Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-24
Financial
NEW YORK MARKET
Features OF The Days Dealings In
All The Leading Stocks

New York, July 23.-(By The AS
ISOLATED Press 1.-The stock market
experienced a further reimbursement
today with the result that there was
considerable irregularity in price
movements.
Public participation was exceed
ingly small, and what little adyan-
tage there was in the days fiuctu-
ations rested largely with profession
al traders working for lower prices.
Bear traders made occasional at
lacks on supposedly vulnerable is
sues. but they failed to bring about
any general unsettlement.
The weekly mercantile reviews laid
stress on the unusual midsummer
| expansion of business and held out
hopes for further recovery in the
third quarter. Intense heat in some
areas has stimulated sales OF not
weather merchandise. Two OF the
most interesting domestic develop
ments of the day were the approval
of the proposed southwestern rail-
road merger by the directors of the
| Kansas City Southern, and an in
crease in lead prices.
The announcement that former
Premier Poincare had succeeded in
| forming a new French coalition cab
! met was reflected in the further re-
| covery of the foreign exchange and
| the rising trend of French bond
| prices. French francs, which had
collapsed below cents earlier in the
week, ruled around 235 cents. Bel
gian francs rallied close TO 2.40 cents
| and demand sterling was slightly
| higher at 4.S5 SIS.
Both the industrial aud railroad
averages showed practically no
change on the day. Several of the
standard industrials drifted lower on
| the usual week end realizing. L. $.
Steel common showed a net decline
of SIS at 1873 Ia. General Motors
closed "a lower at 166. Excellent
| buying took place, however, in
American Can, which was bid up to
| a new high of 50 3-S for the present
stock, and then sagged a point.
Weakness developed in some of the
! high priced industrial specialties. L..
J S. Steel Iron Pipe broke from 243
! to 230 IL and then rebounded TO
232 IL. ounFdation Company broke
nearly six points to 81 Ia.
Call money held at per cent all
| day. Time money and commercial
| paper rates were unchanged.
Wheat prices drifted lower when
higher temperatures in the west
failed to hold. Cotton prices broke
about $3.50 bale as a result OF the
bearish Interpretation placed on the
government report putting condition
at 70.7 per cent and indicated WELD
at l5 SOS, 900 bales but rallied later
on adverse weather reports closing
IL to Is points net higher, Raw sugar
was unchanged but the futures mar
ket was firm.
More favorable foreign and do
mestic news steadied the bond mar
ket. bringing about a moderate inn
provement in prices. French obll-
cations continued to reflect the more
cheerful outlook for solution of that
nations financial difficulties while
domestic Issues were helped by the
retention Of the II per cent Fed
eral Bank rate.
Gains in the French group were
limited 10 fractions but the tone OF
trading was one of distinct improve
ment exerting a favorable influence
on the rest OF the foreign list. Bel
gian bonds advanced sympatheticaly
and number Of German issues re-
suned their upward movement
The principal trading feature in the
domestic list was the vigorous rally
of local traction liens following the
termination of the subway strike.
Price movements elsewhere were
conflicting. Investment railroad IS
sues made a better showing than
those Of a speculative cast. but gains
and losses for the group as a whole
struck an even balance.
Oil company liens moved up under
the leadership OF Sicily aud Pan.
American converubles, but selling OF
other industrials included Bethlehem
steel LIS and Olden Coal os.
Total sales S7,Sl0,000.