Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-13
NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks

New York, May 12-(By The Asso-
ciated Press)-Settlement Of the Brit
lsh strike brought about afsharp rail-
~ at the opening # todays market,
but 1t quickly petered out, and clos
ing prices disclosed considerable ir-
regularity. Trading started off at a
brisk pace, but turned dull on the de-
cline, the days sales barely exceed
ing 100000 shares.
The initial outburst of buying an
parently represented the retreat of a
frightened short interest. Opening
gains ranged from / to points,
When it became apparent, however,
| that the rally was attracting little
outside attention, general attack
began on the motor shares, which
tumbled to new low prices for tile
year.
Thereafter the market drifted for
ward with moderate rally under
way at the close, both the rail. and
industrial averages closing higher on
the day.
The bullish effect of the termina-
ton of the British strike was offset
to some extent by the announcement
that the Luther cabinet had been
overthrow in Germany, and by re-
ports OF revolutionary disturbances
in Poland. Bankers also showed a
disposition to await more definite in
formation on the manner in which
the English miners wage question is
settled before drawing any conclu-
sions as to the economic outlook
abroad.
The days domestic news was
largely favorable The weekly steel
trade reviews -oported that business
during the first ten days of May was
better than the corresponding period
last month. However, both the steel
and iron composite price averages
declined, indicating a narrowing mar
gin of profit. Independent steels
closed practically unchanged.
The drive on the motors sent
Dodge Brothers A, Jordan, Moon,
Stewart Warner Speedometer and
Kelsey Wheel to new low prices for
the year. The last named breaking
seven points to Sc and then rallying
to So. General Motors, whose direc-
tors meet for dividend action tomor-
row, showed strong resistance to SELL
ing pressure. closing PA points high
err at 1878.
Bullish operations were again sue
cessful in Colorado Fuel and Pan
handle. Producers and Refiner, each
of which advanced two points to new
high records for the year at lax
and 10 respectively. Other indus
trials to show substantial gains on
the day were Dupont, Marine pre-
ferred, South Porto Rican Sugar and
Western Union. Baldwin, Congol-
! cum, International Cement. u. S,
Realty and Ward Baking B were
conspicuously heavy.
Rails displayed a firm undertone
on publication of a report showing
that carloadings in the first four
months of the year had established
new high record for that period.
Commodity markets were mixed.
Wheat rallied at the opening and
then broke sharply on favorable
weather reports, active futures clos
ing 2i2 to 312 cents a bushel lower.
Cotton eased to 8 points.
Call money renewed at four per-
cent and then dropped to 81. closing
at the bottom. Time money and COM
mercial paper rates were unchanged.
An active demand for sterling fol-
lowed the announcement of the set
Element of the strike. Demand bills
on London advanced over a quarter
cent to S4.S5fs. French francs held
relatively steady, just under 3.15
cents.
The favorable reaction of Wall
Street to the ending of the British
general strike today started move
ment of investment funds into the
bond market which resulted in the
establishment of higher price levels
throughout the entire list. The
continuance of easy money condi-
tons aided the advance.
Foreign obligations quickly re-
sponded to the news of the settle
ment. Polish SIS and Us were out
standing exceptions, both being driv-
en- down about points to new low
records on the news of a revolution
airy movement in Poland. Nearly
100000 of the per cent bonds were
sold.
Buying activities in the domestic
list, consisted largely in representa-
tive railroad bonds. Atchison gen.
eral and adjustment 4s were in de-
mand and moderate gains were re-
corded by Baltimore and Ohio 4s,
Chesapeake and Ohio second 4s,
Terre Haute income is, New Haven
As, of 1866, Norfolk and Western
Consolidated As, 800 lbs and st.
Louis Southwestern second As.
Interest in new financing tomor-
row will center in the offering of
$40,0O0,000 New England Telephone
and Telegraph Company 80 year 4
ID per cent bonds at a price of "a
ID. The proceeds will be used to
pay for past and future construction
and to repay advances made by the
American Telephone and Telegraph
Company. j. P. Morgan and Com
pany will head the underwriting
syndicate, which will include Kuhn,
Loeb and Company, the First Ma
tional Bank, the National City Com
pany and other large financial in
stitutions.