Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-05-21
NEW YORK MARKET
-. # the Days Dealings in All
Feasu'' the Leading Stocks

fh0 LeaotHS SASSNo
york. May 20.--(AP)-Ex-
,.nding public participation .s was
pan shief characteristic OF today's
tn is,nc stock market. More than
rislns s,ere. including large assort-
tw y. of Of public utilities. mounted to
unen' Lob levels for the year, net
new M n several cases running as
gaps 80 ten points or more. Total
hlgn ssyceeded 100000 shares and
saes ~ largest of any session since
= y, W., middle of March.
" strength of sterling exchange
ss ,.s ADVANCED to the highest price
wiz - wars. and within one half cent
~ Lev received as much attention
{ q ps me banking fraternity as the
irv VA demonstrations in stocks. In
pun pull, bankers were generally
Ell la that sterling's return to
$50 ~ e only question of hours,
: paiA rat il will have an important
Geological effect in financlal ceA-
Il ~ throughout the world.
- utgh priced specialties continued
~ fbe pace in the upward move
W. n stocks with new leaders
ihsr forward whenever the OLD
'ss,tss showed signs of wavering
= sroat taking, Nash Motors Jump
W "a noints to 42J and then slipped
y - 70 419 while net gains of 3 to
=. psoa .,nts were recorded by Havana
. - p Montana Power preferred,
LIZ cscurities. Ward Baking A
M west Penn Power all or whlch
~ .,sa;ned new 1925 peak prices.
Tho davis news was largely favor
! =. n included an advance of Zoe
IVY Ss.-s, IN Pennsylvania Crude Oil
s.;ass q lowering of call money
: 30 and the publication of favor
.s,s weekly steel trade reviews with
s.aarts of another increase in scrap
tseel prices. s ..
Jncreasing activity was noted IN
=. stondard industrials. L. S. Steel
sommon closed a point higher at
no IA the highest price since the
Ma,ch decline and more than seven
sasrte above the years low. Ameri-
n attained new high ground at
so9 . and then fell back to l9l. off
s.S Baldwin closed fractionally
s.,sr At ia IA after selling as high
115 5-S. American Smelling was
aim active, closing nearly a point
s,.her at 100 IL after hvaing
touched 1OT 3-4.
rTtah Securities was the outstand-
M strong spot in the public utility
rom touching a record figure OF
ia as compared with q low
"a is only a few months ago,
and then slipping back to To- Ia
vhere il was up IA on the day.
fther issues in that group to break
thrbugh their previous high levels
we're Electric Power and Light certi-
srates. Standard Gas and Electric
netroit Edison A, Twin City Rapid
transit Columbia Gas, Public Ser
vice and New Jersey, Brooklyn Edi-
son and Mackay Companies.
Arun up Of over points in Max
veil Motors B to q new top at "a 5-S
attracted the most attention in the
motor group. Strength of Pan
American B which closed nearly 3
points higher at 81 was the feature
81 oils, although good buying also
wasnoted In Atlantic Refining. Mid
Continent, California Petroleum
pteferred, and Tidewater.
Failure Of the railroad shares to
make better response to reports of
lssee1d hgeakipg freight traffic was
attributed to tineasiness over the in
ter-state commerce commission's
decision on the Nickel Plate merger.
Special strength in the st. Paul is
sues vas founded on reports that an
early announcement of the reorgar1t-
1tion plan was likely.
Call money opened at ga per-
cent and then dropped to 3 IL.
Tine money and commercial paper
rates held steady.
Demand sterling crossed s4s6 In
the New York market for an over
night gain Of about "a Of cent.
French francs held relatively steady
around SIS cents and Italian Ira
moved up four points to 4.05 cents.
Other European rates moved within
narrow and irregular limits.
Fond prices resumed their upward
movement with fresh vigor as spir-
yea bidding developed for United
otaies and foreign government obli-
cations, In addition to various rail-
ioad, public utility and industrial
yeas. Easier money conditions,
Merings rise, the strength Of the
Nock market and favorable trade
leEs laid the basis for the advance,
xnien lifted prices in many in
year.
With new high records in the Lib
y bond list indicating the gen.
aai upward trend of the market, a
sslyal OF buying interest took place
sh classes of securities. The first
~ fourth Liberty IL eclipsed
sn previous peak prices, the turn
ssa N the latter issue approximate
s sisuO,000. Other government is
~ noyered around the best prices
MO I've. Coincident with the rise in
,ssa nng United Kingdom 5 LIS of
q, ne assembled to record high at
800 ~. Polish IS scored good re-
1tly from their recent break to 81,
,naDlng back to 81. Other foreign
\ - 80 were firm. with the exception
=. Me French bonds. which yielded
iNproft taking.
railroad liens returned TO the lead
s. sasp Of the domestic group, with
sssa as q point or more scattered
ivsagnout the list. Seaboard re-
,sS u,ns As moved up 5-S points
sias baltimore & Ohio, Toledo divi-
~ LOUIS. rose IL. Southern
s ac Big Four" st. Paul, Missouri
snil nc, Northern Pacific and Vir-
a an III railway issues sold a point or
n dMayances in convertible bonds were
me with movements in the x. ork
sbieS Magma Copper sevens, on
- Inversion privileges expire