Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-10-07

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Oct. 6.-(AP)-Des-
pite aggressive pool operations in a
number of specialties and favorable
business news, today's stock market
was under heavy selling pressure,
closing quotations showing a long
list of declines ranging from one to
nearly six points. Trading was on
an enormous scale, the days sales
totalling 2,136, 400 shares.
Heavy selling for both accounts
was inspired by the growing belief
that the technical position of many
stocks had been weakened by the
recent brisk advance and by the
maintenance of call money at 8 IL
per cent which led to the calling of
additional loans and the forced
liquidation of weakened marginal
accounts.
Outside the stock market chief In
terest conferred in the announcement
of large shipments of gold from
England to the United States and
raising of the American Smelling
dividend from Sc to 81 annually,
which, curiously, was followed by a
decline in the stock to 112 5-S, off
2 3-S on the day, after having
touched 116, the highest since 1917,
In the early trading.
U. s. Steel common closed q point
lower at 121 after having reached
122 3-4. Baldwin showed a net loss
of / "a to lit IL and American
Can was off / SIS to 232 Ia, after
having sold above 233. Mack Trucks
broke 6 points to 206. closing slight
ly above that figure.
Standard rails also were liquidat-
ed freely. Net declines of a point or
two were recorded by Atchison,
Chesapeake and Ohio, Chicago and
Northwestern, st. Paul preferred,
Reading, Union Pacific, Lehigh VAL
ley, Lackawanna and Denver and
Rio Grande Western preferred. Wa
bash fell back three points and At
lantic Coast line dropped IA.
New peak prices were attained by
number of mail order and mer-
chandising issues including Wool
worth which touched 100 1-2 and
then broke to 191 1-S for q net loss
Of 2 5-S. May Department Stores,
which reached 128 7-8 and then
sagged to 127 where it was up IL,
National Cloak and Suit, which
closed 8 points higher at 76 after
having sold as high as 70, and Gim-
bel Brothers, which hit IS "a and
then settled back to GA for a small
fractional gain.
Revival of speculative activity in
WHY'S Overland common, which
carried that stock UP nearly 4 points
to a new high record at 30 IL on
total transactions in excess Of 20O,-
GOO shares and the establishment Of
new highs by General Motors at
113 ga and Studebaker at 60 S-4.
were the outstanding developments
in the trading in the motor shares.
Foundation Company continued
its sensational advance by touching
another new high at 152 IA. an ex-
treme gain of nearly six points and
then yielding to $50 IL. New highs
were reported by U. s. Realty at 153,
Barnet Leather at SO, New York
Shipbuilding at 81 ~ and Ward
Baking A at 1872. F1eischmann, Gen.
eral Electric, Sears Roebuck, Inter-
national Harvester and United Fruit
were conspicuously weak. falling 3
to z IL points.
Call money ruled unchanged at
5 1-2 per cent. Time money and
commercial paper rates held steady.
Foreign exchanges continued to
move within narrow and irregular
limits. Demand sterling ruled slight
ly higher at $3.50 7-s, despite heavy
Withdrawals Of gold from tho Bank
Of England, but French francs broke
below 4.6oc for a net loss Of nearly
4 points. Norwegian kroner ruled
about 10 points lower at 10 5-sc.
Brazilian milreis crossed 15c to q
new high record for the year in an
ticipation Of new Enhancing.
Bond prices marked time with the
strength OF a few industrial issues
offset by general selling Of the rail-
road liens. Liquidation Of French
obligations. which followed the fall
ure to reach a permanent settlement.
appeared to have run Its course and
soma of these issues scored substan-
tial recoveries.
Unfavorable developments affecting
railroad projects pending before the
inter state commerce commission de-
pressed bonds Of the carriers. Loss.
es Of about to points were reg
istered by Frisco income and ADJUST
ment SIS, Florida, Western ana
Northern rs, Chesapeake & Ohio
convertible SIS and st. Paul. Chicago
& Alton, Seaboard, st. Louis, South
western, Southern Railway and Dem
yer & Rio Grande issues.
Independent strength was shown
by industrial liens. including Ameri-
can Smelling IS. Bethlehem Steel
SIS and United Drug SIS. American
Writing Paper 6's jumped almost 5
points.
New bond offerings continued In
light volume but rumors Of pros
pective new financing were current
in the financial district. Negotia-
lions for a $5,000,000 Czecho- Slovak-
ian loan probably will be completed
If debt settlement Is arranged by
the country's debt mission now In
this country. An $S,000,000 bond is
sue for the Chilean Nitrate and
Railway Co., was said to be sched-
uled for early offering.
Sales were $11, 155, 900.
STOCK MARKET AVERAGES
Twenty Twenty
industrials railroads
Tuesday 1000 1o5.29
Monday ...........131.7S 1eo.lS
Week ago .131.19 10000