Daily Kennebec journal., 1925-06-17
NEW YORK. MARKET


NAw York, June 10.-(AP)-
e,sek prices swung upward today
MR. the leadership of tho railroad
I sssrea Trading continued under
~ domination OF professionals,
~hose operations were aided by
shese money rates. Business was in
siirskly reduced volume, the days
~ eggregating about one million
f,fabIlshment Of a new 1925
fslsAt trasic record in the week
ss1Sd June Q. stimulated the de-
1snl for the rails with special
srensth being shown by the north
~ssfsra carriers on msfe favorable
vssfher news. $780, preferred
s'mped four points to 80, the COM
.sn advanced 8 IA to 81 and Chi
~ ana Northwestern moved up
si.2 to 81 IL while net gains of q
rolnt Or more were recorded by At
isntic Coast Line, Great Northern
nrsferred, Norfolk and Western,
Northern Pacific. Union Pacific,
chicago Great Western preferred,
Western Pacific and the Wheeling
VA Lake Erie issues. Pool opera
lions were aggregsively conducted in
! number of public utilities. Ameri-
can Foreign Power jumped nearly 8
points to q new peak at A and was
followed into new high ground by
American Telephone, Brooklyn
Manhattan transit, Electric Power
Kansas City Power and Light first
ureferred and Peoples Gas.
Motors also presented several
uoInts Of strength. Moon Motors
crossed "a to a new top in anticipa-
lion Of increased earnings through
the sale OF the new car to be put on
market this week. Pierce Arrow
common and preferred also attained
new top prices at "a 3-4 and u So
respectively. Mack Trucks advanc-
ID more than 3 points to $50 7-S and
then yielded slightly in profit taking,
Reactionary tendencies again pre-.
dominated in the oil group. although
special buying took place in Inde-
pendent Oil and Gas. which jumped
over 3 points to a new maximum f1e-
urs ct 40 1-2 on reports that the
scmpany had received an offer of
100000 for a fifty per cent Interest
h it, holdings in Lincoln County
Oklahoma.
Large current earnings furnished
tho groundwork for another advance
in food and merchandising shares.
Robert Refs, Associated Dry Goods
first preferred and Douglas Pectin
mounted to new high ground, while
American Sugar, California Packing,
Cudahy Packing. Kinney and Com
pany,g Kresge Department Store,
Montgomery Ward. New York Cam
uers, Sears Roebuclx, and a few 9th.
ers moved up 1 to 2 1.2 points.
a temporary burst % strength In
q. S. Steel common sent that stock
up to III ~ against a previous close
Of us 3-4. but it cancelled nearly all
Of it, gain in the later trading. 9th
er pivotal industrials were well sup
ported. American Can and Baldwin
each showing gains of more than
one. point at 187 3-4 and 113 3-S,
respectively. Dupont went up nearly
seven points to 176 7-6 and General
Electric closed nearly 5 points high
er It go 1-2. Burns Brothers A also
showed gain Of five points at
los IL.
Call money held steady at 3 3-4
per cent. The time money and COM
mercial paper markets continued
quiet with rails unchanged
Weakness of Italian lira which es-
tahlished p new low record for the
yesr n S.S1 3-4 cents, was the fea-
ture Of the irregular foreign ex-
change market. Demand sterling
ruled slightly higher around 4.85 Sd,
but French francs turned reaction
ary. breaking seven points to 4.75
csnts. Belgian francs weakened In
Empathy, but the other European
rates showed only nominal changes.
Buying OF public utility liens. par
ticnlar the local traction issues, i'm
parted . firm tone to bond trading.
Prices generally moved within ex-
Gemely narrow limits, with the rails
ana foreign obligations, as well as
three utilities, working irregularly
higher.
With railroad freight traffic for
me frst week in June setting a new