Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-06
NEW YORK MARKET
Features Of the Days Dealings In all
the Leading Stocks

New York, May Shy The Asso-
ciated Press) - Extreme dullness
characterized today's stock market,
with prices displaying relatively
frm undertone. The British general
strike apparently ceased to be fac
tor in the determination Of prices,
such activity as occurred being de-
pendent upon trade reports which, in
the main. were favorable.
Total sales were only $4,000
shares. the smallest of any full ses-
sion since the autumn Of 1924.
Foreign exchanges continued to
feel the effects of selling caused by
the strike. French and Belgian
francs crashed to record new low
levels in reflection Of fears that the
British crisis would indefinitely de-,
lay international sterilization credits
to those countries. A more cheerful
feeling was apparent, however, in the
commodity market.
The lethargy in the stock market
was attributed to nationwide de-
sire to restrict compliments, pend
ing further developments in England.
Unless the strike takes. a more serl-
Gus turn and develops into a bitter
class struggle, it is felt in many
quarters that the immediate erect
will be bullish rather than bearish
In character. The possibility of a
check to British pig iron shipments
to this country already has been re-
fected in stiffening price tendency
for the domestic product.
The Iron Age reports that the rate
at which new business is coming TO
the steel mills has changed but lit
tie in the past week. The Iron TRADE
review says May has started off with
less evidence of general sagging
while some elements OF Improvement
at least in sentiment, are developing.
Oil shares gave one Of the best
exhibitions of group strength with
buying Influenced by recent publlca-
ton Of constructive trade statlsucs,
reports Of large current earnings ana
favorable dividend umors. Standard
Oil of New Jersey was one OF tne
leaders of that group, moving up 10
within a point of the years hlgn
4O5l5. Good buying also was noted
in Pan.American B. Tidewater, Mar
land. Maracaibo and Houston.
Standard industrlals showed prac-
tically no change on the day. U. D
steel common drifted within range
of III points, closing n lower al
121%. General Motors closed I'M
changed at 1917 after having touch
ed 1921. Bullish demonstrations de-
veIoped in few specialties, such as
American Bank Note. the CONNER
cial Solvents issues, New YORK can
ners and Philadelphia and Reading
Coal and Iron.
Buying Of the rails centereo large
" in the low priced issues WIN
gain of points in Texas ana "a
cifc as the outstanding features
Rock Island and Kansas CITY Souln'
ern also were we'll bought.
Wheat features rallied more tnan
cent q bushel on reports of per-
sistently dry weather over the spflne
wheat belt. Cotton showed net al.
vances of 2 to points. Sugar prices
uere practically unchanged and COL
Zee closed ten points higher to loui
points lower. ,,a
Foreign exchanges were heavy. De
rand sterling yielded over one quar-.
ter of a cent to around s4.o4
Nth some of the selling propaol9
;nsnired by authoritative denlals tila
The British government was suppolt'
ING the currency in TINS flarhet
Erench francs broke over ten polI,S
tn ali cents and Belgian francs cot'
Iapsed over % points to z.So ce1 ~
both making slight ecovery lIoiti 80 o,1s
low levels. Norwegian krone tiUe e
ped IA points to 2l.So cents, wv rates
cessions in other European ra'es
were nominal. 90 ner.
nt but advanced to 4 when PANS la
oeiled between $25,O0O.OOO and s3o',
6nn In loans, Time money ruleu
arm at to IA percent but prlme
commercial paper was slightly edsl'
~ the hest names ruling at 1oui
percent. ,s. =, FOR.
eign obligations contrasted win tne
frn,er tone of domestic issues IN 70,
dav,s dull bond trading. A sllgh'
stiffening of money rates folloWins
the withdrawal of more than go
0O) 600 in bank loans tended 10 re-
strict operations.
The collapse of French and Bel
gian francs to record low ieVeis un,
dermined confidence in the 1oreign
Iist already under the depressing
inf1uence of Great Britain's LABOR
troubles. The weakness of both con-
tinentaI currencies and bonds was
attributed to the belief that the door
TO contemplated credits would OF
closed. at least temporarily, by the
British strike. Internal poHtlcaI
and financial difficulties added to the
unsettlement.
Quiet accumulation of representa-
tive railroad and industrial liens
was resumed as the first feeling OF
apprehension over the British de-
velopment was dispelled. Atchison
Rock Island, Great Northern. Erie
New York Central, Rio Grande
Western, Frisco and st. Louis South
western issues scored moderate
gains.
Few changes of importance took
place in other parts of the list, al
though independent strength was
shown by CRANKY Mining Is, Inter
borough Rapid Transit Us, Shelley
Oil Is, Corn Products Is and Wick
wire Spencer Steel Is.
The dwindling interest which
marked trading in listed bonds also
extended to the field of new Offer
ings. Several small issues, includ-
ing $3,5000O0 International Rail.
ways Of Central America Us, were
subscribed.
Among the pieces Of financing In
course of preparation is a $7,5OO,OOO
issue Of six percent bonds for the
Pickering Lumber Company. An
other large German steel loan was
reported in prospect but bankers in
Dictated that 1t might not be mar
keted for another month or two.
Total sales were $11 $4,000.