Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-05-08
NEW YORK MARKET
r..tures of the Days Dealings in All
the Leading Stocks

New York, May Heavy buying
:, M public utility issues, score
- which bounded upward to new
sioh levels for the year, again feat
,red today's active stock market
psawakening of public interest in
sss mower and light company stocks
,,ss based on reports of high current
awnings and rumors Of recapitaliza-
ssrr increased dividends and COM
hinations.
standard industrials disclosed some
,rregularity as a result of extensive
nrnfit- taking in some of the recently
strons issues. Rails displayed a firm
tona on publication of report that
cross earnings Of class one roads in
March totalled $4S6,4s4.401 or $1S,-
Sse5S6 below the same month last
year. a better showing than some of
he individual railroad returns had
Indicated.
Utah securities, which sold as low
IS II is less than three months ago
continued its sensational advance by
soaring seven points to 127 1-2, but
subsequent profit taking resulted in a
cancellation of most of the days
gain. Montana Power jumped more
than seven points to the highest
price in five years at SO rs, closing
inst below the top. Federal Light
and Traction established a new high
At 16S, and then slipped back to 1C3,
up IL.
other public utilities issues to
break through their previous maxi
mum quotations were American
Telephone. Abitibi Power. American
Water Works, Brooklyn Union Gas,
Electric Power Certificates, the three
Market Street Railway preferred is
sues, Philadelphia Company, Pacific
Gas and Electric. Pittsburgh Utilities
preferred. American Can showed a
net loss of IA points at 1S4 SIS as
a result of heavy realizing sales.
Baldwin showed a slight fractional
loss at ia 3-S after selling more
than a point above that figure. U. S.
Steel common closed is higher at
lis ga. Heavy buying of Mack
Trucks just before the close, based
on reports of an impending splitup
Of the stock sent up nearly four
points to a record high at 1853 1-2.
Low priced rails were in good de-
mand. Ann Arbor common soaring
six points to 50 and the preferred
ga to SO IL, both new 1925 highs.
Seaboard Air Line common and pre-
ferred touched new peak prices at 81
and IS respectively. Wabash COM
mon and preferred A and Gulf,
Mobile and Northern common also
attained record prices.
The announcement that the STAN
dard Oil Company of New York had
met the gasoline price reductions of
its competitors in New York City
had a restraining effect on trading
in the oil shares which moved within
narrow and irregular limits. Re-
ceivership proceedings against the
American Sumatra Tobacco Com
pany apparently had been discounted
as both stocks closed higher on@the
day. Dodge Brothers stocks were
traded in separately for the first
time, the common closing at 25 after
nuctuating between "a Is and rs l-2
and the preferred closing at "A SIS
after selling between 73 IL and rs,
Good buying was noted in Ameri-
can Tobacco common and preferred,
WHY'S Overland common and pre-
ierred. American Ice, Ginter Com
pany and Advance Rumly preferred.
an of which sold at the years best
prices. Heaviness cropped out in
american Express. Brunswick Bake
Collender, the Commercial Solvent
issues, Pierce Arrow preferred, Rem
lngton Typewriter. United States
Cast Iron Pipe, and Worthington
Pump. which showed net declines of
to points.
eau money opened at A percent
ard eased to "a, thence to l-2.
where it closed. Time money and
commercial paper prices were un-
changed.
Foreign exchanges were slightly
Teactionary. Demand sterling held
lalriy steady around S4.843-4 but
french francs ruled about points
lower around $40 1-2 cents and
norwegian kroner broke about nine
points to 1915.
diversions of speculative interest
70 the stock market restrained the
pace OF bond trading and prices
nuetuated within rather narrow lin
Us, except in a few isolated cases.
a steady demand for high grade
foreign obligations and both legal
and speculative rail issues gave the
market a firm undertone.
Trading was enlivened by a squirt
q nine points in Standard Gas and
Electric s IL percent bonds, which
snchronized with rise in the stock
INTO which they are convertible. The
ISSUES reached a new high price for
Inc year at 1875 SIS. Other public
Utility liens joined in the upward
movement, keeping pace with rail-
~ In these shares.
Heavy buying of Japanese govern
ment 1-2's, which rose to a 1925
peak price, was accompanied by un-
confirmed reports that the American
market would be opened to new Jap
alese financing. The turnover in
THIS issue amounted to $3.50, 900.
Inc activity in this group extended
% the oriental development prices
and the Great Consolidated Power
rs.
Buying of railroad issues today
was of a more selective character.
recent bullish enthusiasm was dam
pened somewhat by the unfavorable
march earnings shown in the COM
pined report of the class one carri-
sfs, bit Seaboard liens forged read
ny ahead to new high levels for the
sear and Chicago and Terre Haute
income SIS jumped 2 IL points to a
new top. Norfolk and Western As
gained point.
sugar company bonds strengthen
20 slightly in response to persistent
reports of a merger in the industry
aLu indications of a more settled
Price situation, but oil liens reacted
showing another series of cuts In
sasoline prices in the east and the
announcement of another increase
~ crude production.
sales We're $15,762, 900.