Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-03-04
Record Number Sales
Continued from Page one)

institutions In the financial district.
which has come to the support of
the stock exchange in past financial
crises, made inquiries of several stock
exchange firms today, and also con-
ferred with stock exchange officials,
later making it clear that their re-
ports showed conditions to be sound
and that there was no cause for
alarm as a result of the recent break
| in securities prices.
Lowering of the renewal rate of
call money to 4 IL per cent and the
appearance of substantial buying Or
ders for such high grade stocks as
United States Steel common. Ameri-
can Smelling, New York Central and
Union Pacific, none of which broke
below the low prices established yes
terday, Were accepted as evidence of
strong banking support in today's
market.
"Nickel Plate common was the
hardest hit. collapsing 33 points 20
100 on total sales of only 1000 sales,
the first of which did not appear on
the tape until near the end of the
third hours trading. 1t sold as high
as 18l as earlier in the year. Com
mon stock of the Chesapeake and
Ohio, whose minority stockholders
successfully opposed the financial
terms of the Van Sweringen CONSOLE
dalton scheme. showed independent
strength, soaring over 8 points to
122 3-S but slipping back to 116 IL
at the close.
Fears that the adverse "Nickel
Plate decision would upset or delay
other railroad consolidation plans
brought about heavy selling of such
issues as Atlantic Coast Line, Louis
vile and Nashville, Rock Island,
Della ware and Hudson. st. Louis San
Francisco common, Wabash, Mis-
souri, Kansas Texas common, Mis-
souri, Pacific, Kansas City Southern,
Lehigh Valley and Pittsburgh and
West Virginia. all of which were
hammered down to nearly ~ points
below Yesterdays final quotations.
Distress selling also was apparent
today in some of the high priced in
dustrial specialties, American Can
dropped from 315 to 290 and General
Electric from 324 1-2 to 302 with over
score others showing net declines
of 5 to 10 points. Anaconda, Hupp
Motors, Westinghouse Air Brake,
Texas Gulf Sulphur and Western
Union were among the relatively few
issues to show substantial gains on
the day. closing 2 to 5 points higher.
Seldom in recent stock exchange
history has there been a sustained
decline as long and as extensive as
the present one. This was attributed
by many brokers to the fact that
many professional bear traders, who
started hammering the market over
a week ago. had covered their COM
mitments in the early part of the
week. AS a result, the tremendous
volume of real liquidation by inves-
tors and small traders arising from
| the unexpected action of the Inter-
state Commerce Commission found
the market without the steadying
influence of short covering ordinarily
in evidence after each drastic de-
cline in quoted values.
The unprecedented volume of
business today again taxed the faci-
lities of the stock exchange and the
leading BROKERAGE houses. The final
quotations made its appearance on
the ticker 80 minutes after the mar
ket closed. as against delay of 81
minutes yesterday. when the last
hours trading ran over 1.Ao0,000
shares as compared with 1,075,00 to-
dav