Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-18
Financial
-reN
3; NEW YORK MARKET
Features Of the Days Dealings in all
- the Leading Stocks

New York, June 10y the AS
ISOLATED reSs)-Bullish enthusiasm,
inspired by lower money rates and
favorable trade and earning reports,
ran rampant in today's stock market
which witnessed one of the greatest
buying movements since the collapse
of the bull" market last February.
Closing quotations disclosed a long
list of net gains ranging from l to
nearly IL points, with total sales
reaching 2,426,100 shares, the highest
since March 81, and compared with
1,9S0,20O yesterday.
While buying orders embraced a
wide variety of issues. L. S. Steel
common and General Motors main
tanned the leadership of the upward
movement, the former touching a
new high record for all time at 139
"a, and the latter a new high for
the year at 14S. Buying of General
Motors, which has advanced about %
points since the first of June, was
stimulated by the announcement that
May sales totalled 141, 651 cars. a new
high monthly record, despite the fact
that April has been the peak month
in the industry for the past ten years.
The heavy demand for the high
grade railroad and industrial shares
seemed to confirm reports, that huge
sums, seeking investment. were find
ing their way into the stock market
because of the dearth of high grade
bonds at attractive yields. Several
new and recognized pools faced with
the prospect of easy money rates,
also appeared to be at work in many
sections of the list. Public participa-
ton, Judging from the crowded Gus
toners rooms of the principal COM
mission houses and the increased
wire business. particularly from the
west and middle west. also was on an
extensive scale.
u. S. Cast Iron Pipe jumped IL
points to 1872 IL and then sold down
point. Sharp gains also were re-
corded by a number of equipment,
chemical, rail- merchandising, stleet
and sugar shares. Oils, which had
advanced briskly earlier in the week,
yielded on heavy profit taking.
Commodity prices lacked unifor-
nifty. Active wheat futures showed
little change with fluctuations gov
ernen largely by weather reports.
Cotton advanced ten to II points de-
spite favorable crop news. Raw
sugar was unchanged and coffee
dropped to 16 points.
Call money opened at IL per
cent, the lowest renewal rate since
May ), and remained at that rate all
day. Call money and commercial
paper rates were unchanged. For
eign exchanges displayed a heavy
tone.
The strength and activity of for
eign obligations featured a moderate
~ active bond market which was
overshadowed in trading interest by
the bouyancy of stocks. The under
lying firmness of stock prices was
we'll maintained in all sections of the
list, although the scarcity of attrac-
tive yields among corporation issues
limited buying operations in this
quarter.
In view Of the delay in reorganiz-
ing the French cabinet there was
nothing to explain the strong buying
support for French bonds. The gov
ernment's IS were carried up more
than a point to 103, within a fraction
of the years high, and substantial
gains were recorded by the other
government, railroad and municipal
issues. Japanese obligations Wed
WIN the french IN attracting the at
tention of buyers, several issues go
ing to new high levels for the year.
General Consolidated Power Is rose
more than a point.
A brisk demand for steel company
liens, prompted by the rise in these
stocks and the turn for the better in
the industry, was counteracter by the
weakness of the oil issues, Bethle-
hem Steel 6s duplicated their pre-
vious peak price of par while Trum-
bull Steel Is and Central Steel S.
pushed into higher ground. Sinclair
and Pan American issues fell back
to points as the oil shares failed
to keep pace with the upturn in the
rest Of the market. Sugar company
bonds were firm.
Railroad liens moved at a slower
pace but several issues developed in
dependent strength. New Haven as
Of 1947 recorded a seven point gain
on a few sales, while Atchison con-
vertible and adjustment tours, Louis
vile and Nashville IS and Cuba Rail-
road 5s. were strong.
Total sales wore S10 51S nm