Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-22

NEW YORK MARKET
Features Of the Days Dealings In all
the Leading Stocks

New York, May 21-(By The AS
ISOLATED Press)-The first sustained
rally in stock prices in nearly a
month took place today, with buy
ing orders spread over a fairly
broad list. Covering operations
provided the backbone of the adj
vance, but commission houses also
reported re-awakening of public
interest, which has not as yet reach
ed extensive proportions. Today's
sales Were 1,307,400 as compared
with 1,229,700 yesterday, and a
daily average of less than 100000
earlier in the month.
Traders were inclined to pay more
attention to trade developments,
which, in the main, were favorable.
Operators working for higher prices
derived encouragement from the
optimistic statements made by steel
executives at the semi-annual meet
ing of the American Iron and Steel
Institute, from the favorable charac-
ter of the first April railroad earn
ings statements to make their ap-
pearance and from the announcement
of an increase in gasoline prices by
the Standard Oil Company OF New
Jersey.
The weekly mercantile reviews re-
ported that the volume of business
was Northumberland, in view of the
unreasonable weather. Buying for
the fall continues, however, of a
hand to mouth" character with a
rather pronounced downward trend
still noted in many commodity
prices.
Active short covering in the motors
and specialties which have been
hammered of late by bear traders,
probably was stimulated by the pam
icky retreat of the shorts in Hudson
Motors yesterday as result of the
confusion caused by publication on
financial news tickers of erroneous
dividend reports. Hudson fiuctuated
between So Is and "a ga today,
closing SIS net higher.
Dodge Brothers common and pre-
ferred, General Motors. Jordan,
Mack Trucks, Pierce Arrow common
and preferred and Wills Oveland
sold up 1 to 8 points.
Strong buying support appeared in
the oil group. Atlantic Refining was
bid up IL points to new high at
125 ga on a revival of rumors Of its
merger with Marland, but it lost
most of the days again before the
close. Associated Oil rallied 2 1-2
points to SO, closing at the top. and
Pan American B, Standard Oil of
California, and Union Oil of Cali
fornia advanced about a point.
Sharp recoveries also took place in
Allied Chemical American Can, the
Commercial Solvents issues, Foun-
dalton Company, General Electric,
International Combustion Engineer
ing, Mathieson Alkali, Montgomery
Ward, Remington Typewriter, Texas
Gulf Sulphur, U. S. Cast Iron Pipe
and United Drug, all up 2 to z
points.
Trading in the commodity markets
was quiet with price changes ire
gular. Active wheat futures showed
only fractional ranges. Cotton NOV
ed within a range of to 6 points.
Raw sugar was unchanged, but fu-
lures were slightly easier. Coffee
prices were practically unchanged.
Call money renewed at 8 3-4 per
cent but advanced to 4 and then to
4 1-2 by the calling of over $20,000,-
900 in bank loans.
Time money and commercial paper
rates were unchanged.
Sharp rallies in French and Bel
gian francs to around the lac level
featured the irregular foreign ex-
change market. Demand sterling
was slightly easier, just under 4.S6.
New life was injected into the bond
market as favorable foreign an ddo-
mestic business news encouraged
buying of all classes Of issues. In
the face of heavy loan Withdrawals
by banks and sitter call money rates,
there was a marked expansion in the
volume of business. The days sales
exceeded $4,000, the largest turnover
since the furry which followed the