Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-09-11

and WHY'S Overland all lost ground,
but Studebaker was we'll supported
closing a point higher at 80 | A after
having touched 60 "a.
Weakness of Continental Baking
issues was based on rumorS that
earnings in the first half of the year
were insufficient to meet dividend
requirements which would have to be
met, in part, out of surplus. Brook
lyn Edison broke five points on the
official denial of rumors that new m
terests were seeking control of the
company. Oils were pressed for
sale in large blocks despite an in
crease in miranda crude by the
Humble Oil Company. I'D.
Contrasting with. the general
heaviness was the renewed activity
and strength of Warner Pictures A.
which again scared over seven points
to- a new record high at 81 IL and
then slipped back to 81 Ia hide
pendent strength also was shown by
Abitibi Power. American Ice, Bur
roughs Adding Machine. Case
Threshing and PublicSer Wee of
New Jersey.
Commodity prices moved within
rather narrow and irregular limits.
Cotton drifted lower on southern
selling. Wheat prices held fairly
steady, with the September option
ruling around S1.31 1-2 bushel. Raw
Sugar advanced 1-32 of cent a
pound. bringing spot prices to new
high levels for the season. Coffee
futures dropped 10 to SO points on
more liberal offerings of the product
in Brazil.
Call loans held steady at FIVE per
cent all day, but funds were report
ed to be available in the outside
market as low as 3-4 time money
and commercial paper rates We're un-
changed
\ Foreign exchanges held steady in
quiet trading. jump of ten points in
Spanish pesetas to 1880 cents being
one of the few features. Demand
sterling ruled around s4S'5 and
French francs were firm agove 2S6
cents.
Relieved by the retention of the
four per cent rediscount rate by all
the Federal Reserve Banks, the bond
mbarket developed stronger tone
today. Foreign obligatio again led
in activity, but without obscuring
several interesting trading features
in the domestic list.
Heavy trading took place in Italian
government rs, which advanced to a
new high on the courrent movement
at go "a, total transactions exceeded
S1,500.000 far eclipsing the days turn
over in any other issue Japanese 6
LIS reached a new high record at
9S and there was strong buying sup
port for various French and Ger
man bonds that the pronounced
weakness in the Warner Sugar issues
was explained by the formation of
protective committees to safeguard
the interests of bond holders, who,
from time TO time have entertained
fears that interest payments might
not be met. The corporations sew
ems fell back SIS points and the
sub sidiary refining company's sevens
reacted three points.
Price movements elsewhere were
mixed. American Ice convertible : 6
jumpd nearly points to 125 and
substantial gains were registered by
Chicago. Indianapolis and Louisville
fours, Louisville and Nashville SIS and
Lehigh Valley 4 LIS. These were
partially offset by recessions in Inter
national Agriculture IS. North Amer
1can Edison IS, Pennsylvania As and
Robbins and Myers Isl
Liberty bonds and United States
treasury issues drifted irreeularlv
lower in dull trading
Tita lhond sales (par value) slO,-
$50, 900.
tBy The Associated. Press
Stock market averages:
20 Industrials 90 IRIS
Friday ....... 1854 l25.51.