Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-21
NEW YORK MARKET
r.,.ures OF The Days Dealings In
fs' All The Leading Stocks

y.v York, July 2o-[P)-"The
ann from the franc" which has at
..nsrted only passing interest in Wall
s.reet for the past few weeks, sud-
s.riv assumed major importance to-
s.y when 1t was held responsible for
w. heavy selling of stocks, which
.srried scores of issues down l to Z
noints below yesterdays final
.no,ations. The franc itself crashed
sslow . cents for the first time in
s;s,orv. Total sales crossed the two
..,ll;on mark for the first time since
June Is.
Wall street heard wild rumors of
.,oting in French streets and panic
~ me Paris Bourse. which, while
,acling confirmation from RESPONSE
sia sourhces, undoubtedly caused
pscardless of any developments
,broad, a reaction in stocks had been
-r,dslv predicted on the theory that
,hs recent rapid advance in many
issues had placed them IN a top
beayy speculative position.
The days domestic news was large
T., favorable. The Federal Reserve
rsport of reduction in brokers' loans
isst week. was followed by a lowering
NJ the call money rate with the sup
niy OF funds greatly extending the
demand Directors of the Pere Mar
ouette approved the revised nickel
Plate merger terms. the Kansas City
Southern, the first road TO reprot Its
lime earnings. showed an increase
~ over sS6,000 in net, but Union
pacific, while showing an increase of
oyer s1.S00,0 900 in gross, reported a
reduction of nearly 100000 in net.
lime was the first month to show a
reduction in the world supply of zinc.
Private reports of another sharp
Increase in crude oil production last
week caused heavy selling OF the oil
shares. Atlantic Refining and Pan
American 3 each broke about four
points. but the latter recovered half
lis loss, while General Petroleum.
Houston. Marland and Union Oil Of
California showed net declines of !
10 points.
I. S. Steel common was hammered
down over three points to 141 but
snapped back above 142 at the close.
[. s. Sast Iron pipe broke from 2i4
IA TO 234 and then rallied to 2S7, off
: IA net General Electric showed
a net loss of six points at 355 1-2.
Sharp recessions also took place in
Case Threshing Commercial Solvents
B. Lorillard Tobacco. Manhattan
Electrical Supply, Sloss Sheffield
Steel United Drug and United Fruit.
A drop of , to nearly Sc a huShel
in active wheat futures featured the
commodities markets. Cotton closed
IL
was unchanged, and coffee fell back
IS to So points.
Call money renewed at four per-
cent and held steady at that figure.
The New York stock exchange re-
ported there was large supply all
day but very little demand. Time
money and commercial paper rates
were unchanged.
Renewed weakness of French
francs, which touched a new record
low level at 1875 Ia cents, again
featured the foreign exchange mar
ket
Reactionary tendencies ruled the
bond market today as selling broke
out in all sections of the list. Con-
tributing factors to the unsettlement
were the French financial crisis
which carried the frame TO record
low level below &C an the sharp re-
action in the stock market.
The general loss of confidence in
the new Herriot ca binet and its abil-
ity to bring order out of the present
financial chaos. weakened French
obligations with recessions ranging
from fractions to more than point
taking place in the government. rail-
road and municipal issues. French
Fights suffered the heaviest loss
while the Paris Lyons Mediterrane-
an issues sold within point or so
Of the years lowest figures.
Completion of new financing, cou-
pied with an unsettled stock market,
restricted the demand for domestic
bonds and prices drifted lower
throughout the list Declines in the
railroad group were narrow and
were attributed to a lack of buying
interest rather than concerted selling
pressure.
Oils were the weakest OF the in
dustrials, following the downward
trend of the petroleum stocks on re-
ports Of increased crude production.
Sicily Oil & lbs broke more than )
points to 13l and Pan-American 6s
agged ] is points. Republic Iron
and Steel 5s, Rogers Brown Iron sew
ems and Inspiration Copper lbs
We're heavy.
>, Following the ready sale of some
oo'VO0 in new bonds, today. addition
al a. offerings aggregating about 500
Wo000 have been scheduled for to-
morrow. The major issues are SO