Daily Kennebec journal., 1925-07-14

IL per cent basis, with practically
no funds obtainable at ) 3-4. which
was quoted for some of the shorter
maturities last week. Prime com
mercial paper held steady at 3 3-4
to per cent.
The uneven character of the DAVIS
price movement is illustrated by the
TACT that sixteen issues mounted to
new high levels for the year, while
seven others sank to new low prices
for the year.
The days highs in the industrial
group included Dodge Brothers
common and preferred, Household
Products Phoenix Hosiery, Conti-
mental Can, Kansas City Power and
Light first preferred, Underwood
Typewriter, Owens Bottle, Goodrich
Rubber, Weston Electrical Instru-
ment Common and Glass A Artloom,
Sterling Products and General Rail-
way Signal, the last named soaring
10 points to 195 and then easing to
1872 IA.
Savage Arms broke nearly 3 points
to a new bottom price at so IL on
selling apparently inspired by the
delay in the marketing of it's electri-
cal refrigeration machine. Producers
and Refiners preferred broke z
points to 81 in further reflection of
the passing Of the dividend, and the
common broke IL points to 1S and
then rallied to 10 1-S. Crysler Mo-
tors, Century Ribbon, Philips Jones,
and Hanna first preferred A also
broke below their previous resis-
tance point.
The continued heavy demand for
Rock Island, which was widely at
tributed to expectations Of increased
earnings and its eventual merger
with the Southern Pacific, sent that
stock up over one point to 4S 3-4
and provided one of the few features
of tie railroad group. Wheeling and
Lake Erie preferred and Chicago
and Eastern Illinois reached new
high territory for the year. Della
ware and Hudson crossed 147 for
gain of more than 3 points.
Rubbers started higher on rumore
of another early advance in tire
prices, but the buying movement was
checked when selling cropped out in
other parts of the list. Standard in
dustrials were mixed. American Can
and Baldwin each closed about a
point higher at 1876 Ia and ia 3-4
respectively, but u. s. Steel common
closed fractionally lower at lis 1-2,
after having sold a point above that
figure.
Strength of the Scandinavian rates
featured the irregular foreign ex-
change market. Norwegian kroner
rallied about one-quarter of a cent
to around 1915 cents and Danish
kroner moved up about one-eighth
of cent to around 2063 cents. De-
mand sterling held steady around
$4.S5 "a and French francs at 4.7O
cents.
Narrow and Insignificant price
movements marked listless bond
trading. Calling of bank loans, and
a subsequent advance in the rate on
call funds, together with a scarcity
OF time fund offerings, created some
uneasiness over the money situation
and restricted buying operations.
No evidences of hurried selling
were noted anywhere in the list. but
a number of semi-speculative rail-
road issues were unIoaded at slight
concessions in price. Among these
were the st. Paul, Chicago and AL
ton and Chicago and Northwestern
liens. Frisco Gs &c" displayed inde-
pendent strength, rising more than
three points. Arrangements for
new financing constituted the most
interesting developments in the in
vestment field. The $10,OOO,OOO Hun
garian Consolidated Municipal loan
probably will be offered on Wednes
day. taking the form of Z 1-2 per
cent bonds priced to yield more than
8 percent. Bankers have purchased
an $S,OOO,OOO issue of Rock Island
4 IL percent notes, which will be
offered to the public. The city of
Zurich has notified local bankers
that it will call for payment on April
15, 1926, all outstanding bonds of
$6,OO0,000 eight percent loan sold
here in 1920. The redemption price
is 107.
Both United States and foreign
government obligations were inclined
to ease of although declines were