Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-07-23
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, July 22.-(AP)-Reac-
tionary price movements held sway
in today's stock market, which, en-
numbered by topheavy technical
position, offered only feeble resist
ance to selling pressures. Scarcity
of call money, resulting in the main
tenance of sitter rates, halted con-
structive operations and enabled
SPECTATORS for the decline to extend
their activities with little opposition.
Trade developments were mainly
favorable but were ignored in the
rush of traders to take profits and
in the concentration of professional
selling against the standard indus
trial leaders. Constructive news in
cluded the resumption of dividends
by the Goodrich Rubber Company.
another increase in weekly car load
ings, optimistic reports regarded
steel operations and the trend Of
stel prices and estimates of a fur
Their falling off in crude oil produc-
ton.
While the days setback embraced
all representative departments of the
industrial list and most of the lead
ing rails, several stocks moved count
er to the general trend and closed
the day one to three points higher.
International Harvester, responding
to better business as result of the
rehabilitated purchasing power of
the agricultural communities, cross
ed 1T to the highest price since the
postwar deflation. The stock closed
1 "a points higher at 115 "a.
Restoration of Goodrich common
stock to a 81 annual dividend basis
caused rally in that issue, but fall
ed to stimulate buying of the other
tire shares. U. s. Rubber, Fisk, and
Kelly Springfield issues followed the
general downward trend. Typewrit-
err stocks gave good showing of
strength with Underwood and Rem
ington both mounting to new high
levels for the year. Other strong
spots included American Radiator,
Universal Pipe preferred, Tobacco
Products issues and Continental
Can. Fleischmann was pushed up
to new high record in anticipation
of a preferment policy regarding the
payment of extra dividends.
The success Of the bearish ele.
ment in turning the course of prices
downward was reflected in losses OF
a point or more by market leaders
such as American Can, U. S. Steel
Dupon, Mack Trucks and Stude-
baker. Where realizing sales were
invited, as in the case of Sears Roe
buck, Montgomery Ward, Fairbanks
Morse, Woo1worth, Foundation
Company, American Sugar and u
S. Industrial Alcohol, the declines
ranged from / to almost points
Punta Allegro Sugar was hammered
down almost two points prior to the
omission Of common dividends an
nounced after the close of the mar.
ket.
Public utilities shares, particularly
the gas company issues, also found
hard shedding. Recessions of 9
point or more included Consolidated
Gas, Standard Gas, Peoples Gas
Laclede Gas, American Water
Works common and six percent pre-.
ferred and several of the electric
power issues.
A shortage Of funds was evident
in the marking up of the call money
renewal to four percent and its sub.
sequent advance to four and hall
percent. Time money and CONNER.
cial paper rates remained unchanged
In a quiet market.
Foreign exchange was devoid oi
features. Sterling lowered around
$4.S5 "a with slightly lower levels
prevailing for French francs, Italian