Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-12
Financial
NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks

New York, May 11.-(By The AS
Isolated Press. Hacking and filling
movements characterized. today's
dull stock market, with both the rail
and industrial averages closing
slightly higher on the day. Most
professional operators appeared to
be in a waiting mood, with opinion
rather general that the market
would not break out of its present
velopment took place in the British
strike situation.
Motors were again subjected to
Cleveland, Dodge Brothers A, and
Jordan were depressed to new low
levels for the year. General Motors,
Hudson and Studebaker showed mix
ed fractional changes. Rumors
we're current that the General Motors
directors, at their meeting Thurs
day. would make an offer for the
minority holdings of Fisher Body by
offering one share of General Motors
for l IL shares Of Fisher Body and
would declare an extra dividend Of
SO or 81 a share on General Motors
stock. Studebaker reported record
breaking April sales.
Further weakness also developed
In the rubber group.
Rails displayed firm undertone
with special attention being drawn
to operating economies achieved by
the principal system, in the last few
wears. While net changes. as a rule.
we're small. net gains of a point or
more were recorded by several is
sues.
Activity in the oils was confined
largely to Colorado Fuel and Pan
handle Producers and Refiners, both
of which were bid UP to new high
levels for the year. Private reports
OF another increase in crude oil pro-
duction last wee were disregarded.
A strong under current of buying
was apparent in number of spec
ialties, among them American Inter-
national Corporation, the CONNER
cial Solvents issues, Continental
Can, International Paper, Interna-
tional Paper, international Tele-
phone, Pullman, Third Avenue Rail-
way and U. S. Distributing. Radio
CORPORATION. one of the most active
stocks on the list, was run up to a
new high on the current movement
at 45 and then dropped back to AS,
off l net.
The wheat market was quick to
respond to reports that peace nego-
tiations We're going on under the
surface for a settlement of the
British strike. Wheat futures rail-
lid to nearly IL cents a bushel,
the May option closing at 1853 IS as
against ISL IL yesterday. Cotton
declined 3 to 16 points in feature
less trading. Raw sugar was I'M
changed but futures eased slightly.
Coffee was slightly firmer.
(~oIJ 81
and then eased to 8 IL, closing at
the bottom figure. Time money and
commercial paper rates were I'M
changed
Demand sterling ruled nearly SAC
higher around s4.S5 9-16 and most
of the continental exchanges held
firm in quiet trading. French franc
were quoted around 3.14 cents and
Belgian francs ruled about points
higher around 3.1S cents.
Moderate improvement in bond
prices reflected satisfaction with the
trend of money conditions and a be-
lief that a peaceful settlement of the
British strike was near. The mar
ket, however, failed to break out of
its narrow trading area.
Definite signs of easier credit con-
ditions were seen in the lowering of
call rates as we'll as the Willingness
of lenders to arrange longer term
accommodate tons at the prevailing
quotations for time money. This was
interpreted as an indication that
funds would remain plentiful for the
rest of the year. unless a sudden eX-
pansion of trade should develop in
the fall.
Renewed accumulation of foreign
bonds expressed the changed outlook
for the investment community re-
garding conditions abroad. Both
United Kingdom 5a percent issues
sold about a point above their re-
cent low levels.
Most of the advances in domestic
liens were attributed to selectivc
buying which had been deferred I'M
til market conditions gave signs of
returning to normal. Public utilities
were in good demand, with Northern
States Power 5s mounting more than
a point TO a 1926 top price at 101,
and International 5la following an
upturn in the stock. International
Mercantile Marine SIS were temper
arly depressed by the announcement
that negotiations for the sale of the
White Star Line were held in abey-
ance pending a settlement of the
British strike, but they rallied brisk
ly toward the close.
Public offering will be made to-
morrow of s10,000,000 Indianapolis
Power and Light Corporation SO
bonds.
Other offerings tomorrow will in
clude S15,000,000 fifteen year So first
mortgage bonds for the Indiana
Limestone Con pany piced at 90 and