Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-08-10

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, 9.-(By The Asso-
ciated ess.)-Bullish enthusiasm
ran rampant in today's stock mar
ket. With Wall Street literally
hooded with rumors of mergers,
stock split-ups and increased divi-
bends. spectators for the advanced
aide by relatively easy money rates,
had little difficulty in marking UP
scores OF issues l to Is points. At
the close the average of 20 leading
industrial issues stood at a high level
for all time while the average of 20
leading rails was at the highest fig
ure since 1919. Commission houses
reported a marked expansion in pub
lie interest. which was reflected in
total sales Of we'll over two million
shares.
GENERAL Motors common and Unit
ed States Steel common again estah-
lished new record high prices at
225 ga and 155 IA. respectively.
Motors later sold down to 222, while
1t was up five points on the day,
while Z. S. Steel common closed at
1o4 "a, up IA. Directors of the
General Motors Corporation meet
Thursday, and Wall Street hears that
stock dividend of so to 100 per cent
will be declared, together with an
extra cash dividend of at least 04.
Buying of steel was Influenced by
| predictions that the July untitled
! tonnage statement to be issued at
| noon tomorrow would show an in
| crease of around 100000 tons, which
| would be the first gain this year.
Publication of another seat and
semi-annual dividend statements dis
| closed that not all companies had
shared in the widespread prosperity
! of the first six months. Among the
| companies whose earnings fell be-
| low the first half of 1925 were Foun-
| dation. Ludlum Steel. Fairbanks In
| ternational Cement and National
| Enameling and Stamping. On the
| other hand substantial gains were
| reported by American Steel Foun-
dries, Shuttle Stores Corporation and
| National Public Service Corporation.
| Special movements developed in a
| wide assortment of industrials. Air
| Reduction was marked up over II
points to a new peak price At 14o II
on reports of unusually large earn
! inss in the first six months Of the
| year Dupont, which has large Gen
| erdl -hOtOES LOIulISS. luuC!iCU d HON
| record top at 313 and then dropped
back to 80 IL, up S-4 net. Ameri-
can Railway Express, Bayuk Cugars,
Butterick Thereshing, Case Thresh-
ing Machine, Chicago Pneumatic
Tool Loose Wiles, Mack Truck.
Remington Typewriter and Union
Bag and Paper all showed net gains
| of 5 to s points, several touching
! new peak prices for the year
Some striking gains were also re-
| corded in the rail group. Big -Four
scared Is points to new top at 2oo'
| Atchison touched the best price ever
! recorded at 143 IL, and New York
Central topped all quotations for the
last two decades hy selling at l39 IA,
| although it later slipped back to l3s:
| Union Pacific, southern Railway and
! Chesapeake and Ohio also reached
new high ground.
An exit eme break OF 81 halo IN
cotton prices on publication oil
bearish government report showing
an estimated Weld of 1a,62o,ooo nus
hels or about 100000 more than
vas expected, featured the commod-
itN markets.
Call money renewed at 4 IL per
cent but was marked up TO IL at
the close. coincident with the calling
! of moderate amount of loans. Time
money and commercial paper rates
were unchanged,
Foreign exchanges were irregular.
Buvine of German obligations and
| miscellaneous railroad and industrial
issues provided firm undertone for
the bond market. but trading contln-
ued at a rather slow pace. Activity
was restricted somewhat by tight
| ening of money conditions late IN
| the day.
The establishment OF new high
record by General Electric l2s and
! Rheinelhe Union IS. both on gains or
more than point. drew attention
| to this division of the foreign list.
Industrial improvement in Germany
accounted for the revival of interest.
French issues turned slightly re-
! dictionary on intimations that re-
| consideration of the debt agreement
urged by former Premier Clemenceau
would not he entertained by the Uni
| ted States. Variations OF recent
French loan reports circulated in
| Wall Street mentioned the possibll-
| itv Of bond issue based on the Sc
curity OF the French telephone sys-
! TEN, but in well informed quarters
| ii was indicated that a more logical
stem would be the sale of these lines
! to a private company headed by
| American interests.
Dealings in industrial bonds were
| featured by a point rise in CRANKY
Mining IS. which reached new high
price above ia. Detroit Edison ss
gained more than a point.
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