Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-05-19
NEW YORK MARKET
r.,.ures of the Days Dealings in all
the Leading Stocks

the Leading Stocks
xaw York. May 1S-(By The As
...;ated Press The line of least
ssistauce was again downward in
.saoy's stock market. With the gen
.rsl public apparently taking little
;,terest in the proceedings profess
.;onal operators met with little op-
.'osition when they renewed selling
pssssure against the motors, rubbers
"a nnblic utilities. The days sales
an INST short of $1000,000 shares.
THE continued weakness of French
and Belsion francs, which crashed Ia
new low records for all time at 2.73
cents each, had a depressing effect
On sentiment in financial circles, but
4 Is doubtful whether it actually
csused any liquidation of stocks.
Except for further extension of
rscent gasoline price advances, pub
pcation of a private report that the
daily average of crude oil output
crossed the 100000 barrel mark last
week for the first time this year and
few earnings reports, there was
little in the days trade news to at
tract attention.
April shipments of tires totalled
st,S.4l5 as compared with 3,562,S12
in the same month last year, accord
ing to the Rubber Association of
America. Copper deliveries in the
first Quarter were reported to be Is
percent above those of the cores
ponding period last year.
Thirty-five individual stocks sank
.
list included such diversified issues
as American and foreign power,
American Home Products, American
Radiator. American Zinc and Lead,
Bethleheb Steel, Chirds and Com
pany. Commercial Credit, Cuba Cane
Sugar referred, Electric PRefrigera
ton, First National Pictures pre-
ferred, Hayes Wheel, Madison and
Company, Montgomery and Ward
National Distillers, Standard Plate
Glass, Studebaker, T. S. Sast Iron
Piue, L. S. Bibbon and Ward Baking
B.
The rail issues were we'll support
I'd the average of 20 leading issues
setually closing higher on the day.
Heacy accumulation of Lago Oil
hUiCu duN dHbNd Wv Sl q POiill " Il
Inc highest price since it was listed
about week ago, featured the oil
group.
Buying of this issue accompanied
the announcement of the completion
of the compahy's fifty eighth we'll
the last So of which have been
brought in without the development
Of dry hole.
Commodity markets We're quiet and
Irregular Active wheat and cotton
futures closed practically unchanged
Raw sugar was quoted at lis of @
cent a pound lower, and the futures
also showed an easier tone. Coffee
advanced 16 to 80 points. Cotton
seed oil prices advanced 20 to II
points to new high records for the
year on buying influenced by the
buliish census bureau report indicat-
ing April consumption of 2SS,0O0 bar
rels, or considerably above local ex-
pectations.
Call money renewed at 3% percent
and held steady at that figure all
day Time money and commercial
paper rates We're unchanged.
Renewed Jeakness of the French
and Belgian francs overshadowed all
other developments in the irregular
foreign exchanges market Demand
sterling ruled about 3-16 of one cent
lower around 1886, but Italian Lire
rallied another 10 points to around
AIS cents.
Moderate Improvement in the de-
mand for seasoned investment bonds
Jailed to turn the market out of the
narrow trading rut. Prices of do
nestle issues tended upward in the
early dealings, but gains We're not
fully maintained. Prices of domes-
tic issues tended upward in the early
dealings, but gains We're not fully
maintained while reactionary ten
denotes dominated the foreign list.
With French and Belgian curren-
cles plunging to record low levels,
the resistance of these bonds to SELL
Ing pressure weakened perceptibly
and losses of more than a point were
recorder by some of the French obli-
cations. Signs of renewed specula-
i've selling appeared as the result of
the unsettled financial situation at
Paris.
Movements Of the Brazilian issues
were closely watched in view of the
forthcoming financing for this coun-
Try, but the changes were insignifi-
cant Progress in the loan negotia-
lions has reached a point which may
permit the fiotation of the 100000
this week, according to investment
circles which expect the sew obliga-
IONS to bear an interest rate of
e12T, the lowest so far obtained by
Brazil in this market.
One of the features of trading in
domestic corporation bonds was the
lively rally in Warner Sugar rs, fol-
lowing assurances that interest pay
ments would promptly be met despite
recent operating losses sustained by
The company.
Despite the slump in Chicago and
Alton stocks to new low levels the
roads bonds maintained a firm tone.
Features of heavy assessments were
reported to have caused switching
from the shares to the and 31a%
ponds, which probably Will be little
disturbed in the reorganization.
Among the new offerings scheduled
Tor tomorrow is an issue of $10.0S2,-
wv Westminster County, New York.
ssA% bonds, priced to yield 1856 to
20 according to maturities ranging
rom 1929 to 1878. Total sales were
1897 0O0