Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-16
NEW YORK MARKET
FEATURES Of the Days Dealings in all
the Leading Stocks

New York, June 1b-(By The ASSo
dated Press)-Switching of specula
Awe interest from the steel and rail
-oad shared to the oils and copper
tsstured today's stock market. Heay,
rrodt taking, inspired by the belle
hat the market was entitled to a
,s.st a technical reaction after tn
.nsained advance of the last few
weeks, and sporaric bear selling
bssed on the theory that the rail-
having regained half the ground LOT
,n the March reaction. was near
over, brought about some irregulf
nv. both the rail and industrial avf-
ages closing lower on the day. Trf-
Inc showed a slight falling offin
volume despite suggestions of in-
creasing public participation. fthe
DAVIS sales aggregating 1,95100
sbares as compared with 1,9A,600
yesterday.
Heavy buying Of the oil shares was
generally attributed to the strong
trade position Of the industry. re-
Aected in reports OF large current
earnings by practically all Of the
leading companies and to favorable
merger and divident rumors. New
high records for the year were es-
tablished in this group.
Coppers took on a new lease of life
asa result of the stiffening tendency
~ nom ferrous metal prices, an in
crease of Is points in lead being an
nounced during the day. Federal
Mining and Smelling jumped over
three points to II ga and American
Smelling moved up over two points
10 l2S, but the other showed only
small fractional changes.
General Motors continued it's re-
rarkable advance by touching an
other new high record for all time
st l4c 5-s. yielding later to 141 rs.
Mack Trucks, selling eX-divident,
crossed III and then slipped back to
ISL Hudson showed a net gain
Of point at 81.
L. S. Steel common encountered
heavy realizing sales, closing a point
lower at 1855 ga. Profit taking also
brought about recessions of a point
or more In Allied Chemical, American
Locomotive, California Packing,
Gotham Hosiery, PETERBOROUGH Rapid
Transit. Montgomery Ward, Pullman,
|. >. RuDpSE duu w OOIN WI -
Easier money rates stimulated pool
activities In several specialties. Case
Thresting Machine was bid up nearly
four points TO a new high at 81 ga
and Ward Baking B advanced nearly
three points to So on a fairly large
volume of trading. Net gains of two
points or more also We're recorded by
yBhristie Brown, G. r. Kinney. Ma
'tional Leather and Texas Gulf Sui
phur.
Speculative activity in the rail
group was confined to a relatively
few issues. New Orleans, Texas and
Mexico advanced three points to 1872,
or within a fraction of the years high
and Atlantic Coast Line showed q
net gain of "a,
Commodity markets were mixed.
Active wheat futures closed slightly
higher on unfavorable crop reports
from Kansas. Cotton showed net de
clines Of TO 10 points. Raw Sugar
was unchanged, but futures We're
slightly tirmer. Soffee advanced 16
to 20 points on buying for European
account.
Call money renewed at per cent
and then dropped to 3 "a, closing at
the bottom. Time money and CONNER
cial paper rates were unchanged.
Foreign exchanges displayed a firm
undertone, despite the resignation of
the French cabinet.
Bond prices drifted irregularly low
er on colorless trading. Investment
funds continued in plentiful supply
despite the huge turnover in connec-
ton with June Is settlements, but
there appeared to be no particular in
centive for the accumulation of listed
bonds
Fractional recessions in French obli-
cations reflected uneasiness over the
latest cabinet crisis at Paris, but the
selling did not reach alarming pro-
portions. Belgian issues declined SYM
pathetically but other European bonds
were firm. Rheinelbe Union Is were
further strengthened by reports that
new financing for the United States
Works Corporation of Germany totall-
ing 100000 600 or $4,000, 900 would be
ready within 10 days. Buying inter-
est was at a low ebb in the railroad
group. although a few semi-specula-
tive issues scored moderate gains. Chi
icago d Northwestern IS, some of the
psf Paul issues, International Great
lNorthern adjustment 6s, Willzesbarre
q Eastern 5s and Lake Shore 31s were
firm.
The strength of oil and copper
stocks aroused fresh buying interest
n some Of these bonds. Pan American
" Sinclair IS. Achile Copper 6s and
Anaconda IS and Is were in demand.
1, Total sales were s12,451,000.