Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-14
NEW YORK MARKET
Features of the Days Dealings in all
the Leading Stocks


New York, May lS.-(By the Assoc
ciated s)-Speculative interest in
,odav's stock market centered largely
m motor issues. Transactions in Nash
Motors totalled 1860 shares, or APP
nroyimately one-ffth of the days to-
raj business. with over $4,000 shares
offered and promptly taken at 50. The
stock later rallied to 52h. closing at 81.
Other motors yielded more readily
n selling pressure. General Motors
common sagged q to 1851 despite
widespread predictions of substan-
tial cash extra which were fulfilled
after the market closed when the di-
rectors declared an extra cash divi-
dend of 81 a share and offered to pur-
chase the assets of Fisher Body by Of
fering two-thirds of one share of Gen.
eral Motors for each share of Fisher
Body stock. New low records for the
wear were again established by Jordan
at az. Chandler-Cleveland at 1871,
Fisher Body at S1s and Paige-Detroit
at "a.
The general stock list drifted lower
With public interest at low ebb. Some
encoura cement was derived by con-
structive forces, however from the
prompt oversubscription of $50, 900
in new public utility offerings, which
was accepted by them as an indication
of strong underlying investment de-
mand About the only business news
of Importance We're reports of a better
demand for structural steel and nom
ferrous metals.
Oils were in better demand, presum-
ably on reports of large current earn
ings and record bresking gasoline pro-
duction.
Some confusion resulted from the
fact that Pacific Oil formerly quoted
around 5t2, appeared on the tape be-
tween / and IL share, but this was
explained by the fact that the stock
was quoted minus one share of Stand
ard Oil Company of California, which
recently absorbed the Pacific Company
through an exchange of stock and
whose stock sells around $50 a share.
Backing and filling movements char
acteriZed the general industrial list
with marked heaviness shown by AL
lied Chemical, Baldwin, Dupont, Inter-
national Cement and Radio Corpora
ton.
Reactionary price movements also
predominated in the commodity mar
kets. Wheat futures sagged slightly
on reports of improved crop outlook.
Better weather also was held respon-
sible for reaction of II to 20 points
net in cotton prices. Raw sugar was
unchanged but futures yielded slightly.
Coffee closed easier to two points
higher.
Call money renewed at 50 per cent.
and held steady at that figure all day.
Time money and commercial paper
rSses were unchanged.
Foreign exchanges were frregularly
lower Demand sterling held firm
around 1859, but French and Belgian
francs were slightly lower around
S13t cents each. Italian lire broke
nearly 80 points to a new low record
Of $40 cents. Polish zloty also drop
ped full cent to a new low at 800
A strong investment demand for
bonds reflected in the prompt SUBJ
scription of $50,000,000 in new public
utility issue, carried the general av-
erage Of prices to the years highest
level. High grade railroad and pub
lie utility liens led the forward
movement, which was aided by the
continuance of easy credit condi-
tons.
Disquieting foreign developments,
including the Polish revolution and
the withdrawal of government sup
port from the Italian lire opened the
way for renewed selling of European
Obligations, many of which develop
ed marked weakness in contrast to
the strength of domestic issues.
Liquidation of Polish bonds con-
tinued in heavy volume as result
of the Warsaw uprising. both the
governments skies and SevenS drop
ping to new low records. Following
the plunge of the Italian currency to
new low around 81 cents this
governments bonds also easei off.
Emphasizing the trend toward low
er interest rates for high grade pub
lie utility obligations. the $40,000.000
New England Telephone 4RfS issues
offered today on 4.S0% yoield basis
4l2issues ephone landTel NewEngus
directed attention to utility liens
selling attractive yiet1s. The offer
ing was quickly oversubscribed with
the bonds subsequently commanding
premium of a quarter of a point
over the sale price of 9S12.
Oil liens were inclined to follow
the upturn in these stocks but Sim
clair skies were an outstanding ex-
ception. Following an announcement
that S2,500,000 of this issue would be
called for redemption on July 81 at
lOS and interest, the price dropped
from l07 to los on a large volume
of sales.
Advances In the railroad group