Daily Kennebec journal., 1925-08-08
Financial
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks

New York, Aug. 7-(AP)-An out
burst of enthusiasm in today's
stock market caused q substantial
increase in the Industrial averages.
The advance, which ran from to
10 points in many issues, was led
by U. S. Steel comman and the Van
Sweringen R. r. stocks, buying of
the latter being based on reports of
a private settlement having been
reached with the Chesapeake and
Ohio minority interests. U. S. Steel
com Ion moved up over points to
122 rs, the highest price reached
since March, on total transactions
o. over 100000 shares.
Except fof reports of continued
eXpansi' in various lines of trade,
there was little i'll the days news
to influence the price movement.
Operators for the rise derived en-
cot ragement. however, from the as
sertions of New York bankers that
the reduction in the Bank of Eng
land discount rates could be con-
stlued as an indication that no i'm
mediate increase in the New York
federal reserve rate was likely. Pc
'iodic circulation of rumors that
the New York rate was to be in
creased invariably have been fol-
lowed bv the heavy selling IF stocks.
The weekly mercantile reviews
were cheerful in tone. Bradstreet's
characterized the business situation
as fully fair reporting a "moder-
ate but none the less perciptible
quickening in wholesale and jobbing
trade" Dunn's stated that except
for the threatened coal strike, the
present Indications are encouraging,
and the greater activity in the for
nation of new enterprises rejects
confidence in the future"
High priced industrials again
displayed buoyant tone. Midland
Steel Products preferred scared IL
points to a new peak price at 143
on reports that approximately SIS a
share was earned on that stock in
the first six months OF the year.
General Railway Signal. which re-
Gently received a large order from
New York Central jumped 10 points
to a record high at 247 1-2. or more
than 100 points above the initial
transaction on the big board" q
few months ago.
General Electric closed 8 1-2
points higher at S10 after selling as
high as 81 1-2. Mack Trucks
jumped six points to 1913 and net
gains of to 6 points were record
ed by Burroughs Adding Machine,
the Commercial Solvents issues and
U. S. Cast Iron Pipe. international
Combustion Engineering, which re-
Gently closed some important con-
tracts, crossed 4S to a new high lev
ell for the year for net gain Of over
8 points on the day. American an
also moved up over points, cross
ing 21s to the highest price in its
history. Other outstanding indus
trial strong spots included Air Re-
duction, General Baking. Glidden
Co., Great Western Sugar. Gulf
States Steel, National Gamers, Ma
tional Dairy Products, New York
Dock, Pullman, Republic Steel.
South Porto Rican Sugar, United
Cigar and Virginia Railway and
Power. all up IL to points and
several at their best prices Of the
year.
International Shoe collapsed Is
points to 165 on selling inspired by
the Federal Trade Commission or
dering that company to dispose of
its stock of a rival concern, but it
regained half of it's loss before the
close. Heavy selling of Mallinson
just before the close sent that stock
down more than 4 points to 25 IA.
Heaviness also was shown by Coca
Cola, Frank G. Skattuck and Inter-
national Telephone, which yielded
to profit taking sales.
Van Sweringen issues all recorded
sharp gains. nickel Plate" common
jumped points to 1873 and the pre-
ferred moved up Q to a new 1925
high at 96. Chesapeake and Ohio
closed 3 IL points higher at 100 1-2
after attaining a new maximum at
100 "a. Pere Marquette showed a
net gain of points at 46 3-4. Erie