Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-12

five points at 147 rs and 17S ga
respectively, and Chesapeake aud
Ohio closed 5-S points higher at
122 3-S. The average of 20 leading
rails advanced over O point to a new
record high level.
Pool operations were vigorously
conducted In a number of specialties.
Foundation Company scared over
publics. Atlantic, Gulf and West In
. dies, General American Tank, Gen.
eral Asphalt preferred, International
Business Machines, Kelsey Wheel
and U. S. Distributing closed 3 to 10
points higher.
Stewart Warner Speedometer NOV
ed up two points to a new high rec
ord for the year at 50 IL on con-
firmation of reports that w. c. Dur
ant has acquired substantial in
terest in the company and in anti
cipation of another extra dividend in
the near future. Among the score
or SO other issues to attain new 1925
peak prices were American Water
Works Consolidated Cigar, Contin-
antal Can, Electric Power, General
Asphalt, Luglum Steel and Shubert
Theatres. Westinghouse Air Brake
apparently anticipated the declara-
ton of 81 extra dividend, announc-
ed after the close, by moving up
abott two points to 1876.
American SmeltingS which ad-
vanced 6 IL points to les ii, the
highest price since 1907, featured
the standard indusfrials. American
Can closed Il point lower at 2o6 after
selling nearly 3 points above that fig
lre. and L. s. Steel Common and
Baldwin showed fractional gains at
1876 is and 1913 5-S, respectively.
Call money held steady at per
cent all day. with fund i'm an. made
quate supply. Time money and
commercial paper rates were I'M
changed.
There was little interest in the
foreign exchanges except in the ease
of French francs which sank as low
aas 3G7 cents but rallied slightly at
the close. Demand sterling ruled a
shade lower around $4.S4 SIS and the
other principal European currsncies
showed only nominal changes.
Bond prices fluctuated aimlessly in
todays colorless trading, which was
featured only by the strength of
high grade railroad bonds. With
many attractive new offerings alb
sorbing surplus investment funds,
listed obligations found it difficult to
draw the attention of buyers despite
the better fielding engendered by re-
tention of the local 8 1-2 percent re-
discount rat for another week.
A broader demand for the rail
liens was created by the advance in
e tot fxr0
carrier stocks to a new high level for
for consultations under the inter-
state commerce commissions latest
recommendation to congress.
Chesapeake and Ohio convertible
IS follow this roads shares into new
high ground for the year scoring q
gain of about points while Norfolk
and Western convertible IS, Iowa
Central IS and a., Atlantic Coast
Line 1-2s, Erie convertible Is ID
and Chicago, Terre Haute income 81
moved up l to 8 points.
Although speculative operations
were encouraged by the relative sta
bility of money rates, little was ac-
cepted along this line. American
Ice convertible ~ rallied points but
advances in Wickwire Spencer Steel
! rs, Sicily Oil 1-2s and few other
issues offering speculative possibili-
ties were offset by selling in other
quarters. Rogers Brown rs and DolA
Packing IS were the weak spots.
Trading in foreign obligations was
unusually quiet with French issues
slightly depressed by the break in
francs to a new low price for the
year. New financing in prospect in
cludes a $l5,000ee0 six percent bond
issue for the new Panam Western
Petroleum Corporation or one of its
subsidiaries. The $6,500,000 Ham
burg American Line bond issue. Of
f, fered today. was heavily oversub-
scribed.