Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-06-30
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, June 29-AP)-Selling,
apparently inspired by the raising of
call money rates to six percent, the
highest since December 81, 1928. and
the uneasiness over the California
earthquake disaster, turned the
course Of prices downward in today's
market after an early period of ir-
regularity. Net losses in the active
issues ranged from fractions to 5
points.
Profit taking was rather heavy in
some of the recent favorites. Ameri-
can Can closed points lower at 1913.
after selling as low as 191 IL, while
net losses of to nearly points
took place in Dupont, General Bak-
ing, Havana Electric, Manila Elec-
trio, Mathieson Alkali, Maxwell Mo-
tor issues, May Department stores,
Pacific Gas and Electric, Union Tank
Car, United Fruit, U. S. Cast Iron
Pipe, Universal Pipe preferred and
Worthington Pump.
The earthquake news caused ex-
tensive liquidation of the California
oils, although nothing in the early
dispatches indicated that their fields
or other property had been damaged.
Losses of point or so were recorded
by California Petroleum, Pan-Ameri-
can B, General Petroleum and Pacific
Oil.
Liquidation of frightened investors
also was held responsible for the
heaviness of shares Of other compan-
les owning PROPERTY in California,
such as the Market Street railway
issues, Pacific Gas and Electric,
Southern Pacific and Union Pacific
railroad, the losses ranging from 1
to 2 IL points.
The decline was by no means gen.
eral, independent strength being
shown by a number of railroad, rub
Der, merchandising and motor shares.
Higher tire prices stimulated the de-
mand for U. S. Rubber common and
first preferred, Goodyear preferred
and Lee Rubber, all of which at
tanned new peak prices for the year.
Motor Wheel opened 8 points high
er at a new top Of 35 on unconfirmed
rumors that General Motors interests
are seeking control, but the stock
later broke to 20 IL and then rallied
to 80 7-S8.
Robert Refs common and first pre-
ferred were pushed up to new high
levels at rs and 80 1-8 respectively
on reports that the company recently
had doubled the number of its deal
ers. Expanding sales and earnings
also gave impetus to the demand for
Woolworth. which jumped over 4
points to a new top at IA "a. Other
issues to break through their pre-
vious top prices Of the year were
Simmons Company, international
Railways of Central America, White
Rock and Newport News Gas and
Electric, the last named jumping
nearly IA points to 100.
Calling of loans, incidental to the
heavy demand for funds in connec-
ton with midyear settlements, caused
rather heavy liquidation by pools,
which accounted for many of the one
to two point losses that were scat
tered throughout the list. Rallying
tendencies toward the close were
based on news reports received at
that time. that the earthquake dam
age had been confined largely to the
region around Santa barbara.
Spirited bidding for Chicago and
Northwestern took place during the
late afternoon, the stock closing at
IS IA, its best price of the day and
2 IL points above Saturdays close.
Southern Railway common was bid
up to a new record high at 80 3-S in
reflection Of the Richmond court de-
cision denying the claim of preferred
stockholders for back dividens but 1t
reacted later on prifit taking.
Call Money renewed at IL per
cent advances to 5, IL and thence
to in reflection of the scarcity of
loanable funds. The high call rates
were generally regarded as temper
airy, there being no change in the
rates on time funds and commercial
paper.
Mixed movements took place
around $4.S5 ga. French francs broke
nearly ten points to 4.51 1-2 cents or
within couple OF points of the years
low, and sympathetic recessions took
place in Belgian and Italian ex-