Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-06-05
Financial
NEW YORK MARKET
Features Of the Days Dealings in all
the Leading Stocks

New York, June 4.-(By The AS
ISOLATED Press)-Heavy week and
realizing sales and sporadic bear
selling turned the course Of prices
| irregular in today's stock market af-
| ter an opening display of strength.
Closing quotations disclosed a long
| list of net gains ranging from frac-
tons to six points, with a smaller
numbr of net losses running as high
| as Is points. Total sales aggregated
1851. 200 shares as compared with l..
$4,000 yesterday.
| The days business news was large
| ly favorable. The weekly mer-
| camille reviews emphasized that
more resistance was being shown to
| price concessions, and that the de-
| Ginning tendency of commodity prices
| in the last six months has had no
generally disturbing effects. Several
! favorable earnings reports made
| their appearance and the L. w.
| Dodge corporation reported that
| construction contract volume in New
York city last month exceeded $84,-
100000. the largest May on record.
| Steel shares displayed a relatively
| firm undergone on the announcement
that some of the smaller indepen-
dents had raised prices on certain
| products for third quarter delivery.
Oh shares turned heavy with some
of the selling undoubtedly inspired
| by the U. S. Senate's action in dir
Getting the Federal Trade commission
| to conduct an investigation of gaso-
| line prices this summer. Pan
! American B. Houston and General
| Asphalt fell back point or so and
most Of the others yielded fraction
| ally.
Chemicals presented similar points
! of strength. Commercial solvents B
scared six points to $50 and Allied
Chemical crossed 121 for a gain of
more than points. Dawson Chemi-
cal was active around 40 on the an
nouncement that its fertilizer bust
ness was better than it had been for
any time during the past five years.
Coppers continued to move up
ward. Bullish demonstrations also
were successfully conducted in
| American Linseed, Collins and AK
men Electric Refrigeration. General
| Electric, General Railway Signal,
Standard Milling, J. r. Thompson
and Worthington Pump.
Manati Sugar preferred broke 10
points to new low at 55 on the
omission of a dividend due at this
time. Heaviness also cropped out in
| International Combustion. +. g..
Shattuck, u. s. Rubber, Wright
| Aeroplane and several others.
Mixed price movements also
characterized the commodity mar
kets. Wheat futures opened strong
| but lost most of their gains before
| the close. Cotton sagged six to 10
| points on selling inspired by more
| favorable weathr reports. Raw 'sug
ar was unchanged, but coffee advanc-
| ed 20 to 2S points.
Brokers loans reported by the
| New York Stock exchange showed a
| shr.nage of over S6S,000,00O in May,
| bringing the total nearly $770,000,000
| below the peak figure reached in
February.
Can money renewed at 4 per cent
ana held steady at that figure all day.
Time money and Commercial Paper
| rates were unchanged.
Foreign exchanges displayed con-
siderable irregularity with a break
of nearly 10 points to around S.07
cents in French francs, rejecting the
big increase in the note circulation
of the bank of France. as the out
| standing feature.
Bond prices forged slowly ahead in
listless trading. Buying interest,
which had covered on the foreign list
| for several days, was transferred to
| the domestic railroad group.
1t was readily apparent today that
new life had been injected into the
railroad division by the progress of
the Van Sweringen interest in re-
vising the Nickel Plate merger plan.
| Erie and Chesapeake and Ohio con-
vertibles, which would be directly
| benefited by new deal. were
strong.
High grade public utility liens
were second only to the rail mort
cages in attracting buyers. Brooklyn
Union Gas and New York Edison
issues sold at the highest prices of
the year and substantial gains were
recorded by Manila Electric Railway
| 5s. New York Telephone skies and
| Niagara Falls Power skies. Sugar
| bonds held firm in the face Of the
omission of the Manati preferred
dividend but oils yielded to profit
| taking.
The recent upturn In the foreign
| list invited realizing sales. which re-
duced the weeks gains on French.
| German and Mexican obligations
| Total sales were S11,190,000.
(Rv Tdn Dx4~eN