Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-11-06

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

New York, Nov. 5-P)-The stock
market turned irregular today after
an early period of strength. The early
rise was accompanied by a marked
broadening in activity, seventy is
sues at one time selling a point or
more above yesterdays final quota
tons, but the recovery was checked
by a renewal of selling pressure
against the motors and the usual
week end profit taking by traders
who had bought stocks "for a turn"
The days business news was mixed
in character. One Of the most sig
nlficant developments was q further
lowering in time money rates, all ma
TURTLES being available on a fiat 4
"a per cent basis, indicating a pie
thora Of funds available for CONNER
cial and stock market purposes. Call
money held steady at 4 IL per cent
but the official rate was shaded in
the outside larket. The monthly re-
port of brokers' loans by members Of
t , New York stock exchange show
ed drop of $27,sOO,0s last month.
The report of small decline in
steel ingot production in the 1rst
week of November was offset by the
announcement that subsidiaries of the
United States Steel Corporation had
received orders for 10000 tons OF
rails in the last week of October.
Steel common ga higher at 143 1-2
after fluctuating.
Except for fears in some quarters
that the seasonal curtailment of pro-
duction in the automobile industry
will be sharper that usual, there was
nothing in the days news to explain
the renewed selling of the motors.
General Motors closed "a lower at
152 3-S after having touched 154 Ia.
Chandler Cleveland common and pre-
terred sank to new low records at
IL and % IL, respectively, but both
made partial recovery.
Amusement shares displayed
strong Undertone, Warner Pictures
recording an extreme gain of over
4 points and Shubert and Famous
Players selling at least a point high
err Prospects of higher dividends
brought fresh buying into the cop
pers, kennecott touching a new high
for the year.
Railroad shares yielded with the
industrals, but with the exception of
Chesapeake & Ohio and Lackawanna,
each of which declined over points
the net losses were small. Atlantic
Coast Line, Illinois Central and Peo-
ria & Eastern showed independent
strength.
Commodity prices moved within
narrow and irregular limits.
In the foreign exchange market,
sterling displayed a slightly firmer
tone, but French francs sold off
points to just below $50 cents, and
slight recessions developed in most
OF the other continental rates.
Upward tendencies were maintain
ed in the bond market but domestic
issues replaced foreign obligations as
the center of trading interest. Rail-
road liens made a particularly good
showing.
Scattered realizing sales continued
to hold ack the leading European
bonds after their remarkable advance
of the past fortnight.
With the record railway earnings
of more than s145,000,000 for Sep
TENDER representing an annual rate
of return approximating S "a per
cent on property investment. buying
interest was revived in all classes of
railroad bonds. Atchison General Is
were within a bare fraction Of the
years top price and spirited bidding
developed for Northern Pacific 6s.
Pennsylvania 1-2s, Great Northern
LIS, Atlantic Coast Line As and
Canadian Pacific as. Among the
medium priced carrier issues Chicago
& Eastern Illinois fives, Chicago
Great Western As and Denver & Rio
Grande Western IS were outstanding
favorites, all selling around the
years best prices.
Heavy buying Of international
mercantile marine 6s, which rallied
more than a point. was based on the
prospect of a higher schedule of
ocean freight rates. Independent
strength was shown by CRANKY Min
ing rs and Dold Packing Is.
New bond offerings aggregating
more than $10,000,000 were promptly
absorbed.
Total sales were s13,345,0 900.