Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-07-24
TopAY's GAMES
Chicago at Detroit.
Boston at Philadelphia.
Financial
NEW YORK MARKET
Features Of the Days esatings in All
The lsadine Stocks

New York, July 2G-(AP)-
Stock prices resumed their upward
movement with fresh vigor today
with correction of the markets
technical position brought about by
yesterdays reaction laying the
groundwork for constructive opera
tions. High priced industrials a.
sumed the leadership o. the advance.
many of the active issues scoring
gains of 1 to points.
Pivotal industrials and standard
rails joined in the recovery. general
short covering was induced, accen-
tuating the rally which began in Q
moderate way. Many rails were
lowered late in the day, spectators
for the decline abandoning all at
tempts to prolong recent liquidation
and prices bounded upward In all
sections of the list.
American Can, responding to re-
ports Of consistently improving
earnings and indications that d long
awaited recapitalization plan was
nearing completion, gave the most
spectacular performance Of the day,
soaring more than 3 points. 1t
crossed t210 to the highest price in
its history ana closed moro than~six
points net higher at 2O6.
Under the impetus Of this move,
ment, aggressive bulliSh demonstra-
lions were conducted in other vol
atile issues, such as Mack Truck, u.
s. Cast Iron Pipe, Havana Electric
Railway, General Electric, Savage
Arms, the Commercial Solvents is
sues and General Railway signal, the
latter jumping Is lie points to q
new peak at 200 IL. Gains in the
other stocks ranged from / to T.
points.
Buoyancy of the cotton market
following an adverse government re-
port, adverse government crop re-
port, and higher prices for wheat
gave further stimulus to the buying
OF stocks. Confidence in the funda-
mental business conditions was en-
gendered by the statement Of Presi.
> dent Charles e. Mitchell Of the Ma.
tional City Bank that he expected
another revival Of business In the
fall without any strain on credit re-
sources.
Revival Of merger discussions in
tie baking field contributed to d
brisk rally in these stocks under the
leadership Of General Baking which
bumped g 1-2 points. Fleiehfnafli1,
Ward Baking "B" and Cushf1iafi
shared in the re-awakened interest
in these issues, gaining to =
points.
Demand for the merchandising is
sues broadehed again today. with
buying orders spread over an as.
~ Sv4a Al 1xA .. "A nh n a
store issues. Sears Roebuck was
lifted more than Ave points to q
new top at 189 IL and advances of
2 to 4 points took place in Mont
gomery War. Woolworth and
Kresege Department Stores pre-
ferred.
Trading in steel shares was slim
ulated by expectations that Bethle-
hem would report satisfactory earn
ings for the second quarter. The
statement made public after the
market closed showed the earnings
or, the common shares were only
about 80 cents less than In the pre-
ceding quarter and that operations
during the period averaged 70 per
cent above a year ago.
General improvement In June
earnings also created more buying
interest in the railroad shares, At
Gibson, Union Pacific, Atlantic Coast
and other investment ssues scored
moderate gains while forward move
ments in Rock Island, Katy, Wa
bash, Wheeling and Lake Erie issues
indicated that merger possibilities of
the smaller carriers were not being
overlooked.
Call money, after renewing 81
A IA percent later dropped off to 4
percent. Time money and CONNER
cial paper rates were unchanged.
Activity of the stock and cotton
markets diverted attention from
bond trading and price fiuctuated in
1ifeless fashion. Liquidation Of in.
vestment holdings by banks, in an.
ticipation of a wider demand from
funds for trade and crop moving
purposes, was reported to be under
way but 1t had little effect on price
movements.
The tendency to unload high
grade bonds was reflected in the
selling of U. 8. Government obliga.
lions and standard rail liens. New
York Central, Atchison, Southern
Railway, Atlantic Coast Line, Union
Pacific and Baltimore and Ohio is.
.Bues all moved lower in direct con.
trast to the trend of the carrier
stocks. Ann Arbor A., however. dis.
played Independent strength.
Changes in other departments O,
the list were conflicting and for the