Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-09-16
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Sept. 15-(P)-Wal
street had another money score"
TO-DAY and as result stock prices
broke sharply after an early period
of strength. Bear traders took full
advantage of the weekly recurrence
| or rumors of an increase in the Bos-
ton or New York Federal Reserve
Bank rates, hammering stocks down
in all sections of the list, but con-
centratinS on a few specialties in
which pools have been active during
the past few days.
The days trade news was again
constructive in character. 1t includ-
, ed the announcement that freight
| traffic in the week ended September
4th broke all records, publication Of
optimistic weekly steel trade reviews
and reports of a decrease in crude
oil production.
Despite the fact that steel mill
operations were being maintained at
above 70 percent of capacity and a
stiffening price tendency was noted
in some sections, L. s. Steel common
yielded rather readily to pressure,
closing ] IA points lower at 147 is,
after having touched 149 IL. Beth
| lehem Steel displayed a temporary
outburst of strength on rumors of
an early resumption of dividends.
but it cancelled half of it's point
gain in the late selling movement.
General Motors continued to show
evidence of strong buying support,
touching 152, or nearly j. points
above Mondays low, and then
slipped back to 149 / 4 for a net gain
of Sd on the day. Mack Trucks
also acted better, closing SIS high
err at ia ga.
Erratic fluctuations took place in
the motion picture shares. Fox Films
A was bid up to 70 Ia, a new high
on the movement in the first hour.
broke to 70 and then rallied to rs
for a net loss of over = points. War
ner Pictures broke from sc rs to
81 and bounded back to 60, off rs
net. American Smelling dropped
from 1J1 is to As Is, Allied Chem
ical from 136 "a to 49, 1-2, Du Pont
| from 80 IA to sos is, Hudson from
63 5-S to 60 "a and Woolworth from
167 to 1872 IL. but several OF them
made substantial recoveries from
their low levels.
Pullman was bid up over ) points
, TO 1873 the highest price in over 10
| years. Other issues to break into new
| high ground included Howe Sound,
-
! ness Machines, Tobacco Products,
American Sumatra Tobacco and Ad-
ans Express.
! Rails showed better resistance to
| selling pressure than the industrials.
Nickel Plate" common scared over
| six points TO a new record high at
| 1S9 IL and then yielded to 1856 and
! Delaware and Hudson showed a net
| gain of more than points at $50 90.
The principal commodity markets
| lost ground Wheat declined a frac-
! ton of cent bushel. with profit
| taking sales we'll absorbed and cot
ton dropped about 80 points on ex-
! pectations OF a favorable govern
ment crop report
Time money and commercial pa
per rates were unchanged.
Foreign exchanges were mixed.
| Demand sterling was slightly easier.
Just below $4.SJ, but French francs
held firm above 2.S5 cents.
Foreign obligations again held the
center of trading interest in todays
| quiet bond market. Despite the sta
| bility of the money market in the
! face of the days billion dollar turn
| over OF funds. warnings of sitter
credit conditions and possible in
| crease in federal rediscount rates
acted as a restraining influence.
Operations in the foreign list re
| flected the same type of buying
| which has recently been so effective
| in elevating prices Of European is
| sues TO new high levels The Paris
Lyons and Paris-Orleans Railway
| liens were the most favored of the
| French bonds while honors in the
German group We're divided between
! the municipals. such as Boulogne
and Cologne 6 lbs and the Saxon
| Public Work Is, all OF which reached
the best prices of the year.
Moderate gains were recorded by
Chicago. Indianapolis. Louisville IS
Panhandle As Nickel Plate 3 lbs
and Delaware and Hudson liens.
Central Steel SIS. Derry Is, Gould
Coupler Is, Dominion Iron IS, and
| General Petroleum 5s. developed in
dependent strength, Only trif1ing
/. changes took place in the govern
me,t bond section.
Total sales were SIS, $4,000.