Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-07-11
NEW YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks

Features Of the Days Dealings in Al
the Leading Stocks
New York, July 10-(AP)-Stocl
prices turned reactionary today or
selling apparently inspired by the
marking up of call money rates t
IL percent. the disappointing U. S
Steel tonnage report for June and
the failure of the oil shares to re-
spond to an increase in mid CONT
| nent crude prices. While isolated
points of strength developed in sew.
eral sections of the list, net losses OF
a point or two were scattered
throughout the list at the close
Trading slowed up somewhat in vol
ume although the days sales ran
above a million shares.
Reduction of nearly $4,000 tons In
the untitled orders of the U. s. Steel
Corporation last month, compared
with earlier Wall Street estimates OF
100000 tons, except for the acute
weakness of the pipe shares, the pre-
ferred issues of which broke to new
| low levels for the year, the steels
held up relatively well, U. S. SteeI
common closing fractionally higher
at 115 rs while Bethlehem Steel was
bid up nearly two points to Al Ia
and then eased slightly. U. S. Cast
Iron Pipe broke ten points to $50 OF
just 100 points below the years high
and then rallied over points, and
Universal Pipe common closed / l..
lower at 20 rs while the preferred
showed a net loss of 2 1-2 at 81 l.:
after selling as low as IS.
STEADY accumulation Of Dodge
Brothers common, which was bio
up over points to a record price al
20 Ia, in anticipation of a favorable
semi-annual earnings report, was one
OF the days features. General Mot
ors percent preferred also attained
new high ground but further weak
ness cropped out in the Pierce Ar.
row issues, Mack Trucks, Genera
Motors common and some of the
other issues in that group. A re-
newed demand was noted for Fisher
Body.
North American also was in brisk
demand. running UP over points tc
"a, the highest price since the recap
1talizatton of the company in 1921
Among the few other issues to sell
at new peak prices were Metropolitan
Edison preferred, Underwood Type.
writer, Household Products, Weston
Electric Instrument, Phoenix Hosiery
and International Agricultural prior
preferred, the last named jumping Il
points on one sale.
The weekly mercantile reviews re-
ported further improvement in bust
ness. Dun's states that "a further
disposition to extend commitments
prevails in some Of the leading mar
kets and quotations on some impor-
tant commodities tend higher dis
tribution is on large scale for this
season and gives promise of further
expansion" Bradstreet's reports
that evidences accumulate that a
seasonal quieting down in some lines
of trade and industry masked, but
did not entirely conceal a definits
turn for the better in June"
Oils showed little life despite the
announcement of an increase in Mid
continent crude prices.
A sudden demand for Rock Island
common, which lifted that stock ur
nearly 8 points to Al IA, enlivened
the late trading in the railroad
group. Most ofNthe other carriers
were heavy although the net losses
as rule were fractional
Call money renewed at 3 ga pei
4 IL. closing at the top. The heavy
vacation and week end demand fol-
funds and the temporary withdrawal
of balances by interior banks were
generally held responsible for the
scarcity of loanable funds. A tenn
porary stiffening also was noted in
the time money market, the longer
matnrities being quoted at to 4 Ia
per cent instead of on a fiat 4 pei
cent basis. Commercial paper rates
were unchanged.
Foreign exchange rates moved
within rather narrow and irregular
limits. Demand sterling ruled firm
around $4.S5 3-4 and French francs
at 4.6S cents. Scandinavian ex-
changes were relatively strong.
Sitter money rates and week end
profit taking today restricted bond
trading and prices drifted irregular.
ly lower in sympathy with reac-
tionary movement in the stock mar
ket. Surplus funds continued to find
more satisfactory employment In
new offerings than in the trading
list, as was reflected in the prompt
subscription of the $2O,0O0,OOO Her.
shey Chocolate issue which was
placed on the market today. The
new bonds sold slightly above the
offering price when they were list.
ed on the stock exchange.
Discussions regarding the terms
of the forthcoming Australian loan
continued to absorb much of Wal
Streets interest. According to
present indications, the loan may
reach the market next week. 1t is
expected to take the form of about
500, 100000 long term to 5 Il
per cent bonds, offered slightly be.
low par.
Although a firm tone marked the
early trading today, subsequent
price movements proved disappoint.
ing. Copper and oil company bonds
made feeble response to higher
prices for these commodities but
later turned downward. Pan Ameri.
can Is losing more than a point
Anaconda and Chile Coppers issues
closing fractionally lower.
With investment rail liens unable
to attract much new buying because
of their current high levels, offering
today were taken up only at Sigh,
price concession.
Atchison general Is and Delaware
| and Hudson 5s were among those
| which lost ground.
Sales were $11, 376,O0O.
Stock market ayera pes.