Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-07-22
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New Ofk, July l.-(AP )-Scdt-
tered profit taking and short selling,
inspired by stiffening money rates,
impaired considerable irregularity to
stock trading today, but the market
continued to maintain a firm under
tone. Bullish activities were con-
fined principally to the high priced
industrial specialties in which gains
of one to six points were registered
while alternate rallies and declines
marked dealings in the more rep
resentative issues.
Attempts of professional operators
to start reaction made little prog
resS. A jump in the call money rate
to IL percent was used as a pre-
text for rather general selling in the
afternoon but support was forthcom-
ing for most issues, emphasizing the
markets strong absorptive power.
Aithough1t behavior was at times
cratic, General Electric held the
leadership of the high priced stocks,
for which demand was most urgent.
After establishing new high on
the current movement at 294 81
the stock settled back at the close
to ~ "a, net gain of almost six
points for the day. Mack Trucks
attained new peak price at 1876 but
closed only fractionally higher at
1913 ID. Revival of interest in Ma
tional Lead lifted that stock 2 IL
points to Isl IL.
One of the features of the days
trading was the demand for the ag-
ricultural implement shares, based
on an expansion of business from
the farming districts. International
Harvester was lifted to a new high
price for the year and Advance
Rumely issues scored moderate
gains. Reports of better retail trade
throughout the west also contributed
to the strength of the mail order
and chain store stocks. Sears Roe
buck, Montgomery Ward and Wool
worth eclipsed their previous high
records while S. S. Kresge sold more
than ~ points above it's previous
sale on small turnover.
Despite the generally improved
earnings indicated in the June re-
ports of the railroads, little interest
was shown in the carrier stocks. In
dependent strength was fanifested by
some OF the western rails, including
katy issues, Missouri Pacific COM
mon and Frisco, but most of the
stand investment issues such as
Atchison. Union Pacific, Southern
Pacific and New York Central lost
ground.
Although a good demand develop
cd Tor some of the low cost pig iron
producers, such as Sloss- Sheffield.
Gulf States Steel and Iron Products
early in the day, they lost ground
IN sympathy with the heaviness of
fractionally lower.
The small floating supply of Iron
Products, however. was responsible
for run-up of more than IL points
In that stock on light transactions.
Calling of loans by out-of-town
banks reduced the supply of call
money at this center, bringing about
an advance in the rate from 3 "a
to ID percent. Time money rates,
however, were unchanged.
Buying of Danish kroner, follow
ing the announcement that new
loan for Denmark would be foated
here, monopolized interest in foreign
exchange trading. The currency to-
day held at the highest price in sew
eral years around y 81 cents. 9th
err European exchanges were firm,
neighborhood of S4.S5 "a.
Typical midsummer dullness fea-
tured the bond market. Sitter call
money rates rejecting movement on
funds away from New York, proved
an effective check to trading. and
price fiuctuated throughout the day
within extremely narrow limit. Los
ing quotations generally were below
last nights levels.
The initial turnover of the new
Australian bonds took place on the
New York stock exchange today on
a when issued" pasis at price of
90 SIS, representing a slight frac-
tional premium above the offering
price. Thessame level prevailed on
all the days dealings, which were
relatively light.
The lively competition which
marked bidding for the $50 900
Danish loan, whetted Wall Streets
curiosity as to the terms of the Of
fering which is expected to take
place later this week. With the A.
nal details still to be worked out.
bankers indicated that Denmark
might elect to sell 5 IL percent
bonds slightly below par or 5 per-
cent issue at a correspondingly lower
price. Denmark is today lost a part
of yesterdays IL point gain but
other Danish issues held firm.
Trading in corporation bonds was
devoid of interesting features with
most of the railroad, public utility
and industrial liens following a
downward trend. New York Central,
Baltimore and Ohio, Reading and
Chicago Northwestern issues receded
fractionally, but Katy adjustment IS
moved counter to the general move
ment and kept pace with a rise in
the roads shares. Pan-American
bonds were firm, in contrast with
the heaviness of Sinclair Oil issues.