Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-12-22
Financial
NEW YORK MARKET
Features OF che Days Dealings il
All the Leading Stocks

/ New York, Dec. 21.--(P)-The
| buying movement in the stock mar
| ket slowed up considerably today
with reactionary price tendencies
| still predominant. The sudden wan
! ing of seculative enthusiasm was
! somewhat of a disappointment to
! professional operators, who attribut-'
ed it to the approach of the Christ
! mas holiday. the prospect of firm
4 call money rates over the year end
and the sharp increase in brokers'
/ loans last week.
| Declaration of % percent stock
/ dividend by the Otis Elevator Com
: pany was in accordance with Wall
| Street expectations, the stock clos
; ing IA points lower on the day.
| Moderate recessions also took place
! i'll such recent favorites rs United
| States Steel common. Allied Chemi-
| cal, Baldwin, American Can, Ameri-
can Smelling, Chrysler and Warner
| Pictures. but the selling did not ap-
/ pear to represent anything more
I than the correction of weakened
! technical position.
| Pools were again active in a num-
| Der of stocks with promising merger
| or dividend possibilities. Collins and
I DdNiSOh SiClllSdiy llbCI
| tional Cement, Mallinson and Uni
| versal Pipe, all showed net gains of
! two or more points on the day.
Occasional attempts of floor trad
/ ers to unsettle the list by hammer
! ing supposedly vulnerable stocks en-
| countered strong resistance, indicat-
/ ing the presence of a strong under-
j lying demand. With hundreds of
I millions of dollars still to be distrib-
(, uted in year-end dividend and inter-
! est payments, spectators for the
advance strove valiantly to maintain
interest in issues sponsored by them.
which probably explains the large
crop of rumors in circulation.
! Revival Of strength and activity
! in the Van Sweringen issues revived
/ hopes of an early announcement of
! the plans of the Cleveland financiers
! in regard to the Nickel Plate Con-
! solidation. Chesapeake and Ohio,
! minority stockholders of which are
, reported to be demanding a SD divi-
| dend guarantee on their stock, adj
vanced two points to 161 IL. Erie
| common and first preferred touched
/ AZ and IS "a. respectively, the high
/, est prices in a decade, and Pere
| Marquette closed one point higher.
| st. Louis. San Francisco common
| and Reading second preferred also
eclipsed their previous 1926 peak
! prices.
! A sharp rise of about SC a bushei
! in wheat futures. based on the pub
| lication of a bullish governmens
! crop report. featured the commodity
| markets.
| Foreign exchange rates were
I wifi tltn nXpGnfIOn OF
! demand sterling. which was firm
I around S4.S4 is; French francs re-
! acted over ) points from the record
! high of 40i IL cents.
! A pre-holiday tightening of credit
! conditions. reflected in the calling of
| bank loans and higher money rates,
| unsettled the bond market, ana
| prices drifted irregularly lower. in
1 stead of seeking investment in bonds.
| funds started to flow away from
] Wall Street in the form Of year
| end disbursements and Christmas
| currency.
Foreign obligations apparently
! have reached levels where they no
! longer attract buyers.
The most interesting development
| in this field was the announcement
by Speyer and Company that 81
, 100000 Bulgarian 40 year seven per-
cent loan would he placed on the
market tomorrow at price of 81
An additional S2.400000 issue or
sterling bonds will be offered in Eu-
rope.
A fair demand developed for high
grade public utilities but railroad
and public utilities went begging.
Denver and Rio Grande western 5s
stamped more than point, Elk
Horn Coal Is fell to new low for
the year and CRANKY Is = IA points.
The final step in the major hnan-
cling program of the Long Bell Lum-
Der Company will be taken tomor-
row with the sale of S9.250,000 3
year D percent notes convertible
into first mortgage bonds OF the long
view, Portland and Northern Rail-
way The notesNili be priced At q.