Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-08-12
NEW YORK MARKET
FEATURES Of The Days Dealings In
All The Leading Stocks .sx,ss

New York, Aug. IL (By The Asso-
stated Press)-Another sharp down
usrd revision Of prices took place
" today's stock market. The reac-
.ion. which covered practically the
sntire list, reached its climax in the
,as, few minuter Of trading and fol-
iowed an early period of strength
Suring which many issues had been
marked up l to 9 points. These early
Gains were wiped out, for the most
sesrt. and replaced with net losses
rsnsing from fractions to six points.
In the absence Of any large over
.;sht accumulation Of selling orders
atfer Yesterdays drastic break, OPP
arstors for the rise started to mark
vn nrices soon after the opening.
Tbey were aided by a plentiful sup
n,y Of call money around 1-2 per-
p rent and a favorable quota of trade
news. including the announcement
hat freight traffic in the week ended
INV 81 had attained a new high level
sor the year and the publicat ton Of
,be weekly steel trade reviews, call
;ny attention to the fact that August
hnsiness was running ahead of July.
With Indications that 1926 will ex-
ceed 1925 as a steel year.
General MOlOIS, WHICH mas DSeu
.bs feature of recent markets, OPEN
ed IL poi:.ts higher at 20S, cross
Al 21s before midday and then
broke to 203 closing at the bottom.
y steel common was hammered
Sown to lat ga and then rallied to
,is ia, off "a points net. Extreme
seriousness c, aracterized the trad
ine IN these two issues due to the
Uncertainty as to what dividend ac-
zion would be taken by General Mo-
tors directors at their meeting to-
morrow.
Professional traders were Of the
oninion that General Motors dividend
action is likely to determine the i'm
mediate trend of prices. Hope Is
sill held out for a stock dividend of
"a percent and a cash extra of SO or
a in addition to the regular pay
Although it is generally conceded
that the technical position of the
market has been materially improved
nv the drastic decline Of the last
two days, commission houses advices
continued to suggest caution in the
making of ,mmitments on the the
orv that further correction may be
necessary.
The sharpest breaks took place in
such issues as Air Reduction, Amer
iran Brake Shoe and Foundry, Bald
win, Manhattan Electrical Supply
and National Lead, all off four points
or more.
The principal commodity markets
we're reactionary. wheat futures
dropped to nearly 4 cents a bushel
in reflection Of the bearish interpre-
tation placed on the government
crop report. Cotton also sold down
80 TO AZ points on selling inspired by
favorable weather.
Call money held steady at 4 IL
percent all day. Time money and
commercial paper rates were I'M
changed.
Foreign exchanges moved irregu-
IarIv lower. Renewed selling OF
french francs carried them down
several points to around "a cents,
with sympathetic dec, .es in the Bel
gian and italian rates.
Bond prices drifted aimlessly In
one of the dullest tradins sessions
Of the year. Recent indicn tons OF
sitter credit conditions placed a
damper Oh buying for both specula-
tive investment account, although
special considerations accounted for
a few displays of strength.
Foreign legations held moderat-
ly firm, with French issues recover
ing in response to the adoption OF
the sinking fund measure sponsored
by the new cabinet.
Railroad liens. particularly those
Of an investment calibre, were sub
jected to profit taking despite pre-.
dictions of large July earnings ana
further increases in traffic. Atchlson
General 4s, Bal more and Ohio Cen
eral IS, Southern Pacific Refundins
Is, Ontario and Western refunding
As, Denver and Rio Grande 5s and
Chicago, Milwaukee and Puget
Sound As were heavy. Norfolk South
ern refunding IS continued their ex-
traordinary rice, mounting more than
4 points to new high price at ~.
and Columbus and Hooking Valley
Is were strong.
Total sales were s7,430,0O0.