Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-09-10
financial
NEW YORK MARKET
of Tho Days Dealings In
fsfurssII The Leading Stocks

york Sept. 9.--tHl-Aiter-
Ne" ar,ods Of weakness and
aie characterized today's stock
srehs." with final quotations disclos-
raThe.ns ;Serable irregularity. Bust
|irs showed a marked railing OH
|rsss .,nme. due to the observance OF
!, 'g T.n.;sh religious holiday by many
|ihs.ees Although the retention OF
raa.' rercent rediscount rate by the
he Federal Reserve Bank late
EBoisv helped to revive specula-
ss confidence. the creolt sltualon
Ns s,ill a source of uneaslness to
vas onerators and investors. The
nam york Federal Reserve Bank,
MN ,.ors of which met after the
als. If the market today. also an
'ip s9ced the maintenance of the 4
cent rediscount rate.
rnsre was nothing in the days
"a influence the movement of
n'.,rrities prices. aside from the pub
s...;on Of a few earnings and sales
Ma which provided cumulative
.'iJence of current prosperity in
s.ny lines OF business. Trading was
' no. OF a professional character,
s 81 neither bulls" nor bears
'hls 10 gain any decided advantage.
- Pals developed a temporary out
,,rs, Of strength under the leader
. MIN, of Chesapeake and Ohio, which
,-rr 4 points to 162 IL, dupli-
ing the record high price estab-
g.bei few days ago prior to the
ssduction Of the quarterly dividend.
Mo preferred touched a new top at
"a "a New 1926 peak prices also
rsre attained by Kansas City South
an common and preferred, and Chi
,,so Great Western preferred.
= s. Seel common ana General
MAJORS. two of the recent market
',sders closed fractionally higher at
iq IL and 217 81. respectively.
several of the low priced motors,
ipcluding Chandler. Chrysler, Dodge,
Yrnp. Moon and Jordan, were heavy,
tAs last named touching a new low
for the year at ID L..
DESPITE the continuance of the D
,srcent renewal rate for call money.
mol operations were vigorously con-
aured in a select list of specialties.
Padio Corporation was bid up over
. points 10 a new high at % II,
but later lost half its gain. on buy
jng Influenced by rumOrS of impor-
snt developments at the radio eX-
POSITION which opens here next
week. Warner Pictures scared over
I points 10 a new record high price
A. 80 II in further reflection of the
OF the opening of new
theatres in Atlantic City and Chica-
20. Substantial gains also We're re-
corded by Burroughs Adding Ma
chine, Eastman Kodak, Onyx Hosi-
cry and L. S. Industrial Alcohol.
Sugar shares gave one of the best
demonstrations of group strength on
reports OF improved trade prospects.
American Sugar Refining was the
leader with an extreme gain of over
three points at Il 81, part of which
was lost on realizing.
Selling pressure was effective
against such issues as Dupont, Mack
Trucks, National Enameling. Union
Tank Car. t. :. Cast Iron Pipe and
Wright Aeroplane, all off to II
points -.
Call money held at ) percent all
day. Time money and commercial
paper rates were unchanged.
Commodity prices were mixed
Active wheat futures advanced
slightly more than one cent a bushel
in sympathy with higher Liverpool
Cables and unfavorab1e foreign crop
adyiees. Cotton closed IS to "a
points lower on selling inspired by
predictions OF better weather. Raw
sugar was unchanged, but coffee
quotations yielded 3 to Is points.
Foreign exchanges were heavy.
Demand sterling ruled fractionally
over around s4.S5 and French francs
eI back about points to around
!sS cents. Spanish pesetas ad-
'anced points to around 1920
,fnts. but the other European rates
showed nominal recessions.
With most of the trading activity
gam conferred in foreign obligations.
ne bond market maintained a firm
enc IN today's less arduous deal
ngs' The passing of another week
Without any changes in the fedora
esefNe redlscount rate relieved the
IAiety Of many traders. who feared
nat many important banks outside
view York might advance their
harges
inc recent strength of European
, .'' particularly the French and
,alidh issues, was explained by
Natements in authoritative banking
!uafters that financial conditions il:
.ance' Belgium and other CONT
.eAtdi countries were more promis-
rs than at any time since last
a plins and might permit the under
aAng OF sterilization measures be-
we the end of the year At the
anne time bankers disclaimed any
.no" iedse Of reports that Germany
,Uula attempt the fiotation of an in :
. Ina uonai loan Of a gold mark
french bonds failed to duplicate
rh;NI striking performance,
.Nlch carried a dozen of these issues
new nigh records. but a lively de-
nonu was still evident for the rail-
lao Hens and the National Steam
wy - increased 90 to the highest
,l since the dissolution of the
van syndicate.
halroad issues, after an early
erlod Of irregularity, strengthened
tmara the close, with special
= enstn Shown by Louisville and
'ssn we, Northern Pacific, Iowa
eHtfal' Illinois Central and Mime
tOls and st. Lawrence mortgages
' , York Central 3 1-2s and Inter-
! .u una Great Northern adjustment
were strong.
Imports were current in invest
,.n circles that an S1S,0o0.000 bond
~. lor the Canada Steamship
:. aes would soon appear in the mar
"a io oos bond sales (par value) S.