Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-10-23
Financial
NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks

New York, Oct. 22.-(P)-The stock
market today opened moderately
strong, broke sharply when selling
pressure was renewed against the
motor shares and then rallied brisk
ly in the last few minutes of trad
ing, with closing prices irregularly
lower. AS. in most sessions of late,
the fluctuations bore little relation
to the days news, but reflected the
play of professional traders, with the
so-called public apparently taking
little interest in the proceedings.
Total sales again fell below two mil
lion shares.
Failure Of operators for the rise to
attract an outside interest in the re-
covery which began late Wednesday,
slightly sitter call money rates, re-
newed weakness of the cotton mar
ket, a series of earthquake disturb
anceS in California, reports that the
Cuban storm damage had been
greatly under estimated and the de-
partment of commerce report show
ing a falling off in automobile pro-
duction in September were all used
by bear traders as excuses for re-
newed attacks on the market.
The weekly mercantile reviews
call attention to a slackening in
some lines of industry, but point out
there has been no general setback in
business. Chairman Gary told mem
bers of the American Iron and Steel
Institute at their semi-annual meet
ing here today that there were no
clouds on the business horizon
which indicate tn demands for
steel products in the aggregate viii
be reduced substantially in the near
future and also expressed assurance
that there would be no tariff reduc-
ton sufficient to affect industry.
Publication of the quarterly report
of the Chrysler Corporation, show
ing earnings below the correspond
ing period last year, also was used
as an excuse for selling the stock.
General Motors dropped from las to
142 IA and then snapped back to
145 3-4, off l 3-4 net; Mack Trucks
fell from 90 1-2 to 81, a new low,
and then rallied to SO is, off 3 1-2
net, and several others sagged to
around the years low levels. Du
Pont collapsed from $40 to sos Is
ar then rebounded to 314 1-2. !
United States Steel common opened
at 13S IA, which proved to be the
high figure OF sthe day, sold down to
JOf O-CY anu tSillASu " 1oO c-Cr VII
/ 3-S net. Gulf States Steel broke
five points to a new 1926 low at 81
on publication of a poor third quar-
terly report. Youngstown Sheet and
Tube rallied IL points.
The late recovery was led by
United States Industrial Alcohol,
which scared over Z points to as
and United States Rubber which
jumped five points to 81 IL. Coal
shares were bid up on reports of
colder weather in several sections of
the country.
Atchison led the early advance in
the railroad shares, but ran into
heavy selling on publication of a
statement by President Storey that
he knew of no abnormal develop
ment for the recent rise in the stock,
which had been associated with ru-
mors of an increased dividend at the
January meeting.
Call money held steady at 4 IL
per cent all day.
A sharp rally in wheat prices,
which carried the December option
up nearly three cents a bushel to
S1.45 IL, and another decline in cot
ton, practically all of which was re-
covered, featured the commodity
markets.
A brisk demand for Norwegian
krone, which carried them up to a
new high rec@d for the year above
rs cents, was the outstanding de-
velopment in foreign exchanve trad
ing.
Investment funds flowed freely in
to the bond market bringing about
general improvement in prices. Sew
eral points of exceptional activity
appeard in the railroad. Industrial