Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-14
NEW YORK MARKET
Features OF The Days DEALINGS In
All The Leading Stocks

New York. July 1S-(F-Specta-
tors for the advance continued IN
control of the price movement in to-
days stock market. despite further
profit taking and short selling in
some sections of the list Closing
quotations disclosed a long list of
net gains ranging from one to nearly
ten points with over a score issues
attaining new high prices for the
year or longer. Trading showed a
moderate expansion in volume, the
days sales aggregating 1902. 800
shares. compared with 1,44S,100 yes
terday.
Stiffening price tendencies for GER
tain commodities, particularly con-
per and scrap steel. apparently held
out hope for further business recoy-
cry Sharp rallies in wheat and cot
ton prices also had a bullish effect on
speculative sentiment.
General Motors was again the out
standing individual feature, soaring
nearly six points to 15S rs. a new
high record for the present stock, on
total transactions OF over 10000
shares. Hudson was run up over two
points to 156 1-2 at the expense of an
overcrowded short interest and Stud
ebaker and White each moved up
over point. Dupont, which has large
General Motors holdings, jumped 8
points to a new top at 256 and Fisher
Body. which is controlled by Gene
raj Motors. climbed 4 IL points to a
new top at 106 1-2.
A steady investment demand also
was noted for the railroad shares the
general average of which touched the
tOhn IN,
apeake and Ohio common and pre-
ferred moved UP to new maximum
quotations at 144 rs and 144 respec-
lively, but Nickel Plate" yielded 5
IL points on selling presumably in
fuenced by the growing opposition to
the modified Van Sweringen merger
plan.
Union Oil of California touched a
new peak at So but most of the other
oils were backward, recent selling
being influenced by fears for another
period of over production of crude
through the discovery and the devel-
epment Of new fields.
L. S. Steel common developed a
sudden outburst of strength by NOV
ing UP nearly 3 points to 142 ga,
closing within fraction of the top.
Call money held steady at l-2
per cent all day.
A rally of IL to &c a bushel In
active wheat futures based on the
Unexpectedly poor Canadian govern
ment crop report featured the COM
modify market. Cotton advanced
about $3.50 bale on reports of un-
favorable weather and insect damag e.
Sugar and coffee prices showed little
change.
Sharp rallies in the principal for
eign exchanges followed the an
nouncement of revised Franco
British debt settlement Demand
sterling ruled firm around $4S5 3-16
while French francs scared s points
TO 2.57.
The establishment Of time money
rates on a slightly higher level re-
strained buying operations in the
bond market but brought about no
significant change of trend L. S.
Government issues. always sensitive
to any alteration in underlying cred
1t conditions, worked lower with
treasury IA and 1-2s suffering
the heaviest losses. Selling of in
vestment rails and public utilities
was counteracted by the strength of
semi speculative liens.
4SthS Vi llIO uCDl dSEcS-
ment between France and Great
Britain as well as the accord with
Spain on Moroccan affairs, >exerted q
tonic influence in Fench bonds All
Of the governments issues worked
materially higher and the leading
French rail bonds were strong. Else
where in the foreign trading interest
settled mainly on German obliga-
tons. Berlin 1-2s reached a new
high price and General Electric
LIS gained nearly a point.
Few changes of importance took
place in domestic bonds.
Copper liens encountered profit
taking with the exception of Granny
rs, which moved up more than
point TO the years highest price.
American Writing Paper issues re-
sumed theid advance but American
Sugar SKIES, Bethlehem Steel refund
ing tives, Consumers Power SIS and
Cities Service Power and Light 6s
were heavy.
Public offering will be made to-
morrow by Blair and Company OF
S:,o00.000 six percent bonds of the
Pan American Petroleum Company,
subsidiary of the American
Western Petroleum Company.
Totai sales were $10,9S4,000.