Daily Kennebec journal., 1925-07-16
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

the Leading Stocks
New York. July 15-(AP)-Con-
structve forces were again at work
In today's stock market, which wit
messed broad upward movement
under the leadership of the standard
lndustrials. Trading was in sub
stantially increased volume, closing
quotations disclosing a large num-
Der OF gains ranging from l to 3
points in the active isues.
The buying movements apparently
was influenced by lowering of call
money rates, resumption of divi-
dends on Vanadium Steel, publica-
ton of favorable weekly steel trade
reviews and reports of expanding
public participation by the large
commission houses.
Predictions of the long awaited re-
vlval of railroad buying stimulated
the demand for the steel shares. U.
;. Steel common closed more than 2
points higher at lit SIS; Republic,
Replogle and Gulf States each NOV
ed up about points and Crucible
and Ludlum one.
U. S. Rubber common continued
its remarkable advance by climbing
more than points to a new 1925
high at 64 "a, slipping back to "a
on subsequent profit taking. Good
rich, Fiske and keystone also at
tanned new peak prices. The strong
crude rubber position of the larger
companies was an important factor
in the buying of these issues.
American Can again came to the
fore by crossing 200 to a new record
price. In ali, about 20 issues ex-
ceeded their previous peak quota
tions of the year, the industrial list
Agricultural Chemical preferred,
| General Railway Signal, Certain
teed Products, Dodge Brothers pre-
ferred Onyx Hosiery, Phoenix Hos
! iery and Ginter Co.
With public utility companies re-
porting long succession of record
breaking earnings statements, the
! public Imagination fired by proposed
| super power projects, there was a
| good demand for power and light
stocks. Montana Power, North Am
erican Co., International Telephone
| and Standard Gas all broge through
| to new highs.
Oils changed hands in large blocks
! at the opening and it looked as
| though the widely predicted boom
| in the oil shares was under way. but
| the buying movement quickly peter
ed out and most of the popular is
sues showed only small fractional
changes on the day. Wall Street
heard talk that the leaders of the
oil industry frowned on any bullish
| demonstrations in the oils at the
present time on the theory that such
! a movement would stimulate wild
/ nha
| and increased production which
would again dsorganize the indus
| try.
| The recent sluggishness Of the
equipment issues was attributed to
| the sharp falling off in new orders
4 and reports that several of the larg-
! er systems were building their own
| equipment. A better inquiry was
| noted fo these issues today, BALDWIN
and Lima Locomotives each closing
a point or so higher.
| Rails. particularly the eastern coal
carriers, developed show of
strength at the opening, but the
! rally was not sustained. The Wheel
| ing and Lake Erie issues again es-
tablished new maximum quotations
| but shares of most of the trunk line
systems showed only fractional
| changes.
| Call money renewed at percent
| and then eased to ) 3-4 with some
loans reported in the "outside mar
| ket" as low as II. Time money
and commercial paper rates were
| unchanged.
With the exception of heavy profit
| taking in the Scandinavian curren-
/ cies, which resulted in Norwegian
| and Danish kroner falling pack
! about Is points, there was little OF
| interest in the foreign exchange
market. Demand sterling ruled
slightly easier around S4So, put the
other allied currencies were firm,
French francs being quoted slightly
| higher around Az cents.
In reflection of an easier money
| situation, bond prices recorded mod
! crate improvement today, although
| trading continued colorless. With
| funds available in the outside
market at rates below official quota
| tions, buying of various investment
and semi-speculative liens was en-
couraged. But there were evidences
| of a careful search for the most
| attractive issues.
Demand for railroad mortgages
| was the liVelleSt in some time, and
| apparently was based on the belief
that the resumption of hearings on
| the Nickel Plate next week would
| bring an early settlement of this
| question and pave the way for
progress in other railroad consoli-
| dation plans. Renewed accumula-
ton of Nickel Plate 5 lbs was not
| ed, while Wheeling and Lake Erie
| lbs spurted up almost 3 points
to new 1925 high on buying be-
lieved to be for the account of Della
ware and Hudson interests South
| ern Pacific, Western Pacific and
| Maryland issues were also active.
Industrial bonds failed to follow
| a definite trend but several issues
| in this group developed Independent
strength. Reports of new reorgan-
ization terms accounted for activity
in both American Writing Paper and
| Virginia Carolina Chemical obliga-
tions. Consolidation Coal 5s moved
| up 1 IL points on reports of a re-
sumption of mining operations.
The financial district was still
! without definite information on the
| forthcoming Australian loan, al