Daily Kennebec journal., 1925-06-16
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, June 15.-(AP)-Op-
posing speculative forces struggled
for control OF today's stock mar
ket, causing considerable Irregular
ity in price movements. Trading
was in moderate volume, the day S
sales aggregating about one and
one-quarter million shares.
Bear traders, taking advantage of
the Mexican controversy and the
apparent difficulty in attracting pub
lie participation on the long side Of
fered stocks freely and succeeded in
bringing about recessions of l to
points in many issues, part of which
were later recovered.
Operators for the advance found
encouragement in the continuance
of easy money rates, the stiffenlng
of ferrous metal prices and trend
of improvement in the federal i'm
portant industries,
Shares of the Pan American Pc
troleum and Transport Company
which has large interests in Next
co, were depressed about three
points each on selling inspired by
the note of President Gales pre-
testing against the reception warn
ing of Secretary kellogg to tnat
country. Some of the liquidation in
those shares also was attributed to
speculative disappointment over the
failure of the directors to increase
the regular dividends at today's
meetings. Other oils reacted on
profit taking, net losses of about a
point taking place in general Pc
troleum, Houston and Independent
Oil and Gas.
1lxy H. I,c-t
by bidding up the steel shares failed
to make much headway. United
States Steel common crossed III to
make new high on the movement
and then fell back to 115 3-4 for a
small fractional loss on the day.
Heaviness of Famous Players was
attributed to reports of new stock
offering.
Marked heaviness was also appar
ent in American Can, Loose Wiles
Biscuit, Mathieson Alkali May De-
partment Stores, Pierce Arrow prior
preferred, and Western Union, all
off l 3-4 to 3 points. LacIede Gas
broke nine points.
Baking issues developed marked
strength on merger rumors, Ward
Baking B scared nearly points to
a new top at Sc 3-4 and then drop
ped back to Ga, while General Bak-
ing closed 4 3-4 points higher at
14S IL after touching a new maxi
mum at 149 1-2.
Special buying movements con-
tinued in several of the merchandise
ing. food and public utility issues.
Robert Refs duplicated the years
high on reports of high current
earnings. American Beet Sugar ad-
vance two points in reflection of
President Coolidge's decision not to
avail himself of the power to lower
the tariff on the Cuban raw pro-
duct.
Fluctuations in general railway
signal became moro erratic, the
stock rallying from a low of 100 to
a new high at 17S for net gain OF
6 points on the day. Paper issues
were again in good demand.
Rail stocks turned reactionary IN
the late trading, but the net losses
We're generally held to fractions.
Call money ruled steady at I'D
percent despite heavy tax day de-
mands. The time money and com
mercial paper markets were quiet
with rails unchanged.
Weakness of Italian Ira which
broke about points to around 1888
cents. featured the irregular foreign
exchange market. The first shipment
of gold to Italy since the war was
announced during the day. Demand
held firm around $4.S5 IL
and French francs were slightly low
er around 4.S2 cents.
Selling of Mexican government OBJ
legations prompted by uneasiness
over the controversy between the