Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-30
NEW YORK MARKET
,..,,rss of the Days Dealings in all
fs'' the Leading Stocks

v.v York, April 29.-(P)-Heavy
s taking and bear selling coin
pl sant with the stiffening of money
c. Us created another promising rally
today's stock market. CLOSING
n,tstions disclosed considerable ir-
e.ur,,Iarity. a long list of net gains
Nssne from Z to 10 points being
lrsnnteracted by a smaller number
oo Iosses running from l to points.
@U.ading was in slightly larger VOL
To than yesterday, the days sales
s sspreTregating 1,46S,70o shares.
The calling of $25,000.0o0 bank
,.ans presumably in anticipation of
heavy month end demand for funds
sa,nSoubtedly accounted for the
.norking up of the call money rate
s."ra : 10 8 IL per cent. Outside the
.torr exchange, chief interest GEN.
I'D in the renewed weakness of
Trsnch and Belgian francs. which
ia AZ new record lows Of 1927 L.
s snS s47 cents, respectively and the
SET demand for sterling which ap-
DD.oached to within a small fraction
u rold parity. the highest rate since
me war.
There was little In the days bust
ppse news " AlillaIASO t2lo III lCS
nvsment Of stocks. Trading was
largely Of a professional character,
T;tb reiuyenated pools endeavoring
n arouse public interest in their
tsrorites, but commission houses re-
norted that the demand from small
traders conferred largely in high
srade investment issues.
Many shorts" in the motor shares
rere again driven to cover when a
Snring demonstration in General
votors. apparently based on the ex-
nactation of an extra cash dividend
ri 81 on the common stock next
month. sent that stock up to a new
high record for the year at 1876 IA.
bnt II later slipped back to 1872 rs
IN 1.2 net. Hudson fluctuated be-
tpeen 81 ga and Il 3-S, closing at
"a IA for a small fractional gain.
MACK Trucks closed fractionally
lover at III is after having been
as high as 119 ga. Du Pont. which
has large General Motor holdings.
sold between III IL and 221 1-2,
closing at PIG is up 2 ga.
Industrial shares started upward
m the strength of higher commodity
prlces, but they failed to attract
much of a following.
Fresh buying was attracted to the
copyer shares by the announcement
tbat details practically had been
completed for the formation Of a
new copper export association.
American Smelling and Anaconda
each advanced about two points and
Magma one.
The demand for the specialties
conferred largely in issues in which
favorable dividend or merger de-
yeopments are expected during the
course of the next few months.
Among the many issues to show net
advances of two points or more were
Associated Dry Goods. Loose-Wiles
Biscuit, Montana Power, Schultz
Stores, Sloss Sheffield Steel and
spicer Manufacturing. Sugar shares
we're helped by the announcement
that the Cugan senate had approved
the bill TO restrict production.
Rails were rather quiet although
big Four" jumped nearly 10 points
to another new high at ga IA.
Time money and commercial rates
were unchanged.
French and Belgian exchanges rail-
lied slightly from their low levels
in the late afternoon. Other
European rates were irregular and
generally unimportant. Foreign eX-
change dealers here expect to start
trading shortly in the Pengo, the new
basic currency of Hungary.
A sharp decline in wheat futures.
in sympathy with lower Liverpool
prices and reports OF better weather
in the crop belt featured the commo-
dity markets, the May option clos
ing lust under $1.63 a bushel. Cotton
fuctuated within narrow and ire
gular limits. Raw sugar was un-
changed but futures were slightly
frmer Coffee advanced 25 to 80
points.
Selective buying of bonds with
speculative possibilities featured the
resumption of the upward movement
in today's moderately active market
Month end settlements resulted IN
the calling of about $25,O0O,OO0 in
bank loans but this slight tighten
ing of the situation failed to restrict
trading to any extent.
0vershadowing the movements of
listed bonds was the investment
communities favorable response to
the $31 100000 offering of Duke
Price power bonds. Although it had
been preceded by $50, 100000 pub
lie utility flotation the day before,
the issue was quickly over-subscrib-
ed and the bonds commanded pre-
MUM of more than a point when
they We're listed on the curb mar
ket. A large volume of buying in
the open market was reported to be
Tor the account of small investors.
The food of merger reports af-
fecting many of the independent oil
companies was an important infiu-
ence on the price movements of
these bonds. Sicily Oil lbs were
the chief beneficiaries, rallying 4
l43 IL.