Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-13
NEW YORK MARKET
r..,urss OF The Days Dealings In
fsA All The Leading Stocks

stated Press)-SuStained buying
so.assst in leading railroad shares,
al 1uorous rallies in several high pric-
W. " Industrial specialtieS and the es-
enlistment of record high price
Y. General Motors featured todays
s, NV higher in the face of a heavy
siw Of profit taking. Trading
voun,inued active with total sales
coming Coming close to 100000 shares.
Interest conferred chiefly on the
.rtormance of General Motors
srsirh mounted more than three
sa;nts TO 15S rs, the best price at
= rp'sch the present shares have ever
Wiz Reports of continued good
s"siness through the inventory sea-
son and expectations of favorable
.ss si,dend developments accounted
sar the steady accumulate ton of the
y .tock The closing price of 153 IA
+ rsnresented a gain of 2 rs points
- Buying activities in the railroad
erup switched from the Van Swer-
s;nren issues, which have recently
4 Seld first place in the public favor,
~ other representative issues which
Ssre believed to be in line for high
8s;,. dividends as the result of improv-
~ earnings. Baltimore and Ohio
| moved up ! 1-2 points to 81 "a,
. -snd Lehigh Valley about points TO
II Of 5.s the highest prices in more
4 than 10 years.
= Nickel Plate, Erie and Pere Mar
/ nuette issues were heavy on fresh
| onnosition TO the revised merger
mans for Chesapeake and Ohio
Stockholders. The general average
If the rail shares, however, reached
| the highest mark in over ten years.
a. One Of the most important trade
| developments of the day was fur
i ther advance in copper prices, cou-
= Med with indications of an impend-
ins scarcity of Deliverable metal
L As result the copper shares NOV
) ID IN briskly under the leadership
y American Smelling, which ad-
| fsanced points to 1S5.
= Large sales of agricultural ma
,,binery in the first half of the xear
led to renewed buying of the lead
lsxsing issues in this group. Case
Threshing Machine rose more than
i seven points to a new high above
y -ls5 and substantial gains were reg
istered by International Harvester
and Advance Rumely common and
referred. Independent strength was
1 shown by All-America Gables.
(which jumped s IL points, and by
/. Coca Cola, which crossed 1913 to
4 new high for the year.
f.. A rise of more than points in
Dupont was aided by the strength OF
& General Motors and. expectatins of
large munitions orders as a result
Of the Lake Denmark explosion.
y Oil shares developed pronounced
/ weakness in the late trading.
n,,+~ido ctopIS market financial
i interest was focused on the weak
ness Of the foreign exchanges. The
continued uncertainty over French
5 and Belgian francs caused both of
these currencies to slump to record
low levels.
/, Considerable calling of loans
brought about a heavy turnover in
the money market but the rate on
/, call funds remained al IL percent
all day. Time money rates were
marked up slightly, ranging from
{. Ia to - percent. Commercial
paper rates were unchanged.
An improved demand for railroad
!, and copper company liens and weak
I ness Of the oil issues were the con-
trasting features of the bond market.
The general trend of prices contln-
ued upward most of the day although
some hesitation was caused by
stiffenng of time money rates, which
7 we're quoted at IA to A IL per-
cent
Buying Of rail mortgages apparent
ly was in sympathy with the strong
upward movement of these stocks,
although a further advance in the
= Erie issue took place in the face OF
decline in these shares. Nickel
Plate and Chesapeake & Ohio bonds
: were depressed by threats of fresh
opposition to the modified terms OIL
the Van Sweringen merger project.
; The motivating factor back of the
advance in copper bonds was the
same which buoyed up these stocks
; the strengthening of prices based
on reports of impending scarcity OF
metal for immediate delivery. Amer
! lean Smelling. Anaconda, Chile and
Cranky issues were active and
higher.
! Profit taking tendencies found the
oils in a vulnerable position because
Of fears that recent price cuts on
4 crude petroleum might spread.
French and Belgian obligations
maintained a, firm tone despite the
, fall in these currencies to ecord low
levels.
Among the small bond offerings
tomorrow Will be a $3,500,000 issue
OF Moffat Tunnel District 5 1-2oo
bonds, offered at prices to yield 4.75
percent for 30 to 80 year maturities,
and $1,650.000 issue of Peoples
Light and Power 1870 notes,
priced to yield IL TO 6Go.
Total 6i- O00