Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-05-14
NEW YORK MARKET
e..,uras Of the Days Dealings in All
the Leading Stocks

w. Nav YORK, MAY 10 NAI J-builiSH
.rsrations in todays stock market
y.rsr rd in a select list Of rails, oils,
'sctors and industrial specialties, the
I rsrsral list disclosing considerable
;ssrsrIlarity on q renewal Of extern
stys profit taking and bear selling.
reading slowed up perceptibly. the
dsva sales falling below one and one
. ssif million shares for the first full
session since May 4.
Trade news was largely construc-
.ra IN character, two of the most
.,sni6cant developments of the day
Ssinr m advance in gasoline prices
s,cne the Atlantic seaboard and
stifbening in refined sugar prices on
rsnorts of heavily increased con-
Mmution. Operators on the long
s;de also derived encouragement
fron the publication of the govern
r,snt,s foreign trade report, showing
thsf exports last month were the
arrest Of any April during the last
- years Imports also increased
rsarly s25,0000 above those OF April
,sst year but were $5,000,000 below
those Of April, 1923.
STEEL shares developed a tempo
rary burst of activity and strength
IAN the announcement of higher
nrices for the scrap metal in Chica-
% hut they sagged later on publ
csfion of the weekly trade reviews
sesting forth that while the advance
II spring has brought increased con-
SUMPTION in some directions, as for
automobiles and for building but the
scale of new buying and of specifying
IN contracts has not been sufficient
"a support the April rate of output.
United States Steel common closed
fracinally lower at lis after selling
as high as liz, S-S.
further accumulation of the ST.
paul issues sent the common to and
he preferred to 13 SIS, but the high
er prices invited a renewal of profit
taking and short selling with the re-
suit that they fell back to is and
u Is respectively, where they were
up about point each on the day. st.
Iouis-San Francisco common and
nreferred established new peak pric-
% at 81 ga and 81 IL respectively.
several Of the dividend paying rails,
notably Atchison and New York
Central also displayed better, tone.
Heavy profit taking took place in
some Of the recently strong rubbers,
public utilities and motor accesso-
ries. net losses of / to 2 IL points
being recorded by American Water
Works, Manila Electric Corporation,
Pittsburgh Utilities preferred, Stew
art-Warner, Stromberg Carbueretor,
Montana oPwer and United States
Rubber.
However, Mack Trucks. Fisk Rub
her common and first preferred, U.
8. Rubber first preferred, Kelly
Springfield percent preferred, Spic-
& Manufacturing preferred. Eaton
Axle, Motor Wheel Corporation, Con-
solidated Gas and United Railways
investment preferred, all mounted to
new peak prices for the year. .
Cal money held steady at 3 ga
percent all day. Time money and
commercial paper rates were I'M
changed.
European currency rates held firm
in quiet trading, demand sterling rul-
ing around $4S4s and French francs
around $50 cents. Argentine exchange
advanced about half a cent on the an
nouncement that the Argentine govern
ment would permit resumption Of gold
exports on June 10.
Bond prices again worked into new
high ground in active trading, which
was featured by vigorous rallies in the
U. S. Treasury bonds. Mounting al
most full point each-an extremely
5 wide gain-the and At bonds sold at
new peaks for the year. Although
these gains were considerably reduced
before the close. both issues ended the
day substantially ahoye last nights
final figures.
Indications of easy money, reflect
Cd In q drop in call funds to 81 per
cent. and the closing Of loans In the
outside" market at 81 per cent, sup
! Piled the incentive for accumulation
Of the governments obligations aSweli
as other investment securities.
At the same time the upward move
ment Of foreign bonds now selling
around the years best levels. proceed
ed under the leadership of the French
obligations, which were buoyed up by
the underlying feeling of confidence IN
Finance Minister Caillaux's full pro-
gram. The Republic Is and IS ad-
ranced about point each.
Stimulated by reports that 1.-THE 81.
Paul Railways outlook had improved
since the receivership. bonds OF TINS
road led the rail list in activity TO-DAY.
As a result of the interest aroused IN
the western carriers, buying opera
tons also were broadened to include
Atchison general As, Northern Pacihc
q. Northwestern refunding 5s ana
Katy" S..
Sugar, rubber and oil company liens
moved up In response to COMMODITY
price increases and merger reports,
/, but profit taking caused recessions OF
1 one to two points in popular pubic
Utility issues. including Standard Gas
sls, Pacific Gas IS and Pacific Tele-
phone IS.
Sales were $4,000, 900.