Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-10-02
Financial
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Oct. 1.--(By The As
ISOLATED Press )-Speculato for the
advance endeavored to rally today's
stock market by bidding up U. S.
Steel common and General Motors,
which showed net gains of Ia
and : points, respectively, but they
were only partially successful. Large
blocks of these industrial favorites
were taken at rising prices and both
closed at their top figures, steel at
1o3 Ia and Motors at 169 IA, but
weak spots cropped out in various
sections of the list, with the result
that final quotations disclosed some
irregularity. Trading showed a
marked expansion in volume with
indications of re-aWakening of
public interest in many issues.
Maintenance of the four percent
rediscount rate by the New York
Federal Reserve Bank, temporarily
setting at rest fears of an imme-
date credit stringency, was believed
to be the main factor behind the
buying movement. Call money,
which closed at the years high level
OF six percent yesterday, renewed at
. IL percent and held steady at that
figure all day, despite the increase
in rediscounts and the drop in the
federal reserve ratio shown in the
federal statement.
Freight car loadings for the week
ended September 81 established a
new high record which also had a
bullish effect on sentiment.
From the manner in which large
blocks Of General Motors and U. S.
Steel We're absorbed, Wall Street
assumed that they were being
bought by powerful financial inter
ests. Strength of General Motors,
which touched a new high for the
present stock, contrasted with the
weakness of Mack Trucks, which
broke nearly ) points to JOG lis and
then rallied feebly, Dupont scared
10 L. points to a new record top
at 3o3. AT its top price of the day,
steel was selling more than 10
points above it's recent low.
Revival of activity and strength
in the copper shares, based on ru-
mors that the regular dividend on
kennecott and American Smelling
would be increased this month, was
one of the days features. Amuse-
ment shares displayed a temporary
outburst of strength at the opening,
but failed to follow up the advance,
Warner Pictures losing over 3 points
and Famous Players one.
In the general list the strength
of Case Threshing, Loose Wiles Bis
cult Remington Typewriter, Savage
Arms, U. 8. Cast Iron Pipe and
Woolworth, all up 3 to S points,
contrasted with the weakness of
, Commercial Solvents B, Continental
Baking A and Union Tank Car.
Speculative interest in the rail
group was confined to a few issues,
| notably Norfolk and Western, Mick
Ell Plate" Chesapeake and Ohio and
/ Delaware and Hudson, all I'D . to
IL points.
Time money and Commercial Pa
per rates were unchanged.
Renewed weakness of cotton fu-
| lures, which sagged to the lowest
levels in five years at net declines
OF As to 62 points, featured the mixed
commodity markets.
Foreign exchange rates showed a
tendency to sag.
Revival of activity in foreign obli-
cations featured today's bond trad
ing, which reflected the relief in in
vestment circles over the retention
OF the four percent Federal Reserve
rediscount rate for anothe week in
the face of sitter money conditions.
Domestic bonds headed upward in
the early dealings but week end re-
adjustments later reduced some of
their gains.
Buying Of German issues on a
large scale. although there were no
special developments to account for
the movement aside from the posi-
Bile benefits to be derived from the
| new European steel combine.
Additional interest in German
bonds was aroused by the announce
ment that a loan for the state and
city of Hamburg had been heavily
oversubscribed in London and that a
$10000,000 issue of these bonds would
be offered here next week.
After scoring substantial gains in
response to TIE favorable earnings
and traffic news Of the week, railroad
| liens were unable to stave of profit
taking and prices closed irregularly
| lower.
Delaware and Hudson convertible
| fives and Frisco income SKIES made
strong showing but Norfolk and
Western convertible skies. New Ha-
ven tours of 1947, Northwestern gen.
eral tours and Duluth South Short
fives were heavy.
Strong points in the industrial
group were Cranky Mining sevens,
which gained more than two points,
American Type Founders 6s. Sugar
Estates of Orient IS and Dominion
| Iron and Steel IS.
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