Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-15

NEW YORK MARKET
Features of the Days Dealings in all
the Leading Stocks

New York, May 14.-(By The AS
ISOLATED Press )-Disregarding the
declaration of an extra cash divi-
dend of 81 on General Motors COM
mon stock, the market today con-
tinued to ffuctuate irregularly with
in narrow trading area. Prices
generally closed lower, on the day,
with total sales barely exceeding
$4,000 shares.
The days business news was
largely constructive. 1T included the
announcement of special dividend
distributions by the Standard Gas
and Electric, and Buffalo, Niagara
and Eastern Power Companies, and
the annual report of the Standard
Oil Company of New Jersey show
ing consolidated earnings Of over
100000 exceeded only once be-
fore in the company's history
in 1920.
The weekly Mercantile reviews
report that business Is running about
on level with that of a year ago.
Some curtailment is noted in the
steel and textile trades, with a re-
ductlon in output also reported from
some of the automobile and furni-
ture manufacturing centers. Bank
clearings this week were about 3 1-2
percent above those of the CORE.
spending week last year.
Outside the stock market. chief
financial interest conferred in the
weakness of the French and Italian
currencies. The commodity mar
kets were mixed with wheat futures
dropping l to cents a bushel and
cotton rallying slightly on reports
of rain in Texas.
General Motors opened a point
higher at 126 IL but when no ef-
fort was made to follow up the ad-
vance large offerings appeared and
the stock sold down to 12O IL. and
then back to 125 Is, up / net. Hud-
son got down to within a fraction of
the years low at 81 "a, and then
iallieu signify. Chandler Cleve-
land common and preferred, Dodge
Protners A, Jordan, Moon Paige
Detrolt, Fisher Body, American
Bosch Magnetic and Stewart Warner
year.
One of the most interesting devel-
opments of the session was a furry
OF buying in the oil shares under the
leadership of Atlantic Refining.
Marland, and Pan-American r
which closed l IL to 2 points hipb,
er. Buying Of these issues was based
on reports of large earnings and
record breaking gasoline consumn-
ton. 'uiii p
heaVy calling of loans by banks
presumably in connection with the
increased demand for funds for Nav
ID payments, sent the call money
rate up from 3 "a to 4 percent
lime money and commercial naner
rates were UNCHANGED.
ENtreme weakness of French
francs. which broke 9 points to
new low record figure at 3.O4 -
cents, and Italian lire. which hroka
OF points to $50 cents. the Lowest
SINCE last June when the eytreme
low OF 3.32 81 cents was establish
ed featured the reactionary FOREIGN
exchange market. Demand sterIinp
ruled about 1-Sc lower around
$3.50 d and moderate recessions
LOOK place in practically all other
European rates.
Dwindling activity and a gradual
downward movement of prices
marked the colorless bond trading
Normal flow of investment buvinc
held the market firm in early trad
ing out offerings increased as money
rates were marked up for over the
weekend.
Foreign obligations were depress-
ed by unsettling developments
abroad.
Trading in domestic liens was
featured by the weakness of Warner
Sugar bonds, the percent issue of
1914 dropping IL points on a single
sale while the refunding rs of 1889
slumped ) points on a large turn