Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-10
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, July 9.-(P)-A sudden
wave of heavy selling for both ac-
counts swept over tday's stock mar
ket in the last hour, forcing mod
crate recession throughout the list.
The break came after an earlier
period of strength which had been
featured by sustained demand for
the railroad shares. Trading was
again in relatively heavy volume, the
days sales aggregating 1867 100
shares.
There was nothing In the days
news to explain the reaction, which
was generally considered as a cor
rection of weakened technical
position resulting from the rapidity
of the recent adance. In some ques-
tiers, however, there was tendency
to look for more stringent credit
conditions as result of the drop in
the Federal Reserve ratios. The
weekly mercantile review called at
tention to the Improvement in bust
ness sentiment and the continued in
crease in bank clearings over the
corresponding period last year.
Selling pressure was particularly
acute in such recent strong spots as
Allied Chemical, American Tobacco,
Dupont, General Motors, General
Asphalt, Mack Truck, New York
Gamers. Pullman, Remington Type
writer, Sloss-Sh effield Steel, Union
Oil of California, U. S. Rubber, U. S.
Steel and Youngstown Sheet and
Tube, all of which showed net de-
clines of IL points or more.
Rails yielded with the industrials
in the late selling movement but the
A sudden outburst of activity in
Trans-continental Petroleum, based
on the discovery of a new we'll, sent
high level for the year on total
transa ctions of over 10000 shares,
or more than one-tenth of the days
entire volume of business. Other
oils were in supply with selling pre-
sumably influenced by the opening
of new oil fields.
Over a dozen issues attained new
peak prices for the year during the
session. the list including Case
Threshing common and preferred,
Lambert Company, Postum Cereal,
Collins and Altman preferred, Inter
national Business Machines, Laclede
Gas. Standard Milling preferred, Z.
S. Cast Iron Pipe and Wilson Com
pany "a the net gains changing
from fractions to s points.
A sharp advance of over 81 bale
in active cotton futures based on
widespread reports of insect dam
age. featured the commodity market.
Call money held steady at IL
per cent all day. The stock ex-
changes official summary of the call
money market reported a heavy
turnover but with funds available at
all times and money in supply at the
close.
Time money and commercial pa
per rates were unchanged.
Sharp rallies in the French and
Italian currencies featured the irreg-
ular foreign exchange market.
Bond trading moved at slow
pace, with interest about evenly dl-
vided between railroad and foreign
obligations. The relative stability of
money conditions offered no incen-
tive for speculative operations and
the absence of these factors 1nten-
sified the markets dizziness.
The buying movement In the for
eign division. which recently has
been based on the higher yields or
these bonds. broadened slightly but
price fluctuations were narrow and
few issues We're able to reach the
years high marks.
Railroad liens retained their pop
ularity. although buying was of
more selective character than in re-
cent sessions.
Several weak spots appeared In
the industrial group. apparently as
the result of realizing sales. Amer
lean Writing Paper issues sagSeo
about two points each, international
Agricultural Chemical 5s and Skelly
Oil 6 lbs lost a point or more, ana
Warner Sugar refunding IS were de-
pressed fractionally to a new low
level for the year.
Total sales were $40, 10000.