Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-05-16
irancial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, May 15.-(AP)-'
Strength and activity of the high
priced specialties, several of which
scared three to s points to new
high levels for the year, overshadow-
ed all other developments in today's
rising stock market. Trading start
ed off at low pace. but quickened
after midday under the impetus of
expensive short covering, the days
sales running above one and one
quarter million shares.
Mack Trucks was the sensational
feature, reaching a new high for all
time at 166 3-S or nearly so points
above the years low and then cas-
ing to 165 II, where 1t was up Z / .
points on the day. Wall Street was
generally inclined to attribute the
buying of this issue to expectations
of early announcement of recapitali-
cation plans involving an increased
dividends American Can touched
the highest price in it's history at
100 Sd, closing just below the top
for net gain of IL points. Gen.
eral Electric, U. s. Cast Iron Pipe,
Bush Terminal Gold stock), Contin-
entail Insurance and Ward Baking A
showed net gains of 3 to 6 points.
The weekly mercantile reviews en-
phasized the fact that net advances
exceeded net declines in the COM
modify markets. The credit situa-
ton continued easy with indications
that large sums were still available
for investment and speculative pur-
poses.
Standard Industrials received bet
ter support than they have on most
any day this week. u. S. Steel COM
mon advanced 3-S to 116 IS; Bald
win closed IL points higher at ia
and American Locomotive, American
Smelling, Allied Chemical, American
Wooden and several others showing
net gains of 1 to 2 points. Interest
IN the rails conferred largely. in the
Frisco and Wheeling and Lake Erie
issues all of which attained peak
! prices for the year. Buying OF
| Wheeling and Lake Erie was based
on rumors that the road will be in
corporated in the proposed fifth
trunk line" system in the east. Erie
common touched a new 1925 low at
10 3-4 and then rallied a point.
Shares of food and merchandise
ing companies, which recently have
been reporting higher current earn
ings, were under steady accumula-
ton. Cushman's Bakery showed a
net gain of nearly five points at IS,
! while General Baking Kresge De-
partment Stores May Department
store, McCrory Stores, Montgomery
Wardfi Sears Roebuck. and Wool
; worth advanced 1 to points.
! Pierce Arrow issues all attained
new maximum prices on net gains
ranging from to IL points.
Among the many other strong spots
were American Car and Foundry.
, American Radiator. Art Loom Cor
| poration. Certained Products. Eaton
Axle, Mathieson Alkali. Niagara
! Pullmen and Underwood Typewriter.
! all up to four points.
| Cali money opened slightly higher
at 4 percent in reflection Of the rela
! lively heavy overnight demand for
! iunds for mid-month payments and
payroll purposes, but eased to ga
later. The time money market was
quiet with brokers 3% and the
bankers asking percent and some
business dore at rs. Commercial
parer rates were unchanged.
The foreign exchange market was
rregularly lower; Demand sterling
held firm just above SASS, but
French francs eased about Q points
to 5.19 lee and further sharp re-
cessions took place in the Norwegian
and Danish currencies.
Bond prices broke into new high
ground again today as railroads re-
sumed the leadership of the market.
TheTpre of funds seeking employ
ment in investment channels also
was reflected in moderate improve