Daily Kennebec journal., 1925-07-31
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, July 30-(AP)-Mixed
price movements in today's stock
market reflected the play of oppos-
ing speculative forces. Profession
al selling and profit taking, appar-
emily inspired by the belief that a
further downward revision of prices
was necessary in order to correct
the weakened technical position re-
sulting from. the recent strained ad-
vance, carried many issues below
last nights closing quotations, but,
with few exception, the net losses
were relatively small.
Operators for the rise were again
active in many parts of the list.
Ward Baking "B" was pushed up to
a new top at 73 7-S on a revival of
merger rumors. Loew's, Inc, was
active around its recent record high
in anticipation of the annual divi-
dend being increased from 81 to SO.
Spicer Manufacturing was taken in
large blocks and crossed 80 to a new
maximum figure for the year. Other
issues to attain new peak prices
were Browne Shoe, Fisher Body,
Brantingham common and preferred
and Mack Trucks End preferred.
Publication of an unofficial esti-
mate that brokers' loans now
amounted to $2,1O0.000, or about the
peak reached last March, did not
cause any appreciable liquidation of
stocks. The lowering of the call
money rate in the late afternoon,
despite the usual heavy weekend
Withdrawals of currency from the
Federal Reserve Bank, was general
ly accepted as an indication that
there was no immediate strain on the
credit situation. Another reduction
in crude oil output last week, as
shown in the weekly summary OF the
American Petroleum Institute. was
offset by reports of gasoline price
reductions in the west. Publication
of a quarterly favorable earnings re-
port by the Skelly Oil Co., failed to
stimulate any activity or strength In
that or other oil stocks.
Extensive profit taking took place
in the rubbers and public utilities,
losses Of a point or more being re-
corded by American telephone, Con-
solidated Gas, American Water
Works, U. S. Rubber. Havana Elec-
trio, Laclede Gas, elley-Springfield
Tire, Pacific Gas and Western Union.
Pipe shares turned reactionary in
reflection of the cut in the centri-
fugal pipe dividend. U. s. Cast
Iron Pipe broke over six points to
143 IL and then rallied 2 from the
low and Universal Pipe common and
preferred showed net losses of 1-3
and 2 1-8 respectively. Nash Motors
broke IL points on a few sales. A
sudden revival of activity and
strength in the common stocks of
the Wabash and Missouri. Kansas &
Texas roads was the only feature OF
the railroad group.
Call money opened unchanged at
percent, which rate has prevailed
for over a week, but eased to "a
in the late afternoon, closing at the
lower figure. A slight stiffening was
noted in the time money and com
mercial paper markets, to Ia
percent being the ruling rate for
shorter maturities and Ia to IL
for the longer states.
Firmness of sterling exchange, due
TO the uneasiness Of the coal labor
situation, and the partial recovery
from recent weakness of the Scan
dinavian currencies were the fea-
lures of foreign exchange markets.
Demand sterling was quoted nearly
half a cent lower around $4S5.
French francs ruled unchanged
around 4.58 1-2 cents.
Danish kroners rallied about 10
points to 2290 cents and Norwegian
kroner ruled about points higher
around 1S.45 cents.
Dullness was the chief character