Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-09
NEW YORK MARKET
r..sures Of the Days Dealings in All
Fs@ the Leading Stocks

New York. July s-tP)-Establish-
Liant of the highest level in over 10
,,sars by the average of twenty lead
~ railroad shares featured the re-
,mntion OF the inward movement of
nrires in today's stock market. The
aaayance however. attracted a large
Canine of profit taking and sporadic
sbort selling, bringing about some
,y-egularity in closing quotations
trading showed a further expansion
An volume. the days sales asgregat-
INC l,6s7,200 shares, as Compared
Nth $4,000 yesterday and 1,27S.000
the day before.
There were several factors to ac-
-ount for the advance In railroad
shares including the announcement
tbat freight traffic in the first six
months of the year was the. largest
n any corresponding period in his
.ory. the prospect of large crop move
S,ents this fall, and the apparent sat-
isfaction with which Wall Street has
received the unofficial terms of the
modified "Nickel Plate" merger plan.
Practically all the Van Sweringen
issues touched new high levels for
rear or longer; Chesapeake and Ohio
common at las Us, the preferred at
li2, Erie First preferred at Al rs and
ths second preferred at As 1-2, Pere
Marquette common at 100 IL, "Nic-
kel Plate" common at 1S5 ga and the
preferred at los.
Strong buying support also deyel-
cped IN other rails.
Bear traders made an unsuccess-
full effort to unsettle the industrial
list by hammering some of the nom
War issues in the early trading. but
they made little headway. Z. s.
Steel common was in rather free sun
ply around its recent high levels.
closing S-4 lower at 141 is, after
having fiuctuated between I40 "a
and i42 IL. General Motors, another
recent fayorite, also closed S-4 lower
at l49 IA.
Establishment of new record low
levels by the French, Belgian and
Italian currencies and the continu-
snce of relatively firm call money
rates. apparently had little effect on
speculative sentiment.
gsUnion Oil of California crossed 81
to new high but most of the other
oils were sluggish, presumably on
the announcement of cut in Penn
tylyiani crude prices. Allied Chemical
reached its highest prices since the
March break. Cereal crossed par for
4 gain of over points. Shorts sour
lied to cover in Ward Baking B,
Hudson Motors, u. S. Rubber and
toodrich, all of which closed two or
more points higher
stCommodity prices We're mixed. Ac-
Siye wheat futures yielded about a
cent bushel. Cotton advanced Is
to p points with buying influenced
nv the fear of insect damage to the
new crop. The raw sugar market
was quiet and easier. Coffee futures
yielded II to Is points.
Call money renewed at IL per
cent and remained at that rate all
gay. Time money and commercial
paper rates were unchanged.
Foreign exchanges lost ground in
Fympathy with the acute weakness
of the Latin American currencies.
french francs broke over 10 points
70 new low around ID cents and
Belgian francs touched a new bottom
several points below that figure
!, Railroad obligations We're the CEN
ter of trading interest in today's
bond market which pushed slowly
3head Both investment and specu-
1tive buying was attracted to the
carrier group by reason of the ia
yorable developments which have
Come to light in this field, including
The progress in shaping up the re-
ylsed Nickel Plate merger. the rec
lrd breaking traffic in the first half
Of the year and the unusually high
earnings for May.
! The process of readjusting the so
called Van SweFingen issues to the
more liberal terms of the modified
3lan continued today, with Nickel
Plate, Erie and Chesapeake and Ohio
liens working substantially higher.
The demand was not limited to this
group however.
Foreign obligations were irregular.
French bonds reflected growing I'M
Sasiness over the unsettled financial
situation and the slump in the franc
o another record 10 wlevel. Bel
tian and Italian issues paid less at
ention to the weakness of these
'urrencies and the German bonds
seld fairly steady.
> The conflict of price movement
extended to the industrial list where
he strength of few issues stood out
n contrast to the general downward
rend. American Writing Paper SKIES
md certificates reached new highs
or the year while Bethlehem Steel
IS of 1886 Bing and Bing LIS,
colorado Industrial fives and Rogers
Brown Iron rs rose l to points.
Sicily Oil convertible 6 LIS which
ecently sold as high as 146 IL re-
eded more than 3 points to al IL.
rr.4.1 ~atoa r,a,,a 60 no0 mn