Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-01
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks

New York, June Body The AS
sociated Press)-With U. s. Steel
common soaring to the highest
price on record at l44, the stock
market was whirled upward at a
faster pace today. Broadening pub
lie participation reflected growing
confidence in the Industrial outlook
which was supported by exception
ally favorable reports from the steel
trade and other basic industries. To-
tal sales aggregated 1.6S2,200 shares.
Although the speculative spotlight
was focused principally on the
premier steel issue it's place at the
head OF the procession was contested
BY other pivotal stocks, such as Cen
eral Motors which attracted attention
by its rise to new high ground for
the year at 149 Ia.
Meanwhile investment funds how-
cd steadily into high grade railroad
shares, the average price of which
reached the highest point in several
years.
Accompanying the upward flight of
steel common, were varied rumors of
an impending capital split-up, or
distribution of the corporations
huge surplus. All of these lacked
confirmation although the one most
generally credited forecast an ex-
change of two new shares for each
one now tanding. with a new
development basis equal to IS or $40
compared with the present 81 rate.
ENCOURAGED by the impressive
strength of the market, lenders and
pools made their usual bids for pub
lie support and found their fayorite
aided in some cases by urgent short
Iva II
lied six points to a new high on the
current recovery above 204, and
United Cigar Stores preferred Jump
ed ga.
Numerous gains of l to IA points
were included in American Can, Con-
solidated Gas, Consolidated Cigar.
Dupont, Tobacco Products, Art
Loom, the Commercial Solvents is
sues, Devoe and Reynolds. Reming-
ton Typewriter and Sterling Pro-
ducts.
WHY'S Overland We'd with General
Motors rs the speculative favorite Of
the motor group. The days turn
over of about 100000 shares exceed
ed that of U. S. Steel and of General
Motors. The stock was pushed up
2 3S points to 81 ga. General Motors
after reaching the years best level.
closed at 147 rs.
Railroad shares made a favorable
showing with a renewed demand for
the Van Sweringen issues Chesa-
peake and Ohio attained a new peak
price above 1S9, closing fractionally
higher at 1873.
The commodity market continued
to move in different directions.
Wheat prices were firm but corn
and oats were lower, probably re-
fecting dissatisfaction with the de-
feat of the Tess Farm relief bill
Favorable weather reports depress-
ed cotton prices. Sugar and coffee
were little changed.
Relaxation of the call money rate
from to 1-2 per cent indicated
that the stringency relative to the
heavy mid year settlements had
been relieved. Time money and
commercial paper rates were un-
changed.
The bond market sank into marked
inactivity in contrast with the spec
tacular movements of stocks. Trad
ing was considerably reduced despite
drop in the call money rate from
Ave per cent to IL.
Changes throughout the list were
confined almost wholly to fractions,
rails being slightly weaker. while
public utilities and industrials
showed moderate increase in
strength.
Dealings in the foreign issues,
which have been the most active
part of the list for several weeks,
dropped off noticeably.
Among the domestic bonds Dodge
Brothers convertible s Las and Sea-
board refunding As were in strong
demand, although both closed I'M
changed,
An announcement by G. l.. Chris
from and Company said that COM
pany would soon make a public Of
fering of s1,500.000 first lien 51-2 per
cent gold bonds, series of 1941, of the
Peoples Light and Power Corpora
ton.
Toll sales were $10,35T,000.