The Washington times., 1925-08-15
HIGH AVERAGE
MAINTAINED
ON STOCKS
Rails and IndustriaIs Hold
Gains Well. on Optimistic
Reports
By W. 8. COUSINS
Tn4errnfIonnI New Service

NeNkAt-@1 f..
NEW YORK, Aug. 15.- Under
the influences OF lower call money
rates, favorable new Developments
IN trade ana industry, 81 resumps
ton of high traffic records by the
transportation companies, and the
usual n1anipuIative efforts Of the
professionals and pools, the stock
market reached high averages
price level for both the industrial
and railroad stocks this week.
The market was not lacking in
sensational. features, which occurred
principally with the hign-priced
speculative leaders, in which the
bears were reported to have been
thoroughly routed.
Traders were inclined to accept
profits at the prevailing price level
in the first two sessions Of the
week, and selling pressure was suf-
ficient to prevent the continuation
OF the advance in most sections Of
the market. But stocks were in
sions and the floating supply was
quickly absorbed, after which the
market was ready to resume.
Apart from the spectacular up.
ward movements in American Can,
Mack Trucks, ETC., the most Inn
pressive feature Of the market was
the strong demand for the railroad
stocks. After nearly two months Of
inactivity, the rails have doomed
again as one OF the most active
sections OF the speculative list, with
spectators and traders bidding
eagerly for stock at the highest
prices for the movement, In some
cases the highest prices in the
history Of the roads.
Buoyancy in the railroad stocks
is due to q variety Of reasons, Inc
GLIDING the unusually favorable July
earnings reports. the resumption of
mil1ion-car weeks in freight car
loadings, and the prospect Of more
speedy action In the contamination
Of the transportatio mergers which
have been under way for q year or
more. Stocks OF some Of the
smaller roads, like Ontario and West
|ersa, Chicago, Greatwestern, Wheel.
ing and Lake Erie, etc, have been
In demand because OF the strategic
Importance Of the roads In the
proposed mergers. st. Louis, San
Francisco, common. and Chesa-
pealke and Ohio, common, were the
headers in the investment rails.
In sharp contrast to the action
Of railroad stocks was the weak
and reactionary tone Of the petro.
Ieum stocks, many Of which dipped
below the years previous low price
levels. "A succession Of price cuts
In gasoline and crude oil en-.
phasized the keen competition
among the refiners and marleeters
OF OIL products, the standard Oh
Company Of New Jersey, issuing
an 'sexpdIanation" OF its price re-
.ductions and attributing them to
this competition.
Stocks Of the Standard and Inc
dependent oil companies on the
stock exchange and the curb mar
ket were thrown ever by speculae
tive traders at declines OF from 1
to 10 points in prices, with q slight
rally1ng tendency near this end or
the week.
. Elsewhere the market was features
less, and its movements were COVE
erned by the activities OF the pro-
fessionals, with ehe longs stiIl in
the ascendency.. Bearish traders
were for the. most part unsuccessful
in starting q stampede in the Inc
dustrial and specially stocks.
The influence Of per cent call
money, with offerings at Sh per
cent in the open market, was q
very important bullish factor.