodge
Brothers IS.
| Forward movement of railroad liens
| was given additional impetus by in
| dications that the truce between the
| Van Swer1ngens and the Chesapeake
and Ohio minority stockholders
would smooth the way for a new
| Nickel Plate merger plan. All the
Van Sweringen issues, including
Nickel Plate, Chesapeake and Ohio,
Pere Marquette and Erie bonds
forged ahead, and there was a mark
ed revival of interest in other carrier
obligations affected by merger nego-
tiations. Frisco, Wabash, Rock ISL
and. Katy" st. Paul, New Haven,
Ontario and Western, New York
Contra, and Baltimore and Ohio
bonds took part in the advance. With
| the exception of French obligations,
the foreign group displayed a firm
undertone. South American issues
were strengthened by the prospective
fiotations of a loan for Uruguay.
| Total sales were $12, $4,000.