Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-08-22

points, other public utilities were not
seriously affected by a repetition of
warnings by power companies off,
Gals concerning speculation in those
issues.
Pool operations were aggressively
conducted in a number of specialties.
particularly in the food group. CAL
ifornia Packing, Postum Cereal and
Reid Ice Cream all broke through
their previous high levels for the
year, the net gains rangine from / to
five points. Other issues to better
their previous top prices were Am
erican Smelling, Indian Motor Cycle,
Eaton Axle. Chicago Pneumatic Tool,
International Business Machine, Cen
eral Electric. Scar Roebuck, Otis Ele-
vator and the Howe Sound Company.
With another series of favorable
monthly earnings statements fore
Swallowed by the July report of the
Kansas City Southern fresh buying
was attracted to the carrier shares
Chesapeake and Ohio. which earned
it's common dividend over four times
last year, crossed 10S to the highest
price in quarter of a. century. Mer-
ger and dividend rumors, though I'M
confirmed, stimulated the demand for
Southern and Southwestern common
and Kansas City Southern preferred,
all reaching new high ground.
Stiffening of the call money rate
probably was due to the calling Of
loans in order to meet heavy week.
end demands for currency. The mon
ey and commercial paper rates were
unchanged.
Foreign exchanges displayed a
firm tone with the strength of the
Scandinavian issues as the only no.
table feature. Demand sterling held
steady around $4.S3 3-S and French
francs were quoted just under 40
cents. Norwegian kroner rallied
over II points to around 1880 cents
and the Danish kroner jumped near
ly 80 points to 1882 cents.
All classes of bonds continued to
attract buying orders today, reflect
ing the reassuring influence of easier
time money rates and the reawak-
ened interest in U. S. government
obligations. Investors and traders
showed marked preference for
high grade railroad liens and other
securities of an investment nature.
Negotiations were formally closed
today by Harris, Forbes G. Company,
for a loan of $S.700,000 to the City
of Munich. Germany, and an issue
of 10 to 20 serial per cent bonds
will be offered to the public next
week.
The transaction marks the first
time a European city has followed
the approved American form of pay
ing it's debt in early installments.
Several points of interest devel-
oped in the days foreign bond trad
ing. French SIS reached another
high level for the year and a re-
newed demand for Mexican obliga-
tions carried the governments and
6 per cent bonds up l to . points.
Serbian S's sold within a point of
the years high. price on prospects
that a new bond or note issue to
refund maturing obligations will be
offered next month.
Inquiries for railroad bonds were
especially numerous for Chesapeake
and Ohio convertible IS which were
pushed up IL points to a new
high record at lis. closing slightly
below this figure. Southern Pacific,
International Great Northern and
Oregon, Washington issues also were
active and higher, but Delaware and
Hudson and Baltimore and Ohio
convertible lost ground.
The demand for high ranking
bonds also extended to the industrial
and public utility groups. where the
best gains were recorded by such
issues as L. S. Steel 5s, Chile Copper
IS, Otis Steel Z lbs and Brooklyn
Edison 5s.
Total sales were S15,555,000.