Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-08
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, July 7.-(By The Asso-
ciated Press for the
advance continued in control Of to-
days stock market, but they were
forced to absorb considerable profit
taking in number of standard in
dustrials and specialties. Closing
quotations were irregular but both
1.-The rail and industrial averages
closed higher on the day. Total
sales were 1,374,200 shares. with pool
activity rather than expanding pub
lie interest accounting for the larger
volume of business.
Outside the stock market, chief fin
ancial interest centered in the es-
Establishment of new low records for
all time by French and Belgian
francs and the prompt over subscrip-
ton of an issue of S10.O00,0O0 Fiat
Company 20 year sinking fund per
q cent debenture bonds.
q Revival of speculative interest in
the Van Sweringen issues, several of
which established new high levels
for the year, was one Of the days
features. Buying of the merger rails
conceded with the appointment of
committee of Pere Marquette direc-
tors to consider the revised Nickel
4 Plate" consolidation plan. Pere Mar
Quette common advanced 4 points to
100 and the preferred and prior pre-
ferred each jumped over 6 points to
81 and So, respectively. all new 1926
high prices.
b Southern Railway touched a new
j high record for all times at 120.
\ Other active rails moved within
rather narrow and irregular limits.
Net railway operating income of
class one railroads, in May totalled
SSS,120,501, as compared with S76,-
170,623 in the same month last year.
u. S. States common dropped back
over point to 141 rs on heavy real
izing sales. General Motors advanced
& TO within a small fraction of the rec
II ord high of Isl IL, established yes
terday, and then eased to $50 for a
small fractional gain on the day.
U. S. Cast Iron Pipe was again the
individual feature, soaring over II
2 sss, 10 a ne" "'Sn i0F the year a.
Case Threshing. National Lead,
New York Gamers, United Fruit and
Weston Electrical instrument, sew
eral of which explained their pre-
vious 1926 peak prices.
Il Wheat and cotton futures advanced
moderately on reports of unfavorable
weather. Raw sugar was unchanged
and coffee futures declined to 13
II points.
n Cali money renewed at 4 IL per
cent and remained at that rate all
day. Time money and commercial
paper rates were unchanged.
Bond prices held firm in colorless
trading, which was forced to COM
pete with new financing in attract
ing Investment interest. High grade
rail liens, following the upward
trend Of the carrier stocks, made the
best showing. with a good demand
also developing for several foreign
industrial obligations.
Two interesting bond issues-the
100000 Fiat loan and a $4,000
900 block of Florida Power and Light
5s-were we'll received. Exceptional
interest was shown in the Italian
Motor Company offering because of
the speculative possibilities in the
stock purchase warrants attached to
the debentures, and the issue was
quickly oversubscribed.
Dealings in German bonds were the
chief features Of the foreign list.
Most Of the gains in the railroad
group were limited to fractions, al
though Lehigh Valley LIS and
Louisville and Nashville LIS
jumped more than a point.
The demand for representative In
dustrial issues included Bethlehem
Steel IS, Briar Hill Steel LIS, b.
4 tany Mills LIS, California Petro-
leum 4 LIS and U. S. Rubber 5s,
some Of which sold at the years best
prices American Writing Paper
IS and certificates rallied about 4
points each to 1926 tops.
Total sales were $10,S31,0 900.