Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-20

NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks


ISOLATED Press)-Specialties for the
decline continued to control the price
movement in today's stock market
With the Industrial average down to
within two points of the low levels
established in the March and April
decilnes, stronger resistance to SELL
ing pressure was apparent, particu-
lariy in the motor, group which is
believed to harbor a large short In :
terest. Total sales today were 927,-
600 shares or $4,000 below those of
yesterday.
The days business news was large
ly constructive in character. The
weekly steel trade reviews reported
that tie demand for steel in the first
half of May was better than the cor
responding period last month.
Freight car loadings for the week
ended May were nearly 1850 above
those of the corresponding week last
year. The Sinclair Oil Company re-
ported net earnings for the first four
months of $9,310,000 compared with
$5,1690OO in the same period last
year.
One of the most interesting finan-
cial development of the day was the
announcement of an issue of $751;
100000 additional common stock of
the American Telephone and Tele-
graph Company making it the first
billion dollar corporation" in the
country.
The attacks of bear traders today
entered largely on high priced indus
trial specialties. American Brake
Shoe Foundry broke over points to
10 and then rallied to 113%. Foun-
dation Company was driven down
seven points to So, as compared with
a high of 179% earlier in the year
but snapped back to ssh. American
Radiator broke points to 101 4
but made up more than half its loss
Cast Iron Pipe dropped 5h points to
$50 and then rallied a point. All
established new low records for the
year.
Oils supplied a firm undcrtone de-
spite some selling inspired by reports
of increased crude production. Pan
handle Producers and Refiners and
Lago again touched new highs. Rum
ors that Hudson directors would &C.
clare a special dividend distribution
tomorrow brought about active short
covering in that stock which closed
over points higher at 59A, and
in the other issues in the automotive
group.
Comparatively few industrials re-
corded net gains of point or more
the list including Bedding Heming
way. Gulf States Steel, marlborough
Rapid Transit. Manhattan Modified
Guaranteed, Third Avenue, and
United Cigar Stores.
Rails were sluggish despite the
continuance of heavy freight traffic
,s.,, f.ar fr.ts-
able April earnings particularly by
the hard coal carriers. Up to April
!, 1926, class one railroads authoriz-
ed the expenditure of 1922, 100000 for
new rolling stock and other improve
ments, according to statistics made
public at the spring meeting of the
American Railway Association.
Commodity markets showed an ir-
regular price trend. Active wheat
futures were one cent a bushel low
er. Cotton trading was dull with fin
al quotations 4 to 10 points higher.
Raw sugar was unchanged. Coffee
ruled to Is points net lower.
Banks called about $10,000,000 In
loans during the day but there were
plenty of funds available. Call money
held at go percent all day, but it
was available ins the outside mar
ket' at II. Time money and COM
mercial paper rates were unchanged.
A moderate recovery in the Euro
pean paper curencles featured the
irregular foreign exchange market
Demand sterling was slightly easier
Just below $4S6. French francs rail-
lied over ten points from yesterdays
low to 2.S5 cents and Belgian francs
sold above $50 cents. Italian lire
also made further recovery of about
II points to $50 cents. The Scandl-
navian currencies were easy.
A steary flow of investment funds
into the bond market established
prices of all classes of issues at sub
stantially higher levels. The con-
tinued unsettlement of stock trading
diverted money from that quarter to
fixed revenues securities, with stan
dard rail, public utility and indus
trial liens proving equally popular.
The vigorous recovery of the con-
tinental exchanges gave nrm I'M
dertone 60 the foreign bond list, al
though scattered sales OF french.
Belgian and Polish obligations stlli
came into the market. Polish 6s ana
IS reflected distrust with the poll
teal situation, easing off to the low
est levels of the year.
Plans were said to be nearing COM
pletion for a public offering on Fiji
day on the 100000, 900 Brazilian loan,
probably in the f, I'M of thirty year
6 1-2 per cent be Ids priced around
90 The outstand' g seven per cent
issue was quoted today at "a. The
new bonds probably will be secured
by a charge on customs and other
taxes.
One of the conspicuous features or
trading in the domestic list was the
spirited bidding for General Petrol
cum SIS, following the announcement
that the company's obligations would
be assumed by the Standard OIL
Company of New York, under the
merger now being consumated. The
bonds crossed 101 to a new top
price. Sicily LIS also were strong
but Sinclair liens made disappolnt-
ing response to the favorable report
of the corporations operations made
at the annual meeting today.
A measure of the demand Tor IN
vestment bonds was supplied by the
advances of to points in such is
sues a South Railway 6 LIS, Peo-
pie Gas So, Federal Light and Trac-
ton IS, Louisville and Nashville IS,
Niagara-Lockport and Ontario rs
and North American Edison As. Total
sales were $40 100000.