Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-18
FINANCIAL NEWS m
NEW YORK MARKET
-.,,,r.. Of the Days Dealings in all
rsa'1' the Leading Stocks

r.syureS OF the Ody SedHH9S III All
rsa the Leading Stocks
New York, May 10y The As
.,ciated Press) prices rallied
s.;stlv this afternoon after an earlier
m,J of heaviness, both the rail and
pnSnstrial averages closing higher
~ the day. Trading continued to be
,van.eeIy of professional character,
a. DAVIS sales barely preceding L.
eO0. 900 shares.
rh,ef financial interest of the day
S.nred in the renewed weakness
- Ernch francs. which broke below
a. ,snts for the first time in history.
~ the stock market, bear traders
aaavored to unsettle the general
sat nv hammering the motor, rubber.
n s ndising and motion picture
lSares Several of these crumbled
- now low levels for the year, but
~. standard industrials and rails
..sered good resistance to pressure
VA steady accumulation was noted
..s ~" the day in the oil group.
ssrasuInab ly in response to the recent
srtisening of commodity prices.
hudson again bore the brunt of
,ha calling in the motor group being
aa. ,v to a new low for the year
VIZ * 10 During the late rally,
sowever. the price was run up to So.
other automotive issues to touch
,.w low levels were American
poscb Magnetic, Chandler. Cleveland
nrsferred. Continental Motors. Dodge
rprothers A, and the preferred, Eaton
IrIe HAYES Wheel, Jordan. Motor
Wheel Stewart Warner, Stromberg
rarhuretor. Studebaker, and WHY'S
overland common, but some Of these
cosed at net gains of point or
I, more.
Further reports OF backward re-
.aiI trade probably accounted for the
linnidation of the merchandising Is
cues oolworth was hammered
down nearly four points to new low
J for the year at 1856 "a and then raj
Tod TO 1873 1-2. Montgomery Ward
also touched a new low. Rubbers
: we're sold on the theory that the re-
ported slowing up of automobile
ssales would affect the tire trade and
/, that some rubber companies were
stacked up with the crude product
at prices substantially above current
/ levels.
Failure of the directors of the
Standard Oil Company of New Jer-
! sew to increase the regular dividend
was disappointment to speculative
firms operating in the oil grfup.
However, Atlantic Refining was bid
up ga to III 3-4 Lago touched 81,
the highest price since it was listed
|, last week.
The declaration of an extra cash
dividend of 81 on Dupont apparently
had been discounted as trading in
that issue was quiet. Allied Chemi-
cal, American Sugar Refining, Gen
|, eral Electric, General Motors and In
I ternational Paper were among the
score or SO of issues to close a point
Or more higher on the day.
Rails were rather quiet. One of
the interesting trade developmnts of
the day was the report of increa sed
4 inquiries for railroad equipment.
The principal commodity markets
lost ground. Wheat futures pointed
J upward during the morning but sold
Oft sharply after noon, closing one Is
two cents bushel net lower. Cotton
! Welded to Is points on favora BILE
weather reports wit htrading re-
stricting the pending the bolloting on
+, the proposal TO limit speculative acti-
witty Raw sugar was unchanged but
futures displayed an uneasy tone.
, Call money held at ga percent all
day despite the calling of about S1O,-
100000 in loans. Time money and
commercial paper rates were I'M
changed.
Foreign exchanges were irregular.
Ilnm1nd lnl1 e.;
belgian francs broke below Sc in
sympathy with the weakness of the
frencn rate, but Italian Ira rallied
10 points.
Trading interest in the bond mar
ket was confined to a few groups in
winch buying and selling operations
were based on special developments.
Inc general run on railroad, public
utlntF and industrial liens moved
Willln narrow trading area and
prices were LITTLE chanred on tho
. day.
Foreign bonds continued to hold
attention because of their reaction
10 the latest political and financial
qeyelopments in European countries.
rohsn bonds were strengthened by
Dehef that order had been restor-
Gu after last weeks revolutionary
outbreak but later reports said that
|, conditions were still unsettled and
| lhe Us lost points.
Pronounced selling pressure
. sgsiilst French and Belgian bonds
loiloWed the slump in these exchang-
e which carried French francs to q
new low record below 3 cents. Ital-
| ian IS also were heavy. Liquidation
-. edch case was apparently based
", uncertainty over the outcome of
4 financial reform plans which are ex-
pected eventually o re-establish all
y basis. VA " 'ouiiuei
N the field of new financing, dis
r r, OF foreign loans held first
I rp.aee, , Negotiations for a S30,000.000
ra. loan, were reported to be
tb at completion, with prospects
nat pond issue of this amount
n n4aN De placed OH the market by
,b nion Read and Company within
| srs next fortnight The same bank
nan. are engineering additional fl
Ca nehs OF S25,0C0,000 or more for
\ h. ndn steel companies, but this
men man VIII not be ready for offering
NAL later in the summer.
|, IN Hlong the few corporation issues
Cd Npich trading interest was arous-
ANA were we're the Warner Sugar bonds
|. s,r u hogers Brown sevens. Oils were
I ofIhis.hened by the announcement
p mgner crude oil prices.
ma apnc Offering will be MADE to-
/ synd sow by National City Company
tnulcate of slS,S22,OO0 City of Bal
noro O.e lour percent bonds and cor
i nrio a.e stock. The bonds will be
siSeu at 993 to yeild 4.03o to 4.014