Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-17
Financial
NEW YORK MARKET
Features OF The Days DEALINGS In
All The Leading Stocks

New York, July 16-(By The AS
ISOLATED Press)-Responding to the
leadership of high grade industrlals.
todayS stock market closed with an
outburst of strength after having
been subjected to renewed selling
pressure, in spots, during the early
trading. Final quotation disclosed
long list of net gains ranging from
to nearly 10 points. with total sales
reaching 1,6O7,100 shares, as com
pared with I423,600 yesterday.
Spectators for the advance ap-
parently convinced that the recent
reaction had sufficiently corrected
the weakened technical position re-
cutting from the previous rapid ad-
vance, started the ball rolling by
bidding up a selected list of stocks.
They were aided by a lowering of the
renewal rate on call money, publica-
ton of another series of favora BILE
earnings statement and an increa Sc
of IA TO 1-2 cent in brass prices
Bear traders who had sold stock
short in expectation that the New
York Federal Reserve Bank would
raise its rediScount rate late yester-
day, rushed to cover when large buy
ing orders again appeared.
The weekly mercantile reviews re-
| ported further Improvement in bust
ness.
General Motors was again the out
standing individual feature. soaring
over SIX points to "A new high at 164
IS as compared with a low of 113 IA
earlier in the year. L. S. Steel com
mon was bid up over two points to
11E az MI,
record high. American Can jumped
three points TO 5S IL, a new top for
the present stock
Dupont, which has large General
Motors holdings, climbed over seven
I points to new peak at POI.
Revival of activity in the coppers
reflected the stiffening tendency Of
! non-terrous metal prices Oils were
! again rather backward although
Houston showed Independent strength
by climbing $-4 TO 6l American
Hide and Leather preferred sagged
nearly two points on reports Of poor
/ earnings for the first six months.
establishment Of the highest levels
IN seven years by New Haven and
, Missouri Pacific preferred and a jump
OF over nine points in Jersey Central
were the high spots in the railroad
group.
Commodity prices were mixed.
Wheat futures advanced / 1-2 to
nearly Sc a bushel on adverse wealth
er reports. but cotton declined 5 TO
10 points on reports of better weather
IN the south. Sugar and coffee prices
were practically unchanged
CAN money renewed at 1-2 per
cent and then dropped TO per cent.
closing at the low figure. Time mon
ey was slightly firmer with the short
err naturities quoted al a flat ga
pea cent basis.
establishment of another new low
record for all time by French francs
at 2. 50 cents, an overnight decline OF
10 points. featured the irregular for
eign exchange market.
Expanding activity market bond
trading, but prices were unable to
make much Roadway. Spirited bid
ding developed for number of rail-
road, industrial and foreign issues.
put their gains of l TO points were
counterbalanced by an equal number
of declines ranging from 1 to nearly
points.
Interest in the foreign division was
divided by the strength of German
and other continental issue and the
weakness of Mexican obligations.
Mexican bonds encountered rather
heavy selling pressure. with the gov
ernments As and IS and the Ma
tional Railways As yielding 1 to
points.
Railroad liens with speculative pos
sibllities Jared better than the
straight investment descriptions
Contrasting movements elsewhere
includede gains of a point or so in
Bhoklyn Union Gas l-2s, Kansas
Gas and Electric IS, and Bethlehem
Steel IS. and declines Of ! to 2 points
in Western Union 5s, Warner Sug-
ar Is. International Agricultural
Chemical 5s and International Mer-
camille Marine IS.
An $1S.500,00o issue Of West Penn
Power Company first mortgage bonds
has been underwritten by bankers
and will be offered to the public
shortly.
Total sales were s11,945,0oo.