Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-30
NEW YORK MARKET
features Of the Days Dealings in All
the Leading Stocks

New York. June 25-lH)-Spiffted
Kidding for leading industrial shares
impaired unusual buoyancy to the
stock market today. Encouraged by
the establishment Of a new high
record by L. S. Steel at 141 IS, op-
orators for the rise distributed buy
ing orders for shares of other popu-
lar lines, lifting prices one to six
noints on a turnover of nearly L.
100000 shares.
In its upward surge the market
ignored a Tightening of credit condi-
lions resulting from Withdrawals of
funds to meet the mid-year settle
ments. Cali money renewed at five
nercent. the highest opening rate
since April 49, but this factor was
only a temporary deterrent and the
inward movement steadily gathered
momentum until a few minutes be-
fore the close when scattered profit
taking caused slight receaions from
the days high levels.
The climb of u. S. Stea to record
heights apparently was based on
vague hopes of an increased distri-
hutton to stockholders as veil as on
exceptionally favorable rade re-
ports. The demand for pig iron was
said to be at rate unequlled since
1924, while steel manufacturing oper-
atoms have held around o percent
Of capacity with no prospects of an
immediate recession. Tie trend
toward higher prices also was re-
ported TO be spreading throughout
the industry.
After attaining a peak price of
141 3-S, steel common tossed at
I40 ga a net gain of , le points.
Other steel shares WE'RE coeesponG-
ingly strong.
Another so-called Morga stock
General Motors-shared With L. s.
Steel the leadership of theadvance,
rallying more than pints to
l47 "a, within a few poirs of its
record high. Other motol shares,
however, failed to make SUD an i'm
pressiye showing.
The demand for equipmes chem
ical and various specialized stocks
increased AS trading progressed A
long list OF advances rangillsfrom l
to points included BaldVn, Cen
sral Railway Signal, Pullnn, Cen
sral Electric, L. S. Cast I'm Pipe.
Dupont, American Smelling Allied
Chemical. the Commercial soIvents
issues. u. S. Industrial Alcohol,
United Cigar Stores and Testing
house Air Brake. Oil shas were
neglected and few issues.Juch as
Case Threshing Machine. moved
downward against the trends
With speculative enthusiasm CEN
tering in the industrial divisn. rail
shares were relegated to tlsback-
ground.
Commodity prices were mid with
some encouragement derive from
the firmness of the wheat market
Cotton futures declined Is t22 on
Wall Street liquidation insred by
more favorable weather an crops
news. Sugar prices were maed I'D
moderately but coffee worke lower.
Foreign exchanges were saewhat
easier.
Call money ruled at per mt all
day with time money and commercial
paper rates unchanged, althoIh con-
ditions were reported soewhat
tighter.
The bond market moved within
narrow limits partly as a rlllt of
SITTER money rates attendanbn the
calling of loans for month d re-
quirements.
First grade rails and publiutili-
ties ranged slightly higher BUS US
ual recently chief interest cen-ed in
the foreign obligatio Prelinary
reports that the French government
would seek to stabilize thefranc
through credits with the fedeI re-
serve banks and the bank of E,land
impaired strength to Franch sues
but the principal buying ierest
centered in German obligationshree
of which scored new highs.
The market for domestic issulNas
irregular but few standard sues
attracted purchasing at higher ICES.
Among them were several conyible
rail bonds which responded THE
stronger influence OF rails oithe
stock exchange. Erie A and Bon
vertible As went up fractionalland
Chesapeake and Ohio convertil 5s
spurted three points on a newign
stock record for that company.
Other strong carrier obligatiodn-
Guided Canadian Pacific As. Ike
Shore and Michigan IS, Inter IAN
Rapid Transit 5s, international "a t
Northern adjustment IS. New ,rk
Central refunding 5s and Wern
Maryland As.
Observers regarded the tempry
money rate of per cen tas notri-
usual for the months end and w-
out actual significance as regardae
value of bonds in general They ID
ed for lessening of the string@
late next week, after the banks q
had time to meet their end ofie
month requirements and permA
return flow of funds into the r.
ket
United States bonds were yery-
tive at virtually unchanged priced
Total sales were S11,385,O 900.