Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-10-05
Financial
NEW YORK MARKET
Features Of tho Days Dealings in All
the Leading Stocks

New York, Oct. 4-CBy the Asso-
ciated Press)-Acute weakness de-
veloped in todays stock market after
an early period Of strength. In the
absence Of any adverse news develop
ments, the selling was attributed to
the further decline in the price of
raw cotton which is now selling at
prices so low as to cause some I'M
easiness over a possible change in
economic conditions in the south
Final quotations, which were around
the lowest of the day, disclosed a long
list OF net declines ranging from ! to
10 points.
Despite the sharp deficit in reserve
shown in last Saturdays clearing
house statement, money was IN album
dant supply. Call loans renewed at
IL per cent and then dropped to
five. After the market closed the
New York Federal Reserve Bank re-
ported an increase of slightly more
than $4,000 in brokers' loans for the
week ended last Wednesday.
The days business news was large
.ly constructive in character. Direc
tors Of the American Smelling Com
pany meet for dividend action tomor-
row and are expected to place the
stock on an IS annual basis.
L. S. Steel common and General
Motors, two of the leaders selected by
operators for the rise last week, were
among the hardest hit. Steel broke
from 1853 IA to lat SIS and then rail-
lied to 14S IA for net loss of rs
points on the day, while General Mo-
tors showed net decline of Is
points at 165 rs after having touch
ed 172. Among the many other issues
to fall back three points or more were
Allied Chemical, American Express,
Consolidated Gas, Coca Cola, Du
Pont, Foundation Company, General
Asphalt, Manhattan Electric Supply,
Pullman, South Porto Rican Sugar,
Westinghouse Air Brake and Wool
worth.
Continental Baking A broke nearly
six points to new 1926 low at 90
IA. Pan American Western B and
Mara caibo Oils also sank to new low
levels.
Atlantic Coast Line broke ten
points on the belief that the road
would be the hardest hit as result
OF the sharp drop in cotton. Sou
thern Railway yielded over two
points on unconfirmed rumors that an
additional issue of common stock
would be authorized at the next
meeting Of directors. Early gains In
the Van Sweringen issues failed TO
hold and they all closed lower on the
day.
There were few strong spots scat
tered throughout the list May de-
partment stores was bid up nearly
ave points in anticipation of an early
stock dividend. Warner Pictures A
closed higher on a confirmation OF
reports that negotiations were pend
ing for the use Of it's vitaphone device
in theatres controlled by Famous
players. International Harvester
touched a new high at 1873 IL and
then broke to 1873 IA for a net lose
Of over 8 points on the day.
The money and commercial paper
were unchanged.
Commodity prices were weak, cot
ton was hammered down to the
lowest levels in years, the Decem-
Der option getting below Ii cents,
but moderate buying support made
its appearance and the market
closed only 16 to "a points net
lower.
Except for a break Of 10 points
In Spanish pesetas, nearly half OF
which was later recovered. the for
eagn exchange held fairly steady.
The return low Of funds from
October first dividend and interest
disbursements was attracted toward
the bold market enabling prices to
hold their ground while other Sc
curit!es and commodity markets
turned weak. Confidence was
strengthened b. the easier trend of
money rates n the taea Of the dadcit