Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-08-07
Financial
NEW YORK MARKET
Features OF The Days Dealings In
All The Leading Stocks

1ators for the advance regained con-
stock market, which was featured
by a marked broadening of activity
While the usual weekend profit
taking brought about moderate re-
cessions from the high prices in
many stocks. closing quotations dis
closed a long list of net gains rang
ing from 1 to Is points.
The days trade was again con-
structive in character. The weekly
mercantile reviews reported further
improvement in business despite the
fact thta the average level of COM
modify prices was now at the lowest
level in two years. An unusual mid
summer expansion of business is
noted in many lines and the crops,
as whole, promise we'll.
Credit conditions continue rela-
lively easy. Call money renewed at
IA per cent today and then ad-
vanced to 4 IL as banks called a
moderate amount of loans, but the
supply was plentiful at the top fig
ure. Breakers loans reported by
members of the New York Stock
Exchange showed an increase of
nearly 100000 in July, which was
not considered excessive in view of
the marked increment in the quoted
values of many stocks. particularly
the high priced industrials. These
figures seemed to confirm reports
that stocks were being bought by
large financial institutions and
wealthy individuals who were able
to finance their purchases without
recourse to the banks.
Railroad shares, which had been
rather sluggish for a week or more,
sprang into prominence on the an
nouncement that net earnings of
Class l roads in the first six months
OF the year were the largest of any
corresponding period in history. The
dividend payers made the best show
Ing. Atchison touched a new high
record at 142 IA, New York Central
advanced to 1871 rs. the highest
price since 1909, and Atlantic Coast
Line. Baltimore and Ohio, Chicago
and Northwestern, Reading, and
Southern Railway showed net gains
of l to nearly : points.
Trading in General Motors and
Z. S. Steel common quoted down
SOIoloCI ANY, dlluouSH lut IOTHlSl
closed more than 3 points higher at
POT 5-S and the latter showed a small
fractional gain at $50 3-S. New
leaders were found, however, among
the high priced industrial special
ties. Loose-Wiles Biscuit was the
sensational individual performer.
soaring 10 points to a record top at
1853 and then dropping back to 147.
The second preferred closed Is points
higher at 1855.
Special buying also developed in
several of the cheaper issues. War
ner Brothers Pictures advanced
points to a new top on the success
full showing of its new Vuaphone
Sound Reproducing Motion Picture.
Hudson Motors was run over
points to y IL at the expense of
an overcrowded short interest, clos
ing near the top. Cudahy Packing
moved up over 2 points on the an
nouncement Of a substantial increase
In earnings OF the company for the
current fiscal year.
Time money and commercial pa
per rates were unchanged.
Commodity prices showed little
change.
A sharp rally of over 20 points in
French francs which carried them
above the cent level for the first
time in several months featured the
firm foreign exchange market. Buy
ing Of francs reflected heavy short
covering by European spectators
following the passage by the French
chamber Of deputies OF two import
ant measures proposed by Premier
Poincare in connection with his plan
Tor the rehabilitation Of French nm
anceA Other continental rates i'm
proved in sympathy.
French issues again featured trad
ing inSthe bond market, the Is Of that
country touched . now high for the
year at % Ia on heavy buying but
shaded OF ct the last for q net
change Of . quarter down for the day
French las and Sc held their gains
OF the last few days. closing Ia and
1%3 higher respectively.
The domestic list drifted INDECENT
NkoS the most part. Brooklyn Union
,GS4 1,2S continued to climb,
,@Rnqtng three quarters and Inter
NanppA Telephone and Telegraph
va ND es3 on heavy buying. Warner
SNgarfs OF 1924 and rs Of 1889 were
pQ3 $s4 and , is.
s.EAM01G the rails St Louis and Iron
Mountain River and Gulf Division
~ were up halt on big turnover
S3as Denver dnd Rio Grande Western
es jumped ID also on heavy trad.
iAE Other rails showing strength
lneeyde0 Great Northern IS, st.
EaWs San EranetSso income &c, Sea.
Anf 3, A4tHataaept g.