New Britain herald., 1926-09-23
UNION OIL SEEMS
 MUCH IN DEMAND
Merger Reports Gives Stock
 Added Strength

By the Associated Press.
 New York. Sept. 25 - Reduc. tion in the call money rate from 5 1-2 10 per cent and a renewed demand for the Van Sweringer railroad shares helped to revive waning bullish enthusiasm in to- days stock market. Prices were unsettled during most of the morn ing with selling pressure exerted against such recent favorites a. T. s. Steel common and General Mo tors, but the market was headed upward again by early afternoon.
 The large supply of funds avail able in the call loan market be- lieYed some Of the anxiety over a possible increase in the New York federal reserve redlscount rate aft CT the close of the market. Rais. ing of the Cudahy Packing divi. dend and a sharp advance in rub Der prices also were regarded as constructive factors. A break ot over s4 a bale in cotton futures to the lowest level In several years apparently was without influence on the price movements Of securi- ties.
 The brisk buying of the Van Sweringen shares reflected the growing belief that the Cleveland tlnanciers will be able to put through a merger plan satisfactory to the opponents of the original proposal. Chesapeake X Ohio crossed 175 and "Nickle Plate" common crossed ?02 to record high levels and Pere Marquette advanced ? points Good buying also developed In a number Of the other high grade dividend payers
 Persistent buying of Union Oil Of California was associated with merger reports but no definite in. formation of the company's plans was available. General Asphalt is- sues also staged remarkable comeback, which helped to stimu- late interest in some of the other oils.
 Wall Street Opening
 Opposing speculative forces In the stock market renewed their contest for control at the price movement at the opening today. with neither side holding a clear advantage. Oil shares continued the rally which started late yester- day but [. s. Steel, Pullman and some of the leading motor issues were reactionary.
 Pending further developments in the credit situation, professional traders were not inclined to take definite position In the market, and prices 1luctuated unevenly in the early dealings. Doubts raised as to tho possibility of an early extra dividend by General Motor. and uncertainty over the fedora reserve rediscount policy placed { damper on bullish operations ir the industrial list. General Motors
 
 L. s. Steel and other speculative favorites were heavy. Rail shares were strengthened, however, blythe favorable August earnings state ments which have recently appear cd and by active bidding for the Van Sweringen issues. Chesapeake X Ohio jumped points to within a traction Of its record high.
 Reports that the welding together or the Van Sweringen systems would hecessltate much better terms for some Of the minority interests caused a bulge in Chesapeake X Ohio 10 175, a record high figure and an overnight rise of 6 points. Nickel Plate and Erie 1st preferred also moved up substantially. Union oil of California responded to an other influx of large buying orders which pushed it up 31a to 5S S-S. a new high figure for the year. Low levels for the movement were touched by some of the motors be- lore pressure relaxed, Hudson break ing 50 and Moon reaching IS. The renewal rate for call loans was un- changed at F. per cent.