Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-25
IEW YORK MARKET
=. of the Days Dealings in All
fs''u'' the Leading Stocks

"
Hf"' tho Leading Stocks |
york. June 24.-(P)-Establish-
MW = the highest level in several
gen. by the average oil ~ leading
~ shares featured the resump.
silva, he upward movement of prices
9n u stock market. The advance
'ooa Uniform because of a con-
rs .. so of heavy proiit-taking, which
atusaid the market somewhat at the
!'s. bn ne gains of l to s points
'peDi-o .sttered over broad list at the
see trading showed another mark
d 9S off in volume, the days
asssregating only 1,S42,loo shares.
pc SSosrsd with 1,7SS,2O0 yesterday and
srs 100 last THURSDAY.
~. days news, which consisted
Ia of earnings and sales reports,
ps'n .,structive in character. Freight
W in the week ending June 12l
taI' exceeded the million mark. The
"" york Federal Reserve Bank rate
W. Unchanged, setting at rest ru-
~, that another cut would be made
Ms week. s
s,,snsth of the van SWerlngen Is
due to a revival of rumors that
E,, Nickel Plate merger plan was
~, ready for submission to the
Estate commerce commission, fea-
.l..s the railroad group. Nickel
49,, common jumped 5 points to
- ~ only IL below the high estab-
go earlier in the year, and Chesa-
'.ats and Ohio common, Erie Com
~ and second preferred, Pere Mar
.".tta each advanced a point or more.
steady investment demand also
-, noted for Atchison, New York
,.r,ral Atlantic Coast Line, Canadian
c,ssc and Pittsburgh and West Vir-
mia all al which advanced l to
,sarly points.
Revival of speculative interest in
.l,rtsd group of oil shares. based on
,,rorable merger and earnings reports
cas- another outstanding development
), the DAVIS trading American Cor
,,r,fion and General Petroleum, which
sus not participated extensively in
rs.nt bulnsh demonstrations, each
,s,apced over TWO points to new high
scords for the year at sig and 6ls,
lsspectively.
Further irregularity developed in
Il. commodity markets. Cotton futures
slowed net advances of 16 to 81 points
after an early period of heavinesS.
Wheat futures closed slightly higher
Ia sympathy with stronger foreign
rakets. Raw sugar was unchanged
eli oh -
~ prices were practically unchanged.
Call money renewed at II percent
md remained at that rate all day.
fine money and commercial paper
ntes were unchanged.
Foreign exchanges displayed
strong undertone. Demand sterling
vas firm around $4S6 SIS and French
francs jumped nearly 10 points to
iboye 200 cents in reflection of the
completion of Premier Brands tenth
abinet.
Most Of the activity in today's ir-
regular bond market conferred in the
foreign list, the strength of which
tltrasted with the downward trend
II many domestic issues, Plans for
new financing interested the invest
nent community more than trading
ID listed securities. The recent
strength of German obligations was
lIplained to some extent by the an
roancement that bankers in that
country would take half of a pri-
aCted s60,000,060 loan for the Unit
ID Steel Works Corporation, the
first large scale financing OF a home
Industry since the war. Rheinelbe
Union IS, which will figure in he
combine, were strong, while German
General Electric 6l2s rallied more
than a point to new top price.
French, Belgian and Cuban bonds
we're active and higher.
The $50 600 American portiin
n the German steel bond issue is
Gpected to appear in the market
arly next week. Details of the Of
erng have not been completed but
/ is expected that the issue will
Near a coupon rate of about six and
1 half percent. Today's offerings,
Including a $4,000 Brazilian Loan
md 100000 International Great
Northern railroad bonds. were
Promptly subscribed.
Trading in railroad and industrial
bonds provided few interesting fea-
lures Sicily Oil 612s led the list in
activity, being heavily bought on
The announcement that merger ne
lotiatons were pending. The bonds
reached new record high at AS
Nfore falling back to 1875.
Reports that the revised Nickel
Pate merger was nearing compile
ton and that 1t might be broadened
o include other railroads aroused
more activity in bonds of the Van
Sveringen companies.
100000 twenty year seven
percent loan has been arranged by
american bankers for the Roman
vatholic Church welfare institu-
IONS Of Germany and an early Of
lerng Of bonds will be made. Total
aes were S10,00S,000.