Daily Kennebec journal., 1925-07-30
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, July 29.-(AP)-Stock
prices turned reactionary today un-
der the weight of an unusually large
volume of profit-taking. TIE orderly
character of the decline suggested
good underlying support. consider
ing the rapidity OF the recent ad-
vance in many issues. Net losses in
the popular shares ranged from /
to , IL points. The market showed
a tendency to become dull on the
reaction, the days sales running
about half a million shares below
those of yesterday.
Operations for the advance were
not entirely abandoned. A large ac-
emulation of overnight buying or
ders impaired a strong tone to OPEN
ing prices, more than a dozen issues
attaining new peak prices for the
year on initial saies. In all, about
40 issues broke through their previ-
Gus high levels during the session,
although many of the gains were
reduced or wiped out in the late
wave of profit taking.
Trade news was largely favorable.
1t included the publication of statis-
tics showing that freight car load
ings had crossed the million mark
for the first time this year in the
week ended July 1S. Weekly steel
trade reviews stressed expanding op-
erations and orders. The quarterly
report of the United States Steel
Corporation. which was issued after
the close of the market yesterday,
received favorable comment in COM
mission house advices although the
steel shares apparently had fully DIS
counted the news. u. S. Steel COM
mon fell back 1 1-2 points to 11S IL
after having touched $50 3-S.
Strength of the specialties was
based largely on individual develop
ments. Foundation Company touched
a new high for all time at 1874 3-4
on report that earnings In the first
six months of the year were in
excess of $40 a share. Interna-
national Combustion Engineering
also touched a record high at 40 rs
in further reflection of several large
contracts recently closed by that
company. Ward Baking B. scared
nearly six points to new top at ~ 5-S,
but forfeited part of its gain on real
izing.
new top at SO 1-2 in speculative ex-
DGCLdllOH Ol d &c SAll
next month. Fisher Body reached
new high ground at S6. Among the
many other industrial issues to es-
tablish new maximum prices were
Brown Shoe, Continental Can, In
ternational Nickel, International
Telephone, Pacific Gas and Electric,
United Drug, Remington Typewriter,
Spicer Manufacturing and Orpheum
Circuit.
Other shares turned heavy in SYM
pathy with the lowering of COM
modify prices. U. S. Rubber COM
mon dropped over points to So 3S.
Net declines of points or more also
were recorded by American Safety
Razor, Chrysler Motors, Crucible
Steel, Famous Players, Huston Oil,
Mack Trucks, May Department
Stores, Montgomery Ward, Sears
Roebuck, L. S. Cast Iron Pipe,
White Motors and Woolworth.
Call money ruled unchanged at 4
per cent. Time money and COM
mercial paper rates held steady with
q TO IA per cent the ruling rate.
Except for the weakness of the
currencies, due to
heavy profit taking, there was little
of interest in the foreign money
market. Danish kroner dropped
a bout a cent to around % 3-4 cents
and Norwegian kroner fell back over
70 points to around 1S 3-S cents.
Demand sterling held fairly steady
around S4.S5 1-2 and French francs
were quoted slightly higher at 4.7o
cents.
Although active trading developed
in an assortment of railroad bonds
puzzling cross currents marked the
general movement of prices. The
same disposition to take profits
which caused a sharp reaction IN
the stock market was evident IN
hond dealings, resulting in the can
collation. Of most of the early gains.
Initial operations indicated that
the carrier issues were about to take
on a new lease of life. Estimates
that June earnings of the class one
railroads would be the second larg-