Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-09-04

Louisville and Nashville. Omaha,
Canadian Pacific, Missouri Pacific
preferred and Chicago and North
western.
U. s. Steel was sluggish in the ear
ly trading, selling down to lab 1-s,
but 1t later rallied to Isl on predic-
lions of q large increase in August
untitled orders which will be made
public a week from today. Tndepend-
ent steels were practically unchang-
cd.
Railroad equipment shares were in
brisk demand under the leadership
of Pullman, which advanced nearly
5 points to 1856 IA, the highest price
since 1910. on rumors OF an early
stock split-up. New York Air Brake
also touched a new high at 40 "a.
A more uniformly upward move
ment also was apparent in the pub
lie utilities. Western Union jumped
4 IL points to ISL, new record
top, and new maximum quotations
also were registered by American
Power and Light and Brooklyn Edi-
son. Despite rumors Of further price
cuts as the result Of increasing COM
petition, and reduced schedules by
one of the large manufacturers,
shorts were again active in the low
priced motors, but the net gains as a
rule were small.
Oil shares held fairly steady;
packing issues received better buy
ing support on reports of trade i'm
provement, Cudahy moving up near
Iy 3 points while the Armour issues
gained about a point each.
Call money seld sttady at 4 IL
per cent all day. Time money was
unchanged but prime commercial
paper was on a fat IL per cent
yasis, instead of IL TO ga.
With the exception of Spanish pc
setas, which jumped about 10 points
in the late trading to 1880 cents, the
principal foreign exchanges were
slightly reactionary. Demand sterl-
ing ruled around $4.85 3-l6 and
French francs around 2.93.
Wheat prices were slightly frmer
on reports Of unfavora Bile weather IN
the Canadian wheat belt. Cotton fu-
lures BASED slightly on predictions OF
good holiday weather. Raw sugar
was unchanged but coffee prices
sagged moderately.
Prices in today's bond market were
we'll sustained, but trading was OF
the usual dull pre-holiday character.
Despite the reduced personnel OF
most bond houses because Of the va
cation period, active preparations
were under wa yin several institu-
lions for a large volume Of new n
nancing, some Of which will make its
appearance next week. Early Of
ferings is expected of the S20,OOO,-
90 6 l-2 per cent bonsd Of the State
of Prussia, which have just been
purchased by a local banking syn
dictate.
Foreign issues moved within rather
narrow and irregular limits. New
high prices for the year were record
ed, however, by Bolivian SIS, Brazilian
6 LIS, Copenhagen LIS; Lyon IS,
Marseilles Is, Paris-Lyons- Mediter-
ranean Is, Scissor 6s, Poland es of
1910 and Rima Steel IS Leipsig IS
fell back about point and some of
the other German and French issues
yielded fractionally.
High grade railroad liens rallied in
sympathy with the rise in carrier
stocks. While most of the gains
were fractional in character, Penn
sylvania consolidated LIS. South
ern Railway 6s, and Wheeling and
Lake Erie refunding 1 LIS closed a
point, or SO higher.
Industrial liens drifted lower,
traders reporting extensive switch
ing from that to the railroad group.
Dominion Iron and Steel IS rallied 2
1-2s points on a small turnover and
Crown Cork IS duplicated the years
high Of SO 1-2.
U. S. government issues showed
little change. Considerable interest
was manifested in the forthcoming
government financing, the details of
which probably will be made public
over the week end. Wall Street gen
orally looks for an issue Of short
term certificates. bearing interest at
Ia or 1-2 per cent, with the total
isue expected to reach 100000, 600.
Total sales (par value) S9,S7S,000.