Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-26
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, June 25.-CBy The AS
ISOLATED Press)-Stock prices drift
ed lower in today's market although
the steady investment demand was
apparent for some of the high grade
railroad issues. Trading, which
/ was largely of a professional char
acter, showed moderate falling off
in volume. Total sales were 1897
200 shares, compared with 1,142,10O
yesterday. 1,73S,200 the day before
! The senates defeat of the Nc
Nary Haugen farm relief bill
brought about a sharp recession in
active wheat futures, but apparent
~ had no influence on the move
ment OF securities prices. The days
business news was largely favor
able, one of the most interesting
developments being the declaration
of an extra dividend on corn pro-
ducts.
{ The weekly mercantile reviews
reported thar business was being
maintained in good volume While
the textile, shoe, leather and furn-
iture business continues rather
dull, an Improvement is noted in
several of the basic Industries, par
ticularly steel
Motor shares were subjected to
heavy selling. Hudson was hammer
ed down 212 points to 1885 but rail-
lied a point at the close. General
Motors showed a slight fractional
loss.
Reports of curtailed operations
during the inventory season were a
factor in the action of then shares.
( Weakness developed in a number
of specialties, particularly some
which had been marked up vigor-
ously by pools. Net declines of
to nearly points were recorded by
Allied Chemical, American Agricul-
tural Chemical preferred American
Ice, Commercial Solvents B, Dupont,
Foundation Company, Goodrich pre-
Steel. Motometer A. Panhandle Pro
ducers and Refners. Sloss Sheffield,
South Porto Rico Sugar, Standard
Milling and Westinghouse Air
Brake.
\ There were few Independent
strong spots scattered through the
industrial list. U. S. Cast Iron Pipe
rallied over six points to 1882 and
then eased to 1914 and United CT
gar Stores. Electric Storage Bat
terry, Hayes Wheel. Martin Perry
and Union Carbide advanced a
point or more While Howe Sound
The best gains in the railroad
group We're recorded by Chesapeake
and Ohio. Delaware and Hudson
and Norfolk and Western, Nickel
Plate" common fell back 3 points
on profit taking.
Commodity markets were mixed.
The July option in wheat dropped
over cents a bushel at 1:34$s with
smaller losses in the more distant
deliveries. The July cotton option
held steady, but the new crop po-
sitions sagged II to IL points on
favorable weather reports. Raw
sugar was unchanged and coffee
closed to 20 points net lower.
Call money renewed at Ia per
cent and was quoted at that rate all
day. Time money and commercial
paper rates were unchnged.
A decline of over 20 points III
Spanish pesetas to around 1910
cents, rejecting reports of revolu-
tionary disturbances in that country
featured the irregular foreign ex-
change market. Most of the other
continental rates showed small re-
ceSsions.
A moderate demand for semi
speculative railroad liens and several
of the German obligations supplied
bond market. Trading diminished In
volume, total sales falling below $10.-
100000 for the first dull session in
several weeks.
Buying operations in the railroad
group were carried out in selected
list of issues likely to benefit most
from the current improvement in
earnings and the latest merger de-
velopments. Norfolk and Western
convertible 6s rallied nearly points
to 155, within a point of the years
top price.
Concrete evidence of Gernlany's
improved financial condition, reflect
ed in the ability of Germany bankers
to float a $4,000 loan for the new
steel combine, stimulated buying of
this country's bonds. New high rec
ords were attained by Rheinelbe Tn
ion Steel IS and German General
Electric LIS. Preparations were