Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-04-10
Financial
NEW YORK MARKET
Features of the Days Dealings In All
the Leading Stocks

New York, April 9-(By The Asso-
ciated Press)-Trading in today s
stock market was dull and colorless
with price movements irregular and
generally inconclusive. Total sales
fell Just short of 100000 shares, the
smallest of any full session since
April Is of last year.
Chief financial interest Of the day
centered in the further reduction in
time money which was quoted on
fiat 3-S percent basis as against
ga to less than a month ago. IN
creased reserve ratios of the New
York Federal Reserve Bank and the
IL federal reserve banks combined,
also testified to the relative east CT
the credit situation. Brokers loans,
reported to the federal reserve bank,
dropped over 100000 in the week
of March 81. bringing the total to
56,6730O0 below the high mark of
the wear established in the week end
ed February II.
Lack of interest in the stock mar
ket is generally attributed to a rath-
err general disposition to restrict
commitments until the course of
business becomes more clearly de-
fined, BradStreets characterizes the
state of trade as "quieter" stating
that this week, as last, retail trade
was disappointing, this being attri-
buted mainly to cold, stormy wealth.
er. bad roads and wet soil, which has
likewise held back all farm work"
Dun's sets forth that declining COM
modify prices attract attention, yet
the movement, in the main, is grad
ual, and causes no disturbance" 1t
explains further that it is zone of the
strongest bulwarks of the present
situation that supplies in most deaf
crs' hands are relatively light, pur-
chases Of these interests having been
for long time closely aligned to &C
tual consumption and that deliveries
of goods under order are being taken
readily"
Flurries of selling in the steel
shares presumably was in anticipa-
ton of another decrease in the March
untitled orders of the U. S. Steel Cor
poration, estimated at from 100000
10 100000 tons, which will be made
public tomorrow. u. S. Steel COM
mon broke below 120 and then rail-
lied to 121 is for a small fractional
gain On the day. Bethlehem and Cru
chile touched new low levels for the
year at 80 ga and 66 respectively,
the last named later rallying to 81 Ia
where it was up IA on the day.
A brisk demand for the equipments
in the early afternoon helped to check
the reactionary movements in othe"
quarters. Baldwin was run up over
2 points to los Ia, closing near the
top. General Railway Signal ad-
vanced nearly points to ~ SIS and
American Locomotive, Pullman and
Chicago Pneumatic Tool closed a
point or more higher.
Considerable mystery was associat-
ed with the rise of over points in
National Biscuit. which touched
sc IA. although speculative gossip
was inclined to attribute the buying
to expectations of higher dividend.
Union Oil of California, whose prin-
cipal oil tank farm is being swept by
a devastating fire, received better
buying support on reports that the
loss was covered by insurance, the
stock closing l 5-S points higher
at AZ.
A strong undertone also was shown
bv the local fractions, and such is
sues as Adams Express. American