Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-23
Financial
NEW YORK MARKET
Features of the Days Dealings in Al
the Leading Stocks

New York, Dec. 22.-(By the Assoc
ciated Press)-Stock prices developed
sudden burst of strength this after
noon after an early period of irregu-
larity. The rally was led by high
priced industrial specialties and mo-
tors, several of which scared five to
10 points. Trading was moderate in
volume, the days sales running just
above one and one-half million
shares.
Reactionary price tendencies pre-
dominated in the commodity markets.
Wheat broke sharply in the early trad
ing on the announcement that the fed
eral grain futures administration
would investigate transactions in De-
cember wheat mora closely, but prices
made brisk recovery in the later trad
ing. May futures showing an advance
of nearly two cents on the day. Cotton
futures lost ground, May, July and Oc-
tober deliveries sinking to new low
levels for the year Renewal of SELL
ing pressure against French francs re-
Elected uncertainty over the stability
of the BRAND cabinet.
Hudson Motors was one of the SEN
sational features of the session, soar
ing over nine points to .111a and clos
ing point from the top on total trans
sactions exceeding 10000 shares
Chrysler advanced from a low of 1873
to 195, closing near the maximum fig
ure for net gain of 10 points on the
day. American Can touched a record
high for all time at 266, or more than
five points above last nights close.
Spirited bidding also took place for
commercial solvents A, Dupont
Fleischmann, General Electric, Inger-
sol Rand, Loose-Wiles Biscuit, Mack
Truck, and U. S. Cast Iron Pipe, all
of which closed four to nine points
higher.
Early selling was largely of a pro-
fessional nature and presumably in
spired by stiff call money rates and
the apparent failure of the latest effort
to bring about a settlement of the an
thracite miners dispute. Some So
called tax selling also was in evil
dence, but it was confined to a rela-
lively few issues.
Oils were rather slow in responding
to reports of an increase of two cents
gallon in gasoline prices in Califor-
mia, although Barnsdall A moved up
over a point to a new high record at
800 on the announcement that the
company would retire $2,500,OO0 in
bonds next month.
Strength of Hudson was associate
with unconfirmed rumors that Ford in
terests had become identified with the
property.
There were several soft spots scat
tered throughout the list. National
Cloak and Suit common and preferred
broke to new low records for the year
to SO and 91f, respectively, on reports
of disappointing earnings for the last
half of the year. Observation-Disclosures
Transit showed an extreme loss of
over three points, most of which was
later recovered on the traditional
selling on the good news" following
the announcement of the Inauguration
of dividends. Heaviness also was ap-
parent in such issues as Postum
Cereal, United States Distributing, As
ISOLATED Dry Goods, Coronado Fuel, Co.
lumbia Carbon, General outdoor Adj
vertising A, Union Bag and Paper, and
Ward Baking A.
Norfolk & Southern dropped three
points to 36, but most of the other
rails moved within rather narrow and
irregular limits
Call money renewed at six per-
cent, holding at that figure all day.
Time money was in plentiful supply
at rs to five percent and prime
commercial paper was unchanged at
IA.
French francs broke nearly TO
points to $50 IL cents. Demand
sterling eased slightly to $4.S4 9-16
with selling presumably inspired by
the announcefent of heavy gold
Withdrawals for export from the
Bank of England. Other European
rallies moved within rather narrow
and irregular limits.
Reactionary price movements
held sway in today's bond trading
| which felt the restraining influence
of tighter money conditions and the
holiday loss of buying interest. The
early irregularity of stock dealings
helped to unsettle the market.
Profit taking tendencies continued
to depress the railroad group. Real.
izing sales appeared in heavy volume
in both high grade and semi-spec.
ulative issues, forcing recessions oil
] to 2 points in Pennsylvania 6 lbs
Norfolk and Western convertible
e lbs, Baltimore and Ohio refund
ing 6s. Northern Pacific As. New Ha-
ven Convertible Is. Internationa
1TedI INcTIneTn adjustment Us, ana
New York Central ) lbs. A few
issues. such as Louisville and Nash
vile refunding lbs maintained a
firm tone.
Although rising gasoline prices
stimulated a demand for some OF
the petroleum company securities,
most of the oil bonds listed on the
New York stock exchange encoun-
tered persistent selling pressure
Pan-American 6s and Pierce Oil
Fights both were driven down more
than a point. Sicily and Sinclair
obligations were virtually motionless.
Little activity was aroused in for
eign bond trading, but investment
bankers evinced keen interest in the
new foreign loan policy outlined al
washington. which will permit Dor.
rowing by nations which have fund
ed their debts regardless of the de.
lay IN obtaining congressional ap.
proval of the settlements.
A refunding operation by the
Nickel Plate" Railroad will involve
the public offering tomorrow of So
575.OO0 5O-year 5 1-2 percent bonds
through guaranty company syndi-
cate at a price Of 30. Proceeds will
be applied to the retirement of like
amount of Toledo. st. Louis. and
Western prior lien bonds which ma
tured last JULY,
Total sales were S11 $40, 900.
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