Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-08-17

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

Features OF The Days Dealings In
All The Leading Stocks
New York, Aug. 16-(By the Asso-
ciated Press)-Establishm of a
new high record for all time by L. S.
Steel common at 159 IL and the REL
vlval OF activity and strength in the
railroad shares, several of which at
tanned highest prices in a year or
longer. featured the days stock mar
ket. The general industrial list dis
closed considerable irregularity, due
to rather extensive profit taking in
recent stron spots and a resumption
Of bear attacks.
Wall Street was surprised, as well
as disappointed, at the failure of the
directors Of the Standard Oil Com
pany of New Jersey to take any &C
ton today toward the retirement of
the preferred stock. Reports haye
been current for several weeks that
the preferred would be called at lis,
the funds to be derived from the sale
of a large block of common stock at
prices which would give present
stockholders valuable subscription
rights and that, in addition. the di-
vldend on the common would be in
creased. Only the regular dividend
was declared. Standard Oil of New
Jersey common yielded only fraction
ally to 43 IA, but several Of the other
oils, which had been accumulated re-
Gently on the theory that the retire
ment of Standard oil of New jersey
preferred would signalize the begin
ming of an "oil market" fell back a
point or more.
Du Pont registered an extreme loss
Of nearly 10 points more than half Of
which was later recovered. on the
traditional selling on the good news"
| following the announcement that the
directors had increased the quarterly
| dividend from ID to IL per cent,
and had called a stockholders meet
ing to approve plan for changing
| the capitalization of the company by
authorizing the issuance of 100000
shares of no par common to replace
| the present 100000 shares of 800
! par with the announced intention of
| issuing two shares of new stock for
! one of the present common. Trading
| in GeneKal Motors was of a nervous
| character, though still on a large
scale. the stock closing ] IA points
| lower at 200 IA after having fuc-
tuated between 201 ga and 210 "a.
| Although the next regular quarter
| ~ meeting of the L. s. Steel direc-
! tors is still more than two months
| away, Wall Street professed to have
| information that a forty or fifty per
| cent stock dividend would be declar-
| ed. which probably explained the de-
| mand for that issue. 1t closed at 15s
| 1-2. up = SIS net. Steel mill opera
! tons are being maintaine At a high
rate. but uneasiness is expressed in
! some quarters over the reported fall
ing off in building activity.
The rails were bought on the
| strength of excellent earnings reports
and maintenance of record breaking
| freight traffic. with rumors also cur
! rent Of special dividend action by
| some roads before the end of the
! year. Atchison, Baltimore and Ohio
| Chesa peake and Ohio. common and
! preferred, Pere Marquette, New York
| Central. Norfolk and Western and
Southern and Northern Pacific also
topped their previous 1925 high pricA
eS. some of them selling at THEN
| highest prices in 90 years.
| Cali money held steady AT 4 1-2
per cent, Banks called about 500
| 600. 600 in loans. but the supply OF
| luiluS was pltHbllul al h"N. nv
| money and commercial paper held
+ firm.
Active wheat futures droRped | IL
| TO nearly &c a bushel on selling in
! spired by the unsuually large in
| crease in the visible supply in this
| country. Cotton rallied 81 TO 3S
points on reports of widespread in
| sect damage. Foreign exchanges held
steady in quiet trading.
Speculative divisions of the bond
| market made better showing today
| but the list as whole continued 10
! feel the restraining influence of a
tighter money situation. Convertible
rail and oil isues led the market in
actively. several Of them following
the stocks of their companies into
new high ground.
Norfolk and Western convertible
SKIES and Chesapeake and ONO con-
vertihle SIS were among the most
CONSPICUOUS strong fea lures, both rail-
| living more than points. Standard
| investment issues including Atchlson
and New York Central bonds. huc-
| tuated with fractional limits. Inter
national Great Northern adjustment
! skies reached a new top price around
| 81.
Skery Oil s les displayed indie
! pendent strength in the oil group,
! climbing points to above $40, hut
other petroleum issues were mostly
| lower.
Coincident with reports that
| German electric merger would soon
| be completed with the aid OF large
| loan in this country, German General
| Electric % advanced more than a
, point to a new high level above ia.
| Trading in other foreign obligations
was quiet but prices held firm.
Tota sales were SIS 100000.