Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-05-30
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, May 29-(AP)-Pre.
holiday profit taking and sporadic
bear selling failed to halt the up
ward movement of prices in today's
stock market. Trading was in. rela
lively large volume, the days sales
running well over one and one quar-
ter million shares.
Heavy selling of the Pan-Americar
issues took place at the opening as
| a result of the court decision against
the company in the Elks Hill and the
Hawaiian contract cases. Both the
A. and B. STOCKS opened about three
points lower, but recovered about
two thirds of their losses before the
close. With the exception of Next
can Seaboard, which dropped about
n 1-2 points, the other oils held rel
atively steady.
The only important trade develop
ment OF the day was the announce
ment of an increase in tire prices by
the principal manufacturers, effect
i've June /. The rubber shares, how
ever, showed only fractional i'm
provement.
Standard industrials displayed a
firm tone. U. S. Steel common closed
fractionally higher at 116 1-S and
Baldwin closed about a point higher
at 119 Is after being run UP to 100
rs. largely at the expense Of the
short interest.
Gains of a point or two were re-
corded by Air Reduction, Allis Chal-
mers, Coca Cola, Inspiration Copper
Sears Roebuck and Texas Gulf Sui
phur.
Considerable irregularity develop
ed in the automotive group, Maxwell
A. and the A certificates each ad-
vanced a point to new high records
while the B. stock and the B. certifi-
Gates recorded substantial losses
Hudson Motors, Paige-Detroit and
Fisher Body all advanced to new 1926
pepak prices.
Bullish demonstra lions were re-
newed in the public utility group
Havana Electric was run up nine
points to a new peak at 1856, com
pared with . recent low Of 112, while
Brooklyn Manhattan, Columbia Gas
preferred. American Telephone and
International Telephone, Abitibi
Power and Kansas City Light and
Power first preferred all bettered
their previous maximum quotations.
A sudden squirt of buying in Inter
national aper sent that stock up
points to a new top at 70 7-8. Other
industrial issues to reach new high
ground include American Beet Sugar
California Packing, Frank G. Shat
tuck, Brown Shoe, Certain-teed Pro-
ducts, Woolworth and Consolidated
Cigar.
Reading and Southern Railway
were the strong spots in the railroad
group, each moving UP more than 3
points to new high records at 80 and
81 respectively. Both these issues
were heavily bought in anticipation
of increased dividend disbursements.
Call money opened at percent and
then eased to "a. closing at the
low figure. Time money and COM
mercial paper rates were unchanged.
Trading in the foreign exchanges
was quiet with the principal rate
ruling practically unchanged, de-
mand sterling being quoted around
$4.S5 "a and French francs just
above five cents.
The weekly clearing house state
ment, which was Issued today because
of the holiday tomorrow, shove in
creases in most of the principal
items. Aggregate reserve totaled
pofJ,JSO,OUU, lcdVlle5 cACcSS IcScI We
of $49,404,320, an increase of $685.
040.
Bond prices held firm in quiet
still cropped out but the market Of
sure and renewed speculative buying
of railroad and public utility liens
encouraged sentiment.
opd
Sinclair oil bonds was attributed to
the court decision against the Do
heny interest, cancelling the Elk
Hills naval reserve oil lease and con-
tracts for construction work at Pearl
Harbor, Hawaii. Pan-American IS
dropped more than a point and the
six percent bonds of the Sinclair
Consolidated Company, which is in
volved in similar litigation with the
government, broke points. Rubber
company bonds appeared to have
discounted fully the advance in tire
prices, scheduled for June l., and
were unresponsive to the announce
ment.
Foreign bonds generally marked
time although activity continued in
Bolivian IS, which advanced point,
and Brazilian IS, which yielded 1 3-8.
Denmark IS were strengthened by
reports that the government might
obtain a new loan to retire an out
standing 8 percent oond issue. u, S.
government obligations worked ir-
regularly higher, the first Liberty
LIS selling at TIE highest level of
the year. An sS,000,000 Detroit Edi-
son thirty five percent bond issue
has been sold to local bankers and
will be offered next week.
Public offering Of a $4,000, 900
Norwegian loan, recently awarded to
a syndicate headed by Blair and
Company, will be made next Mon
day through a nation wide baking
group. The amount of issue has
been reduced from the $4,000, 900
originally purchased and will con-
sist of 40 year IL percent bonds
to be offered several points below
par.
Sales were $14,040,000.
20 industrials 20 railroads