Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-14
NEW YORK MARKET
Features OF the Days Dealings in Ali
the Leading Stocks

New York, April 13-(By The As
ISOLATED Press)-Stock prices dis
nlaved a complete reversal Of form
in today's market, selling of sharp
lv during the morning when pressure
was renewed against the speculative
,ndustrials, then rallying briskly dur
ing the afternoon. Closing quota
tions were generally higher. net gains
OF one to nearly six points being
spread over long list.
softening of money rates and a
sudden upturn of over four cents a
busnel in May wheat stimulated tine
demand for stocks, which came
largely from the short interests.
While bear traders succeeded in I'M
covering a number of weak spots
during the morning, there were in
dications that many issues, particu-
larly in the motor and merchandise
ing groups, had been oversold, at
least temporarily.
standard industrials displayed
good recuperative power. u. S.
Steel common showed a net gain of
over one point at 119 "a, after sell.
ing down to within a small fraction
of the years low at 11S. and Bald
win rallied from 80 IL to 102 IL,
where it was up IA on the day.
General Electric rallied from 2S5 Ia
to 293 ga, up 2 "a net.
Local fractions showed outstand-
ing strength on buying based on the
belief that an agreement, regarding
new subway construction and bus
lines, will shortly be reached between
the city and transit officials. Inter-
borough Rapid Transit scared nearly
six points to So Ia and Brooklyn
Manhattan Transit. Third Avenue
Railway and Manhattan Modified
guaranteed closed 2 to points
higher.
Publication Of unusually favorable
1925 earnings statements by several
of the leading railroad systems
brought fresh buying into the rail-
road shares. This was particularly
apparent in such issues as Atchison,
New York Central, SouthernsRailway
and Union Pacific, all of which closed
IL to points higher. Erie issues
also registered moderate improve
ment despite the slim hope held out
by President Underwood for an ear
w resumption of dividends on the
first preferred stock. Secretary Mel
Ions advocacy of lower interest
rates on railroad Indebtedness to the
influence.
The short interest in the motors
was quick to retreat on the first sign
of strong buying power. Hudson
rallied from low of 81 to IS ga,
General Motors from 116 IL to
118 Is and Mack Trucks from 107
to 109 rs, all closing near the top.
Oils showed better support on re-
ports of a decrease in the daily av-
erage of gross crude oil production
last week. Sharp recoveries also
were recorded by Allied Chemical
the American Agricultural Chemical
issues, American Water Works, Cali
fornia Packing, Coca Cola, Columbia
Carbon, Famous Players, Foundation
Company, S. S. kresge, Postum Ger
cal, Pullman, Sloss Sheffield. Stewart
Warner. Tobacco Products, Union
Bag and Paper. U. S. Cast Iron Pipe,
United Cigar Stores, U. S. Rubber
Woolworth, all up to points.
The sharp rally in wheat inspired
= by Broomhall's estimate of short
age in the worlds supply featured
the commodity markets. May wheat
closed at s1.63 rs a bushel, a net
gain Of 5Sc on the day, with more
advances in the other options. Cot
ton market was dull with closing
prices showing net declines of to
u points. Raw sugar was unchanged
but futures closed to points net
lower. Coffee advanced to Is points
on buying influenced by reports of a
scarcity of the product for contract
delivery.
Call money renewed at five percent
and then dropped to II. Time