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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Oct 06, 1926
Page
21
In New York trading stocks dropped sharply amid renewed selling after a six week lull. Downticks spanned many issues with notable falls in General Motors and United States Steel while bonds gained slightly. Traders cited no clear business cause for the selloff and noted rising brokers' confidence and ongoing market fragility.
The AP reports quotations for international currencies in cents and local units. Key levels include Britain at 484 11-16 demand and 488 3-18 cables, France around 2.82 to 2.83, Italy 3.76 to 3.77, and other currencies including Belgium Germany Holland Norway Sweden Denmark Switzerland Spain Greece Poland Austria Romania Argentina Brazil Tokyo Shanghai Montreal and Portugal, with varied bid and ask figures.
Metal prices steady and mixed with quotes for copper tin lead zinc and antimony. Spot and futures levels cited include copper at 14 1 4 and 68.12 futures tin at 71 25 near term 68 12 futures lead at 8 85 antimony spot 14 00 and East St Louis figures at 7 34 with various changes noted and electrolytic and fue tures mentioned.
Rubber prices ended steady on October 5 with futures for October at 43.40, March at 44.49, and May at 44.60. The Treasury balance was reported in arrears with limited details available.
The article discusses the nation wide debate on instalment selling and its impact on business. It cites varied expert views and notes instalment buying currently boosts productive industry while risking overextension. It lists 1926 industry shares: phonographs 80 percent autos 75 percent washing machines 60 percent vacuum cleaners 53 percent furniture 60 percent pianos 40 percent jewelry 25 percent radios 13 percent.
New York Oct 6 AP A sharp stock market setback led to many curb stock losses to protect margined accounts. Active logues fell 1 to 4 points as gas line price war fears spread. DuFont and several others dropped while Warner Pictures B rose over a point and Goodyear gained as utilities held. Prospects of higher dividends at major firms offered some support.
The clearing house statement lists exchanges at 1,111,000,000 and balances at 97,000,000. Federal Reserve Bank credit balance stands at 82,000,000.
New York stock market reports a firmer bond tone with broader buying across foreign, railroad, industrial and public utility issues. Interborough Rapid Transit bonds surged, while Southern rail liens softened amid cotton price fears. French bonds stayed firm and Liberty and Treasury issues gained on the improving money outlook.
New York price report shows eggs irregular with receipts of 20,000. fresh gathered flats and storage eggs range from 34 to 65 cents for various grades. Creamery extra rates around 46 to 64 cents with firsts up to 65. Potatoes remain steady as markets close.
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