Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-08-24

NEW YORK MARKET
Features OF The Days Dealings In
All The Leading Stocks

New York. Aug. 2S.-(P--With
General Motors resuning the leader
ship OF the market, stock prices rail-
lied today after an unsuccessful at
tempt had been made to unsettle the
general list TO hammer a few OF the
so-called pivotal industrials." Trad
ing was largely of a professional char
acter, public buying apparently having
been discouraged by the recent sharp
decline in u. S. Steel common, follow
ing soon after the raising of the New
York Federal Reserve rediscount rate.
Outside the stock market, chief
speculative interest centered in cotton,
which rallied IS bale on publication
OF government report showing both
the expected yield and ginning figures
below expectations. coincident with
reports of crop damage by tropical
storm in Texas. The rise in cotton
helped to create bullish enthusiasm for
stocks, as did reports OF strengthen
ing of scrap iron and steel prices and
further drop in California crude oil
production.
Revival of activity in General Mo-
tors was generally attributed to buy
ing for the account of William G.
Durant automobile manufacturer,
who was to have sailed for Europe
la st Saturday but postponed his trip.
The stock was bid up nine points to
21os, closing within n. fraction of the
top, with buying undoubtedly stimuli
lated by the prediction of President
Sloan that August sales Will set
new high monthly record and that all
divisions were operating at capacity
following a slight slowing UP in mid
summer due to the preparation for
srlnE has
large General Motors holdings, jumped
81 points to sos
L s. steel common. after tempo
rsry sinking spell during which it was
carried down to 1883, rallied to 1924
for net gain of < on the day. Total
transactions in that issue ran close to
100000 shares, or nearly one-siXth of
the entire volume of business. General
Asphalt continued its sensational ad-
vance by. moving up over two points
to a new high record at 97s, while the
preferred touched a new top at 1S9.
With more favorable July earnings
statements scheduled to make their
appearance this week: the railroad
shares displayed firm undertone, the
average of 20 leading issues touching
the highest figure since 1913. Mis-
souri, Pacific, Northern Pacific and
Northern preferred all broke through
to new 1925 highs, while Wabash com
mon was lifted over two points on
predictions of an carly inauguration
of dividends at the 81 annual rate.
Cali money held steady at "a pei
cent Time money and commercial
paper rates " ere unchanged
Trading in cotton orershado~ed all
commodity markets.
heavy
Midsummer dullness descended upon
the bond market with price changes
generally narrow and irregular. Stiff
nnins of the hid and asked rates on
bankers acceptances caused some IN
! ga siness. although call and time money
rates were unchanged. With the hol-
idav season at its height, few new
large offerings are in prospect. Deal
ers have found ii difficult to MAINTAIN
! interest except in few speculative
! issues.
FOREIGN. issues showed a tendency
! 10 sell off on a Withdrawel of plds. the
decline in foreign exchange rates also
acting as dcpressins influence
chilean bonds. however. held hrm IN
anticipation of the new financing oehs
arranged for that country.
High grade railroad lines eaSed
slightly despite predictions OF unusuai
favorable July earnings statements 70
| be issued by some Of the principal car
riers this week New Haven conSoh-
dated As were hid M nearly Tour
| poiute to new 1925 peak at az
Industrial mortgages dritteo lower
A few issues moved against the gen
! eral trend by climbing point or So
! but the turnover in each case was
! small. Total sales were S6,oS9,"o".