Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-05-22
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

Features OF the Days Dealings in All
the Leading Stocks
New York, May 21-(AP)-Stoek
prices were carried to higher ground
in another two million share session
today. Switching of chief specula-
tive interest from the public utilities,
several of which broke sharply on
profit taking to the oils, was one of
the outstanding features of the days
trading. Two score issues mounted
to new high levels.
Buying of the oil shares was based
on further extension of crude oil
price advances, reports of heavily
increased gasoline consumption and
rumors of increased dividends, one of
which materialized after the market
closed when directors of the Pacific
Oil Co. increased the AM ual rate
from 50 to 50. Sinclair preferred ad-
vanced 3 1-2 points to SO. California
Petroleum preferred moved up 3-S
to 119 rs and Texas Co. climbed two
to AZ 3S, while net gains of point
or two were recorded by Pacific, Pan
American, Sinclair common, Barns
dale A, Atlantic Refining, Mid-Cofi :
tinent, Shelley and TidewaterS
Oil securities broke from 156 to IA
on profit taking and then rallied to
146. where it was off IA points on
the day. Virginia Railway and Pow
er dumped 1-2 points to 100 1-2.
Losses of a point or two were recor-
ded by Electric Power and Light
certificates, Federal Light and Trac-
ton (new stock and General Elec-
trio. Steady accumulation took
place, however. in West Penn Power.
which was run up to a record top at
AS and then sagged to 141 for a net
gain of IL points on the day.
Local gas stocks showed indepen-
dent strength. Brooklyn Union Gas
jumped more than three joints to 81
and 49, Consolidated Gas moved up
two points to IS and Public Service
of New Jersey touched "A, all new
peak prices for the year.
Standard Industrials were again. in
good demand. United States Steel
common crosse 120 to a new high on
the current movement an then fell
back to 119 3-S off 3-S on the day.
American Can closed fractionally
higher at 191 Is and Baldwin show
ed net gain of / 1-2 at lis "a after
selling as high as 1T IA.
international Paper crossed GO to
the highest price IN about three
years on the announcement that a
subsidiary company had been formed
to develop the water power proper
ties, National Distilleries products
was in brisk demand on reports that
current business was running sub
stantially ahead of last year, he
stock advancing SIS points to a
new 1925 top at 35 SIS. Ward Ball-
4 fatS IN M
maximum at 152 and then eased to
$50.
Tobaccos, coppers and Chemicals
ranged moderately higher and Di-
vision Chemical rising more than
3 points to SO. Good buying also
was noted ir Associated Dry Goods,
May Department Stores and United
Drug.
Rails continued comparatively
quiet with the so-cal1ed Katy Isl
sues making the best showing. Fris-
co common fell back more than two
points to so "a in reflection of spec
ulative disappointment over the
failure of the directors to increase
the dividend.
Call money ruled at 3 "a percent
all day. Time money and CONNER
cial paper rates were unchanged.
Profit taking by spectators
brought about a moderate reaction in
sterling but other foreign exchange
rates held firm.
Bond prices worked into new high
ground, the combined average OF
representative issues in all classes
standing at the highest figure in sew
eral years. The upward movement
proceeded today under new leaders,
among which oil company issues
were most conspicuous. Gains OF 1
to 3 points were scattered through
out the list.
Advancing crude oil prices, reports
of heavy inroads made into gasoline
stocks and an increase in the Paclhc
Oil Companys dividend rate contri-
buted to the strength of the petrole-
UNI bonds, which kept abreast of a
rise in these stocks. Sinclair Con-
soldated Oil 6s led the oils with
gain of , II points. with Pan-A Am
erican, Sinclair Pipe Line and Skelly
Oil issues following.
Buying activities in the railroad
group were brought into new fields.
Chicago, Terre Haute and Southeast
ern Income SIS responded to more
favorable reports regarding the ST.
Paul reorganization in which their
interests are closely tied, rising al
most points at one time. Other
strong spots included Gulf Coast
Wheeling and Lake Erie and Frisco
liens. Southern Pacific collateral As
reacted a point.
Reports of better business and
progress made in reorganization
plans accounted for the burst of
strength shown by the Virginia
Carolina Chemical issues. which SOLD
3 to points higher. American Agrl-
cultural 1-2s also moved ahead.
Profit taking caused some Irregular
ity, of price movement, being reflect
ed in a point break in Standard Gas
66 1-2s and recessions of a point or
so in the French and Polish issues.
Public offering of S10,530,OOO New
York Central 4 IL per cent equip
ment notes will be made tomorrow
through a syndicate headed by j. Z.
Morgan and Company. The bonds are
priced to yield 40 per cent.