Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-12
Financial
NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks

New York. June 11-(P)-The up
ward movement Of prices in todays
stock market assumed more general
preparations. but high grade rails
and industrials continued in the
forefront of the advance. Closing
quotations, which were around the
highest of the day, disclosed a long
list of net gains, ranging from l to
5 points. Total sales were 1862, 200
shares compared with 1,311,20O yes
terday. and I.662,100 on Tuesday, the
high figure of the week.
Except for a lowering of the call
money rate and more general re-
ports of trade improvement, there
was little In the days news to ex-
plain the further rise In prices.
Trading appeared to be under the
domination of large operators and
powerful financial interests although
signs of increased public interest
developed in several sections of the
list. U. S. Steel common again
changed hands in enormous volume,
closing 2% points higher at 1884,.
Independent sdeels, however. did
not follow in it's wake, despite the
announcement that steel mill opera
lions were being made at an unus-
ually high rate.
General Motors kept pace with
steel, crossing 1876 to a new high
level for the year and within IL
points Of the record high for all
time, established in 1925.
Preliminary estimates place the
corporations second quarter earn
ings between 81 and 50 a share.
Other motors were mixed with bull
1sh operations apparently discourag-
ht ro,.io H.
showed in present strength.
Oil shares which have been slug
gish most of the week, showed signs
of activity and strength as the ses-
sion closed. Atlantic Refining was
bid up 21a points. Pan Handle Pro-
ducers and Refiners touched a new
high level for the year at 81. Cop
pers maintained a firm undertone.
Good buying also developed in the
food shares, particularly California
Packing, Postum Cereal and Ma
tional Biscuit.
Rails showed a more uniform ten
dency, Union Pacific crossing ISL to
a new high level for the year and
Canadian Pacific reaching it's pre-
vious peak of 162 as. Gulf Mobile
and Northern Common and preferr-
ed also attained new 1926 high lev
VAS. @NCW 1Olh ScHlEdl was run up
to $50 SIS just before the close on
reports that May traffic of the road
broke all records. Baltimore and
Ohio climbed points to new high
at Sc 3-S. Atlantic Costline crossed
200 for net gain of nearly points.
Commodity prices were mixed.
Active wheat futures advanced
about cent bushel on reports of
unfavorable weather in certain
western states and rumors that
France would lift it's import duty on
the product. Cotton declined SO to
45 points on selling inspired by fav-
orable weather reports, all the new
crop months touching new low lev
els for the season: Sugar and cof-
fee prices were practically unchang-
ed.
Call money renwed at four per
cent and then eased to 3%, closing
at the low figure. Time money and
Commercial Paper rates were I'M
changed.
Sharp rallies of IS and 40 points,
respectively. in the Norwegian and
Spanish currency which ruled
around 22.65 and 1859 cents, featur-
ed the irregular foreign exchange
market. Demand sterling held firm.
Coincident with marked expan-
sion in activity, bond prices rose to
the highest level of the year. A vigo-
rous buying movement embraced all
classes of securities, with semi spec,
ulative railroad and industrial issues
vieing for leadership.
With money conditions virtually
unchanged. there were no new de-
velopmentS to account for the broad