Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-10
NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks

New York, June 9-(By The Asso-
ciated Press)-Opposing speculative
forces struggled for control Of the
price movement in today's STOCK
market, with the days advantage On
the side of those working for higher
prices. The market sold off during
the morning when bear traders at
tackled the motors and a few special
ties, but it turned upward later il,
the day when bullish operations were
resumed. Total sales were 1,536,0O0
shares as compared with 1862, 100
yesterday and 1,107300 the day be-
fore.
The days business news was
largely constructive in character.
The weekly steel trade reviews were
optimistic in character, with the
president of one of the large tndepen-
dents reporting that buyers were de-
manding prompt shipment, an indl-
cation of low stocks. The American
Petroleum Institute reported a re-
ruction Of 1850 barrels last week "
the daily average of gross crude oil
production which is now running
more than 100000 barrels daily be-
low that of the corresponding period
last year. Retail business, judging
by the sales and earnings statements
Of the United Drug and other chain
store companies is running well
above last year.
Although Consolidated April net
earnings of the class one railroads
did not come up to earlier eXpecta-
lions, due to the relatively poor
showing Of some of the western
roads, fresh buying was attracted in
10 that group today by the announce
ment that the New York Central
planned a consolidation of some of
its principal subsidiaries. Special
strength again developed in Louis
vile & Nashville. which advanced
nearly five points to 1913 "a, closing
within a point of the top. L. S.
Steel common crossed 1872 on a new
high on the current upswing with
buying credited to a prominent auto
mobile manufacturer. Crucible Steel
was also in good demand, but most
of the other independents were
heavy.
With the exception Of Pan Ameri-
can 3 which touched a new high on
the present move at 70 IL on buying
presumably influenced by, the report
that gasoline production of the COM
pany was running 25 percent above
that of a year ago. the oils failed to
respond to bullish trade statistics.
Atlantic Refining sold down more
than points TO 115 3-S but recovered
half its loss.
International Combustion was
heavily sold during the morning, be-
ing hammered down nearly four
points to so ga, but it recovered ap-
proXimately half its loss. Marked
heaviness also was shown by Ameri-
can Ice, Manhattan Modified Guaran-
ty. Pullman, Union Bag and Paper
and Woolworth. Some of the strong
spots included California Packing,
Central Leather preferred, CONNER
cial Solvents B, National Dairy Pro-
ducts, U. S. Rubber anr Ward Bak-
ing B.
Most Of the principal commodity
markets lost ground. Active wheat
futures showed little change. Cotton
yielded six to 10 points with selling
inspired by favorable crop advices
Raw sugar declined 1872. of a cent
a pound and coffee fell back 20 to 81
points. Call money renewed at
percent and remained at that rate
all day. Time money and CONNER
cial paper rates were unchanged.
Investment interest was transfer
red from bond trading to the field
of new financing. where offerings of
more than $50,000,000 were readily
subscribed.
Public utility issues. both new and
old, led the field in popularity. The
$40,000,000 bond flotation for the
Southern California Edison Co., was
well received and apparently offered
no serious competition to represent
ative utility bonds on the New York
stock exchange list. Detroit Edison
SIS. Utah Power and Light IS. Inter
borough Rapid Transit 6s and Port
land Railway issues were higher.
Offerings tomorrow will include $5,-