Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-19
NEW YORK MARKET
Features OF the Days Dealings In all
the Leading Stocks

New York. June 1s.-(By The AS
ISOLATED Press)-Stock prices under
went q sharp reversal Of form in to-
days market, moving UP steadily
throughout the greater part Of the
session, ad then topping from
startling suddenness just before the
close under an avalanche Of selling.
Closing quotations disclosed consid-
cradle irregularity, long list Of net
gains ranging from one to seven
points being offset by a longer list Of
net losses running as high as 8
points. Total sales aggregated g.
800, 500 shares.
In the absence Of adverse news
orally regarded as q natural correc-
ton of q temporarily overbought
condition resulting from the sustain
ed advance of the past few weeks.
Banks called loans freely during the
day, keeping the renewal rate at
four per cent but the sitter rate was
believed to be only temporary.
The weekly mercantile reviews
continued to report irregularities in
general business. Cool weather is
said to have retarded distributive
trade.
Profit taking sales were unusually
heavy in some Of the recent leaders.
U. S. Steel common, which has ad-
vanced about 16 points since the first
of the month, closed 4 IL points
lower. General Motors dropped from
148 1-2, a new high record for the
year, to 142, and then rallied to
143 1-8. General Electric dropped
from $50 to 1913 IL.
Sharp recessions also took place in
|, Coca Cola, Dupont. Fisher Body and
u S. Cast Iron Pipe, all of which
closed 4 to points lower.
Bullish demonstrations were con-
Quoted, however, in a wide variety Of
issues. Gotham Silk Hosiery and
Commercial Solvents B each scared
about six points to new high records
for the year at So IA and 166, res
pectively. closing within a point Of
the high levels. Woolworth rallied
back to 167 IL for a net gain OF
over four points on the day. The
Kelly Springfield preferred issues,
Loose Wiles Biscuit. McCrory Stores
B, National Tea and U. S. Distribut-
ing, all showed net gains Of 3 points
or more.
Rails eased with the industrials.
Reading touched a new high for the
year at SO and then eased to 81 ga
and Baltimore and Ohio slid back to
"a rs after duplicating the years
high of SO 1-2. Atlantic Coast Line
closed fractionally higher at PIT 1-s
after having touched PIT ga.
Commodity prices were mixed.
Wheat futures advanced about cent
a bushel on favorable weather re-
ports. Cotton and coffee showed a
narrow and irregular change. Raw
sugar dropped 1870 a pound.
Time money and commercial pa
per rates were unchanged.
Foreign exchanges were heavy
with the exception of demand ster-
ling which ruled steady around
4.S6 3-16 and Spanish pesetas which
rallied about Is points to around
1925 cents. French francs ruled five
points lower around 2.76 IL cents
and slight recessions took place in
the other leading continental cur
rencies.
A strong buying movement IN Z.
S. government obligations and GER
tain foreign issues featured the mod
erately active bond market. Trading
interest was at a low ebb in domestic
railroad and other corporation bonds
but prices held steadily. The unus-
ually heavy volume of new financing
which the investment market has
been called upon to absorb this week
, appeared to have restrained opera
: tons. =
Rallies of to points in Mexican
bonds were attributed to a belief that
funds which have been accommodating
for the debt service will be distribu-
ted next month. The governments
five percent bonds advanced 5 points
to a 1926 high price of 55. japanese
government lbs and second As
both sold at the years best levels and
Rheinelbe Union Is, the strongest
feature of the German group, crossed
103 to a new top.
Speculative activities accounted for
most of the gains in the railroad list.
Canadian Northern LES were ex-
ceptionally strong, advancing more
than 2 points to a new high for the
year. A S12,000.000 issue of Canadian
Pacific Railway 4 1-2 equipment
notes was places on the market at
; prices to yield from to ass per cent
for the various maturities.
Remington Arms 6s were among
the few industrial issues to attract
attention, gaining SIS points. Sim
clair Consolidated bonds were higher
but the crude oil skies were unchang-
ed at 101 Is, the price at which S10,-
100000 of these bonds have been
called for redemption.
Total sales were $10,6S3,000.