Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-02

NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, July 1-[P)-Railroad
shares took up the leadership of the
stock market today as industrials
faltered under a wave of pre-holiday
profit taking. For the greater part
of the active trading session, con-
struction operations were success
fully carried on in the face of per-
sistent attempts to bring about a re-
action. Selling pressure grew heav-
Ter toward the close, forcing recess
sions of l to points, in contrast to
number of net gains ranging up to
six points.
Reawakened interest in the car
rier stocks was credited to the COM
pletion by the Van Sweringens of a
modified plan for the Nickel Plate
merger once barred by the interstate
commerce commission. This develop
ment, it was believed, would put new
life into other pending consultations
and benefit most of the stocks involv-
ed in the Nickel Plate deal because
of the more favorable terms outlined
in the new proposal
A basis for the buying movement
in other leading rail shares was found
in the maintenance of car loadings at
the rate of more than a million a
week, giving promise of further i'm
provement in earnings, with the peak
of the crop movement still to come.
The outbreak of profit-taking
which developed in U. S. Steel and
General Motors was regarded as a
natural development in view of their
impressive advances earlier in the
week. After fluctuating unevenly
through the day. both issues closed
l IL points net lower at 142 IA and
156, respectively. Dupont, Mack
Trucks, Crucible Steel, u. S. Alcohol,
Fisher Body, New York Dock, Otis
Steel preferred and Panhandle Pro-
ducing preferred. fell back to 5
points.
AS the customary market leaders
showed a disposition to lag, specula-
tive operations of the pools were
transferred to other quarters with
varying degrees of success. Adams
Express was run up to a new high
above 116. closing a 1-2 points net
higher at lis IA. Brooklyn Union
Gas moved up 4 SIS points into new
high ground above IS and gains of
one to points We're registered by
Chrysler. Texas Gulf Sulphur, Allied
Chemical, Consolidated Gas, Air Re-
duction, Hayes Wheel. international
Mercantile Marine preferred and
Pierce Arrow preferred. Standard Oil
of California and Pan American Pc
tro1em led an upward movement in
the Oil shares. The commodity mar
kets were distinctly firmer. A better
export demand accounted for advan-
ces of about two cents on futures,
while cotton rallied to Is points.
Coffee and sugar were slightly lower.
Further evidence that the strain
attendant upon the distribution of
some $500, 100000 in dividend and in
terest payments had been relieved
was shown by the drop in call money
to 12 per cent, after a renewal re- te
of ga. Time money and CONNER
cial paper rates were unchanged.
The conflict over French financial
policies caused a sharp break OF
more than 10 points in the franc to
a new low record for all time around
2.67 cents.
An evident easing of the money
situation failed to draw the bond
market from its lethargy of the last
few days. United States government
issues were stronger with heavy
turnover in liberty fourth 4 1-2s
| which carried that issue 2-32nds Of
~
heavy demand for the second and
third 4 LES took them up 1-32nd OF
a point. Despite an announcement
by the international committee OF
bankers on Mexico that the govern
ment of Mexico had made a paymen,
| of the greater part of the half years
| funds that were owing on the direct
Mexican debt and that there has
been considerable remittance or
the obligations of the Mexican rail
| roads. Mexican bonds generally
| showed little inclination either day
! The greatest change was in Mexican
| fours of 1904. assented. which drop
ped 1-2 point.
French issues likewise showed lit
tie variance as a result of the franc 5
| dip to a new low mark. Polls
bones, however, lost ground in spit<
| of the firmuess of that country's ex-
chnage. the IS closing IA down and
| the skies off SIS.
First grade domestic rails, indus
trials and utilities averaged a mere
fraction higher. Erie convertible As
"A" and ID" responded to the re.
vival of negotiations for the Nicke
| Plate merger and We're in heavy &C.
mand 1T a fractional increase. Mis-
| souri-Kansas- Texas adjustment Us
! and st. Louis San Francisco incoms
6s were likewise freely bought at 3
slightly higher price. Both road
| figure in projected mergers in the
southN est.
Total sales were s1LoSG, 0000.
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