Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-10-16
Financial
NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks
ePriees PAID Eridav)

New York, Oct. 15-(Py -Sweepins
declines in stock prices ranging from
one to more than II points at the
close, took place today as bear trad
ers opened another savage attack on
the market. Selling orders poured
in heavy volume from all quarters.
with the resultant decline uncovering
stop loss orders and forcing the IL
quotation of weakened margin &C
counts. Total sales ran well above
1000 shares.
The chief unsettlin2 incident in the
days news was the announcement of
further price cuts in the automotive
industry, which was already suffer
ing from the effects OF keen compe-
tition.
Trade reviews also were less ia
rorable, commenting on surface ir-
regularities" in business and the re-
tarding influences on retail trade re-
sulting from bad weather and un-
certain crop conditions.
Hope that the recent recovery in
the stock market would be prolonged
was dashed at the outset of trading.
as spectators for the decline took
advantage OF automobile price cut
ting to open a drive against these
shares. With General Motors. Rud-
son and Mack Trucks and other
leading issues yielding readily to
pressure, they were encouraged to
pursue the other sections of the list,
which We're as quickly undermined.
The severity OF the selling move
ment was measured by an etreme
decline OF more than ) points in L.
5. Steel, although it closed a frac-
ton above the days low al l3S SIS
General Motors closed 1 IA points
lower at 149 IL and declines of 4 to
6 points took place In such repre-
sentative issues as Baldwin, Pull
man, WOolworth. Case Threshing
Machine, Postum Cereal. Atlantic
Refining and General Asphalt.
High priced speculative favoritcs
L. S. Cast Iron Pipe and Dupont
suffered the sharpest break. although
their etrero declines of about IL
points We're reduced to about II al
the close.
Nearly score of low records tor
the year were established, mostly by
the minor automobile and speciality
shares. Hudson, which announced
additional price reductions. dropped
TO 46 Ia the lowest in more than
year, and Moon Motors, WHY'S . YER
ANAAO PACiCAiCb, A2CH
Trucks, Electric Refrigerator. Foun-
dation company and Fairbanks Morse
were among the others to set 1926
minimum prices.
Railroad stocks withstood selling
for a time but soon plunged down
ward with the rest of the market.
Atlantic Coast Line tumbled more
than points to 1872 Ia and closed
at 19S. Recessions of 3 to points
III Chesapeake & Ohio. Pere Mar
quette and Nickel Plate wiped out a
large part of yesterdays rallies in
the Van Sweringen stocks, and pro
nounced weakness developed in New
York Central, Atchison, Norfolk &
western and other leaders.
Commodity markets were lower in
quiet trading, fractional declines
look place in wheat prices and cot
ton eased off 8 to II points. Coffee
and sugar also lost ground.
Call money renewed at so and
remained at that rate all day.
Price movements in the bond
market lacked uniformity but suffi-
Gent buying support was mustered
for foreign obligations and miscel-
laneous domestic issues to hold the
main trend upwards Trading was
unsettled for a time by the drastic