Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-08-05
NEW YORK MARKET
Features OF The Days Dealings In
All The Leading Stocks

New YORK, aug. 4.-NBv Inc ASSo-
ciated Press)-Stock prices turned
reactionary just before the close Of
today's market under a heavy vol
ume of selling for both accounts.
previously the market had fiuctuat-
ed in a nervous and erratic manner
with spectators for the advance
nrices pointing upwards. Although
General Motors. L. S. Steel common
and about a score other stocks at
tanned new peak prices for the year,
most Of them closed lower on the
day.
From a stock market standpoint,
the most interesting incident of the
dav was the publication of a state
ment by Thomas Cochran of J. P.
Morgan and Company denying that
he predicted an advance of 100
noints in that stock but admitting
hat he gave an interview prior TO
his departure for Europe in which
he spoke with enthusiasm of the
s.rnings, management and prospects
of the General Motors Corporation.
The stock opened at 214 1-2. new
birh record, but broke to 205 IL on
savage bear attack before the end
~ the first half hour quickly snap
ninr hack to around 211. 1t was SELL
ms around that level when the
Cochran statement appeared at mid
dav. and Immediately dipped to
o0s IL. but later rallied to PA. An
ether selling attack in the final hour
carried ii down to 206 II for net
ioss of z points on the day. Total
.sIes Of the stock ran close to $780,
600 shares.
The general market followed the
.rend of General Motors during most
NJ the session, but new leaders were
brought forward for SPECTATORS for
tbe advance during the afternoon In
an apparent effort to increase pubic
interest by broading the scope OF the
uarket Pool operations were aided
Nv the lowering of the renewal rate
an cali money from IL to Ia per
Pails we're sluggish in quiet trad
,rg despite the announcement that
ear loadings in the week ended July
"a established a new high record Tor
Recent heaviness of the rails is at
.r;huted to the temporary diversion
~ sneculative interest from seVeral
stocks in the carrier group 10 the
ester moving industrials, the buying
NJ rails being largely of an invest
ment character with no EFFORT pelns
made TO reach for stock.
FAVORABLE earnings and dlVloeno
Ne from the oil industry was
counteracted by the announcements
tnst the daily average gross cruoe
oil production Increased over 41'0'0
barrels last week.
Time money and commerclal pa
rsr rates were unchanged.
sharn break TO AZ to 40 points
rot in cotton prices, based on I'M
nroved weather reports, featured the
r;yed commodity markets. Whea,
t,.ures closed practically unchanged
after fuctuation. .,,
Another sharp rally in Frencn
francs which brought them close 10
tbe tree cent level, was the out
sanding development in the nrnlei
foreign exchange market. H.
Tho bond market was generaHy
,,eadv but with featureless trading
Although there is an apparent laeh
NJ nublic interest the market Is no.
,ffering and prices are holding wen
for the most part The inertia Seems
rather evenly divided so that there
Il neither pressure from the selilns
NOR the buying side as regards tne
Tst as a whole, thus maintaining the
generally even position.
French issues continued to gain
strength. 40
Italian rs were under heavy de-
mand at a fractional advance as
rsre also Swiss 5 LIS. German Cen
eral Electric LIS were Wen taken
Al a slight increase, but Rhelnele
Union Is and Saxon Public WORKS
Is were lower. ,;
covery. .ha
some interest attached to the
bonds NJ the Chicago, Milwaukee anu
ST Paul Railroad which. with one
execution, were fractionally hlgheI.
The apparent demand for the ponus
was taken to reflect hope IN tne
minds of investors that the receiNel
shin for that road would be endeo
soon. Practically all the junior sonue
Of the road sold today at the hlsH
est prices since the recelVership
started
Rails in general showed mre ac-
tiyitv than any other class. Havana
Electric Railways 5s of 1854 were Id
demand selling UP rs points.
Remington Arms IS were up a
point and International Telephone
and Telegraph is. as were also
American Telephone and Teiegrapn
Collateral trust As. In the OIL sluup
General Petroleum IS and Slncian
IS were most active. United STATS
government issues were geherans
steady.