Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-09
NEW YORK MARKET
~ the Days Dealings in all
Features the Leading Stocks

york June Shy The AS
se.a Press)-H eavy selling
fociass MOTOR shares, based on the an
Of uie ,,ent of a price cut by one of
p..dino manufacturers, develop
the snsiderable irregularity towards
es close Of today's market AFTER an
is y, neriod Of outstanding strength,
a sssS showed a substantial in
ose IN volume, the days sales ag-
eating 1,662,100 shares as against
1900 a year ago.
Ai T.r,y buying movement was gen.
i1,., attributed to the unexpected
aa m by Secretary Mellon
anu M new financing would be ne
lua s.rv this quarter. tax payments
ces s other receipts large enoght TO
gnu the government maturities and
me- n.sar obligations from now until
ee.a ns, Prospects of easier rates
hen the June payments are out of
,ss way. accompanied by rumors of
.ro,ber decrease in the New York
Tadsral Reserve bank rate In the
~. future. also had bullish effect
ne' sentiment. Wall street apparently
VI W. moi surprised by the victory of
Saa;tb ". Brookhart in the Iowa Re-
snhlican primary, which was without
,rauence on the price movement of
securities.
6 Steel common was the market
,.oder climbing 5-4 points to 131
~ the highest price on the current
r.corery and closing at the top. Buy
,rc was said to be for the account
n brokers' who ordinarily act for
banking interests identified with the
eornoration and was accompanied by
.he usuaI rumors of a special divi-
Ssnd distribution at the next meeting
NJ the board of directors cruical and
Gulf States advanced point or so.
Public Offering tomorrow of a $10,-
MoOO0 note issue for the Bethlehem
steel corporation was announced af-
fer the market closed.
Cotton prices. were mixed. the July
anton closing II points higher. while
Cctober and the later months sold
down 2 to S points Raw sugar was
unchanged and coffee advanced l to
10 points. Wheat advanced fraction
ally in further response to unfavor-
able weather reports.
Oil shares showed signs of activity
and strength under the leadership of
Atlantic Refining and Pan American
B, but the buying soon petered out.
Private trade reports estimated de-
crease Of 10000 barrels in the daily
average Of gross crude oil production
last month.
Motor Motors broke from 66 1-2 to
e3l-2as result of the price move
ment, closing slightly above the low
for net loss Of two points of the
day Other motors reacted in SYM
pathy, Mack Trucks slipping from ia
rs to 112 IL, General Motors from
100 3-4 to 129 Is. White from Sc ga
to IS IA, and Studebaker from 81
S-i to so is, all closing at or near
the days low levels. Pierce Arrow
preferred responded to the resump-
ton Of dividends by soaring nearly
epoints to 81 SIS.
Among the specialties, the strength
Of American and Of foreign poyer,
American Ice. Central Leather pre-
ferred, Goodyear preferred, Lima Lo-
comotye. National Cloak and Suit,
Soss Sheffield Steel, South Porto Ri
can Sugar and L. S. Rubber con-
trasted with the weakness of Bur-
roughs Adding Machine. California
packing, lnterna tional Combustion,
International Telephone, Remington
and Utilities Power and Light A.
Rails were quiet but fairly steady.
Call money was renewed at four
per cent and remained at that rate
all day. Time money rates were
slightly frmer presumably in antici-
patton of heavy demand for funds
IN connection with June Is income
lakes, dividend and interest require
ments, being quoted at 4 is to IA
instead OF on a fiat per cent basis.
commercial Paper rates We're I'M
changed at ga to per cent.
Foreign exchanges were inclined to
heaVlness but late quotati tons were
around the highs of the day.
Inc strength of high grade invest
mehts and a revival of interest in new
nnancing today contrasted with the
seling OF speculative issues in
an active bond market. Funds which
were being accumulated in anticipa-
.lon OF new treasury financing on
June 10 were quickly diverted to out
Standing securities by the announce
Ment OF Secretary Mellon that no Dor
rowing would be necessary at this
time
Liberty bonds and other standard
investment obligations readily at
uacled fresh buying interest and
scored substantial gains. All the ac-
1--WE U. S. government obligations
worked higher on a large volume of
business and the moderate increase
n the demand for Atchison. New
aVIK central, Missouri Pacific Sou
ueTu. Penn sIrlN-a mi, nj