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

New ork, July 6. Mp = Heavy
realizing and sporadic bear selling
& checked another promising rally in
,Saay's stock market. which was
featured by the establishment of a
new high record for all time at
y ltlis by he present no par common
stock of the General Motors Corpor-
alton. Quotations disclosed cnsid-
s.sxable irreGularity. but both the rail
and industrial averages closed
4 slightly lower. Trading was only
\ moderate in volume, the DAYS sales
aggregating 1887, 900 shares. as
I compared with 1,4o1 900 on Friday.
: Banks called about $25, 900. 900 or
Ss0,000,000 n loans, incidental to
monthend adjustments, but the call
money rate held steady at IL per
cent. The principal business news of
the day was a general reduction III
automobile time prices
Where was nothing in the days
news to explain the further advance
In General Motors, although Wall
Street confidentially expects anoth-
er generous dividend distribution at
I the directors meeting month. The
/ 9tock closed at 149 SIS. Most of the
other motors showed only small net
4 changes.
~ Independent steel shares display
Fed a strong undertone with the buy
! ing. youngstown closed points
I 1dgher at 81 and Bethlehem, Repub-
lie, Sloss- Sheffield and Crucible sold
A point or so higher. Special
strength also developed in L. S.
+. Cast Iron Pipe which crossed 210
. for a net gain Of more than seven
/ points.
Profit taking sales brought about
/ recessions of a point or more in
such issues as Chesapeake and
Ohio, New York Central L. S. In
. dustrial Alcohol, Brooklyn Union
Gas, Detroit Edison, Standard Mill
ing and Reid Ice Cream.
a sharp rally in wheat featured
the commodities market. the July
option closing over two cents higher
at $136 rs. Cotton advanced about
is to IS points on reports of unfay-
orable weather and boil weevil dam
age Raw sugar was unchanged but
futures were slightly firmer Coffee
futures advanced 25 TO 33 points.
Thine money and commercial paper
rates were unchanged.
Foreign exchanges were heavy.
Bond prices drifted irregularly
lower Buying interest was at low
sbb except where special develop
4
formulation, while realizing sales
icropped out in sections which re-
Gently had displayed the greatest
strength.
Renewed selling pressure against
French obligation conceded with
the gloomy picture of the financial
situation presented by Finance Min
fster CaillauX in his appeal for dras-
tic measures to save the franc. The
governments Fights and seven ana
o halls declined fractionally and
some of the municipal and railway
bonds were heavy
4. The calling of a strike ON the sub
way lines of the Interborough Rapid
Transit Company accounted for a
AeIling movement in these bonds,
which failed to reach serious pro-
portions.
y Other public utilities attracted lit
lie interest
Railroad liens were sluggish, and
FOR the most part tended lower.
Texas and Pacific first fives moved
up / IA points to a new top price
for the year but Chicago and Alton
9 1-2s. Michigan Central LIS, Sea-
hoard refunding As and Erie con-
vertible As "A" We're heavy.
: Public offering will be made to-
morrow through a syndicate headed
ttv J. p. Morgan and Company OF
$40 600. 600 twenty year seven per-
cent debentures of the Fiat Com
many. Italian automobile manufac-
turers. at a price Of SO to yield 1863
percent.
Ttal sales were $9.S74o0o.