Daily Kennebec journal., 1925-08-21
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
tho Leading Stocks

New York, Aug. 20.-(AP)-Re-
vival of activity and strength in the
oil shares, following protracted de-
cline which carried many of them
close to the low levels of the year,
was the outstanding feature of to-
days irregular stock market. Cop
pers and steels were also we'll
bought, but motors were again re-
dictionary, Mack Trucks breaking 13
points to 21S.
Except for the sharp reduction in
crude oil production last week there
was nothing in the days news to ac-
count for the sudden burst of activ-
ity in the oils. Active short cover
ing in those issues is believed to have
been based, in part, upon belief that
no further reductions in crude or
gasoline prices were likely, except
minor adjustments to meet prevail
ing prices of leading producers and
refiners.
American Smelling continued to
lead the advance in the copper
group by touching a new high rec
ord at Ill. Kennecott and Ameri-
can Zinc preferred showed net gains
of l and l 1-S points, respectively.
A stiffening tendency for copper,
zinc and lead prices has inspired the
recent buying Of these issues.
Spectacular advances were again
recorded by some of the high priced
issues. Havana Electric scared IA
points to record top at 220, closing
just below the high. U. s. Cast Iron
Pipe jumped II points to III and
also maintained most of it's gain.
General Electric moved up nearly q
points to new record top at 329 IL.
Savage Arms climbed IL points to
6S and then settled back to Is 1-2.
U. S. Steel common again crossed
123 but encountered large selling
orders around that level and eased
to 122 5-S, up 5-S on the day. West
inghouse Air Brake moved up nearly
a points to record top at al, but
lost about half of it's gain. U. S.
Industrial Alcohol responded to the
announcement of high alcohol prices
by advancing to SO 3-4, slipping
back later to IS 1-2 for a net gain
of 2 1-2 on the day. Loews Inc,
was run up over two points to a
new high record at "a in anticipa-
ton of an increase in the annual
dividend from 81 to So next month.
Net gains of two points or more
also were recorded by American Ex-
press, American Republics, Consoli-
dated Cigar, Crucible Steel, Sloss
Sheffield, Universal Pipe and Worth
ington Pump.
Selling of the motors reflected the
growing competition in that indus
try. White Motors broke over 4
points to 81 3-4 and then rallied
slightly, while Fisher Body, Martin
Parry, Moon Motors, and WHY'S
Overland preferred fell back a point
or more.
Rails moved within rather narrow
and irregular limits. although st.
uis-Southwestern,. Seaboard, Air
Line common, katy" common and
Kansas City Southern preferred
broke through their previous high
prices of the year.
Call money ruled unchanged at
percent. Time money rates were
slightly easier, so to 80 day funds
being quoted at to 3-8 instead of
IA to 1-2, with corresponding
reductions in the longer maturities.
Commercial paper rates held steady.
Except for 10 point rallies in Nor
wegian and Danish kroner which
ruled around 1858 and 23.04 cents,
respectively, fluctuations in the for
eign exchanges were extremely mar
row and irregular. Demand sterling
ruled steady around s4.S5 3-S with
French francs at 46S 1-2.
Coincident with a marked expan-
sion in the volume of trading, the
bond market made further headway
today under the leadership of Unit
ed States and foreign government
obligations and some of the rail-
road and oil company liens. Slight
ly easier rates for time money stim-
ulated buying of Liberty bonds and
other investment securities !
The growing belief that other for
eign nations will fall in line with
Belgium in negotiating settlements
of the war debts to the United States
bonds. French SIS moved up frac-
tionally to new highg price for
the year above 105 and increased
activity was noted in the French
railroad and municipal issues.
United Kingdom 1-2's of 1929
established a new top price al
though no change was made in the
English bank note as had been ex-
pected in some quarters.
A revival of activity in U. S.
government securities was based
partly on the easier situation and
partly on reports that the Septem-
ber financing of the Treasury would
be arranged on a lower interest ba-
sis. Gains in some of the issues
ran to half a point with a turnover
of more than $1,500,000 in the Lib
erty fourth las.
Following the over-subscription Of
a $25,000,000 International Telephone
issue, the new bonds commanded a
premium of more than 3 points
above the offering price Of SO when
they were listed on the stock ex-
change. Buyers were attracted by
the convertible feature, providing
for an exchange next year at 1875
into shares which are now selling
around 1873.
Skelly and Sinclair obligations led
an advance in the oils. apparently
influenced more by declining crude
production than by additional gas
oline price cuts.
Total bond sales (par value) SIS,
2S4,000.