Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-03
NEW YORK MARKET
Features Of The Day's Dealings In oil
n, the Leading Stocks

b., the Leading Stocks
New York. June 2.-(By The As
socisted Press)-A sharp upturn in
prices took place towards the close
Of today's market after an early per.
1pd Of irrsgularity. Shorts, particu-
Early IN the motor group. scrambled
20 cover when strong buying support
appeared in several sections Of the
list, and it became apparent that the
floating supply OF many stocks was
small. Tradink picked up measur-
ably in volume. the days sale as-
gregating 1.2s7.2oo shares. as COM
pared with S94.2so in yesterdays
dull and declining market.
The days news was larely con-
structive In character. Call money
rates as funds withdrawn for June
/ payments began to flow back here
from the interior. The weekly steel
trade reviews limited at a further
reduction in steel mill schedules in
June. but on the basis Of increased
business in the latter part Of May,
statisticians made a substantial
downward revision Of their earlier
estimates Of the reduction in the
May untitled orders Of the United
States steel corporation which is
now expected to be around 100000
tons. The declaration Of an extra on
Associated Oil was accompanied by
optimistic statements on the BUSH
ness Of other oil companies partt-
cularly by some Of the smaller
unitse.
General Motors common led the
late advance by climbing nearly
five points to 129. Wall Street heard
unconflrmed reports that the direc.
tors would declare another extra
dividend of 81 in the next quarter,
J, P. Morgan and Company an.
nounced the private sale Of
block Of 100000 General Motors
preferred stock at 11S 1-2. the clos
ing market price of 1IS representing
a net decline of 1-2 on the day.
Sharp advances also too place in
other motors. Moon was run I'D
three and three Fights poiuts to
rs rs, Fisher Body advanced 3 to
IS IL, and net gains of a point or
more were recorded by Dodge
Brothers A. Jordan. Mack Trucks.
Paige Detroit, Pierce Arrow common
and preferred. Stewart Warner and
wiIIys- Overland common and pre-
ferred.
Oils were under QUIET accumula-
ton. Lago, one of the most active is
sues, touched % IL, the highest
price since it was listed on the ex-
change.
Conspicuous strength was shown
by American Brake Shoe, American
Ice, Congoleum, Dupont Foundation
Company, General Electric, Pacific
Telephone, Pullman, Texas Gulf
sulphur, Cnlted Drug, Y. ,. Rubber
ana Wortnlngton Pump common ana
preierreo' all up LIZ 10 points.
"A dFop Oh over tnree points IN AT
ciiisoli was Iile oiiy oeFe!opiHenl
ol CONSEQUENCES IN she !aliloau sroup'
hedc.io5ialy .ehuelicies asdIn PR
.i. ~ cue t,e, saII 'itat 49,
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,.a,re,n, ranea p.,n s,,ear SaciinaG
1e1s oe,,ts To,,,od hn1 f,,t,res u.ara
s,iehtIv frmer
Coffee nrices sapped < IN tx
noints
CAN money renewed at 1-2 per
cent and then dropped to 4. closing
at that figure. Time money and
Commercial Paper rates were I'M
changed.
Foreign exchanges were mixed,
but the undertone was steady. De-
mand sterling ruled slightly lower
just under $4.S6 and French francs
eased to around 3.26.
Buying interest in the bond mar
ket centered almost exclusively in
foreign obligations. which responded
to the better outlook for European
affairs and hints of special develop
ments affecting some of these issues.
With a relaxation of money rates.
domestic securities held their ground
well, but trading in this division was
colorless.
Heavy buying of Mexican oblisa-
tions which carried most of the gov
ernment's assented issues above their
previous high records for the YEAR.
was associated with reports that the
distribution of interest navments nm
der the revised debt plan would he
resumed on july
Pending the house vote on ratif-
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