Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-06-25
NEW YORK MARKET
s..,urss % The Days Dealings In All
the Leading Stocks

s..,urss o. the Days Dealings In All
The Leading Stocks
~ York, June 24.-(AP)-Sellinx
...ssure relaxed in today's stock mar
- and prices throughout the list re-
srcnded to renewed pool operations in
isdustrial shares and Investment buy
~, -, a. the rails. The favorable out
49, for substantial tax reductions at
- next session OF congress contrib
800 10 the firmer tone Of the market,
~hich ignored . late rise in the call
raorey rates.
rssumption of the upward move
~snt In the raw shares provided a
, ~. solid fluctuatton for the general
,scoyery Of prices than the bidding
- n specialties, which had been the
sslv strong spots in recent market
ssssions. Several factors figured in
~ broader demand for the carrier
ssoeks including the weakening of
~ radical group in congress, the
,wnroyenaent in May earnings 50 far
rsnorted and anticipation Of favorable
s,vidsnds returns from the interstate
ssmnnerce commission, rate revisions
"a disputed points affecting the
. sa Of the Nickel Plate merger
western rail- issues were the IA
,.,,tes IN the trading, advancing
s,iskly under the leadership of Chi
go and Northwestern, which rose
,ssea points. The favorable turn in
iinien Pacific earnings, after poor
shevins earlier in the year, promoted
sAsmulation Of this stock and other
ssrc,,s spots included Omaha pre-
s.,ra6. Atchison, Northern Pacific pre-
tsrred. Great Northern preferred. and
vylseo. which moved up almost one
Is four points.
speculative cliques throughout the
~ transferred their operations from
- rroup to another with q fair de-
-. a. success. Fortified by 1.-The
ss,ons support given to American Can.
Tscf trucks, q. 8. Steel. General
Electric and other pivotal issues, trad
- experienced little difficulty in
putting up prices OF diversified mo-
tors, rubber, oil. utility and specially
shares.
An early rise Of four points in Max
vail B certificates induced general
covering movement in other automo-
live stocks. Pierce Arrow common
allied almost 3 points to above so
snd the prior preferred 81. while Gem
sral Motors, White, Moon ana Hud-
son were accumulated on q widening
scale. q. 8. Rubber and Goodrich led
ne tire issues forward.
REPORTS Of another decrease IN
average daily crude oil production
aupplied the incentive for buying OF
M oil shares. Pan-American, General
petroleum and Independent OIL and
cas were active. Texas Gulf Sulphur
vas one Of conspicuous strong spots
among the specialties, running up al
most four points on accumulation
credited to inside interests. Reports
AZ largely earnings and q possible
increasA in the dividend were linked
WITH tie advance. Gains Of 8 points
n more were registered by Havana
Electric and General Railway signal.
Trading in foreign exchanges was
snliyened by another rise in Danish
kroner to q new high level for the
year above 1911 cents and a correspond
ine upward movement in the Norwe-
dan currency. French francs and
italian Ira continued mildly reaction
IN, but sterling held firm around
tLssg.
Cali money after opening ut four
percent advanced to u percent in the
iete afternoon. Time money and COM
mercial paper rates, which have been
\ sanging between 80 and 4 percent. re-
manned unchanged.
Band prices drifted aimlessly in
Qulet trading. with only the estab-
liShment of further new high records
~ the United States government list
10 Indicate the trend of investment
sentiment. Scattered buying of oil
liens and western rail issues was not
u but price changes were held within
narrow limits.
The steadily diminishing supply Of
the treasury issues to reach new
peaks on an extremely small turn
over today. The per cent bonds
established a new record at 1929
and the 1-4s at 1929. Liberties
held nrm around the years top levels.
New South American financing oc-
cupied the limelight insofar as new
business was concerned. Following
the announcement that q $10,1SS.000
bond issue would be sold for the pro-
vince Of Santa Fe, Argentina. It was
learned that negotiations virtually
had been competed for a $4,000, 900
loan to the Chilean mortgage bank.
both are new borrowers in this mar
kst
Fixture Of organized opposition to
Ne 6t. Paul reorganization plan to
aeveIop after the first furry of OBJ
lecuons was considered partly res
ponsible for the firmer tone Of the
roads securities. Most of these is
sues scored fractional gains today,
VIM other western rail liens follow
stocks.
Sinclair, Pan-American and other
on bends with convertible features
participated in the recovery which
Mares OF these companies enjoyed.
sugar. packing company and miscel-
mheous Industrial mortgages were
inclined to work lower ana public
Port.
Sales were $lo,2so, 900.
stock Market Averages:
20 industriais 20 railroads
Weqaesday $50. 1895 101.71
-