Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-06-05

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, June 4-(AP)-Heavy
selling for both accounts took place
in today's stock market, recesSions
of to 5 points being qquite common
at the close. The selling was gener-
ally described as a furthe correction
of a weakened financial position
caused by the suspension of trading
, in the old Maxwell shares, the weak
ness of French exchange, the appar-
ent inability of operators on the long
side to attract a large public fol-
lowing and the marking up of call
money rates toward the close, all
had a depressing effect on specula-
tive sentiment.
Selling pressure vas most acute
against a number of motors. public
utilities and specialties which had
enjoyed an almost uninterrupted ad-
vance in the last few weeks. General
Electric broke IL points to 1885,
while net declines of IL points or
more were recorded by American
Can, California Packing, Dupont,
General Baking, Laclede Gas, Loose
Wiles Biscuits, Mack Trucks, Mon
tana Power, F. G. Shattuck and U. S.
CAST Iron Pipe.
While pool operations were sus-
pended in many issues, Independent
strength was shown by about a score
motors and specialties, Nash, Moon,
U. S. Rubber first preferred, Fisher
Body, Coca Cola, Cushman's Bakery,
Ward Baking B. Tobacco Products
and American Telephone, all being
lifted to new high records for the
year.
Accumulation also was noted In
some of the eastern rails on rumors
of possible change in control.
Lackawanna was run up nearly 5
points to 146 7-S and then slipped
back to las, while Lehigh valley
showed a net gain of about a point
at 80 ga after having sold as high
as 81 rs. st. Paul issues displayed
firm undertone despite reports of
opposition on the part of minority
stockholders to the proposed recapi-
talization plan. Southern Railway
was strong in the carly trading, but
sold off later on reports that the
court decision. in the preferred stock
holders suit would not be handed
down for ten days, delaying action
on any proposed increase in the divi-
dend at the next meeting Of thedi-
rectors.
|, Maxwell B certificates broke from
119 IA to 112 and then rallied to
lis IL for a net lossof 1-2 points
on the day. Coppers lostground on
liquidation by traders who had be-
come tired Of waiting for the pre-
dicted increase in red metal prices.
American Smelling and Anaconda
each fell back about 2 points, while
losses of a point or more were re-
corded by Kennecott, Magma and
Cerro- de- Pasco.
Mid Continent Oil displayed
strong undertone but the other oils
failed to respond to reports Of adj
vances in gasoline prices. Extreme
ly hot weather of the last few days
stimulated the buying of American
Ice, which crossed 112 to the highest
price in three years.
Call money renewed at ga per
cent and then advanced to 4. Time
money and commercial paper rates
held steady.
Heavy selling of French francs.
apparently based on the large in
creases in note circulation and adj
vances to the state shown in the
weekly bank statement, sent the
demand rate down IL points to
400 cents, the lowest rate since last
summer. A slight rally took place
later when it became known that
the bank of France was using the
$100,000,000 Morgan credit to stabil-
ize the currency. Demand Sterling
ruled practically unchanged at ASS
and SIS. Other continental exchan-
ges were reactionary.
4 United States and foreign govern
ment obligations held the limelight
in the bond market, which failed to
maintain it's early showing of
strength. Prices reacted mildly late
in the day in sympathy with the I'M
settlement of the stock market and a
slight stiffening of call money rates.
The recent advance in Hungarian
1-2's. which has carried them to
record high prices, was linked with
reports that a new loan or credit
might be arranged here for the gov
eminent. Other Euronean icsueS