Daily Kennebec journal., 1925-08-11
Financial
NEW YORK MARKET
Features Of the Days Dealings in Al
the Leading Stocks

FeaeureS OF the Days Oeaitn9s IN All
the Leading Stocks
New York, Aug. 10.-(AP)-Stock
prices staged remarkable come
back after an early period of weak
ness in todays market, which was
featured by the buoyancy of high
priced industrial shares. Trading
turned dull on the early decline, but
picked up perceptibly in the late
rally, the days sales aggregating
about one and one-quarter million
shares.
Heavy selling of the motors and
oils based on additional automobile
and gasoline price cuts took place
soon after the market opened. Early
declines of l to 3 1-2 points were
recorded by Chandler Motors. Pierce
Arrow common and preferred, Mack
Trucks, Marland, Standard Oil of
California, IIndependent Oil and
Gas, Texas Company and several
others, but in some cases the earlier
losses were materially reduced. Gen
eral Motors showed independent
strength by touching a new record
high at 94 5-S, in anticipation of an
announcement of special cash dis
| tribution on Thursday.
Sensational advances again took
place in che so-called rich mems
stock" General Railway signal
scared II IA points to- a record top
at 256 1-2;~ Jersey Central and In
ternational Shoe each jumped Z
points to 2S6 and $50 respectively,
and American Can moved up over
six points to new high for all time
Of %.
preferred attained a new maximum
at 147, but closed unchanged at 145.
Many of the Standard industrials
closed lower on the day. L. S. Steel
common showed a small fractional
recession at 122. the July tonnage
statement. made public today, show
ing a decrease of 170991 tons in
implied orders, or about 10000 tons
more than Wall Street expected
Baldwin fell back 1-2 points to 113
and net losses of a point or so were
recorded by American Sugar Rein
ing, Electric Storage Battery, Foun-
| dation Company International Har.
vester, National Lead, Stewart War.
ner Speedometer. U. S. Rubber
Western Union, Westinghouse Air
Brake and Worthington Pump.
Special strength was shown by a
wide variety of Industrial and pub.
lie utility issues including General
Baking, Havana Electric, n. Y. Ali
| Brake. n. Y. Ship Building, Pullman
Utah Copper, Ward Baking B and
| Woolworth.
Weakness of the Virginia -Carolina
Chemical issues was based on the
| belief that the reorganization plar
which is expected this week will
leave little equity for the stocks.
Strength and activity of the Var
| Sweringen carriers was again the
/ outstanding development of the raj
+, group. Net gains of l to nearly :
| points were recorded by Erie 1st anc
2nd preferred, Nickel Plate" com.
mon and Chesapeake and Ohio com
mon. the last named closing l.:
| points higher at 101 3-4, after hav.
ing crossed 102 to a new high.
| Call money ruled unchanged a.
4 IL per cent. The time money ant
/ commercial paper markets wer,
/ quiet with no change in rates.
| Fluctuations in the foreign ex
changes were extremely narrow ant
irregular with the principal Euro
, pean rates displaying a firm tone
| Demand Sterling around 4S5 3-S anc
French francs at 4.6S IL cents.
| Bond prices moved irregularly
lower in a small volume of trading
! fluctuations generally being confined
! to narrow limits, railroad liens as g
| group, alone displayed an upward
| tendency, Chesapeake and Ohio con.
vertible 5s against forgings ahead fol
a gain of 3 points to new high al
| IL Sd, strength also was shown by
Chicago and Alton 3 1-2s, st. Louis
San Francisco income 5s, and Chi
cago and Great Western 4s, all Of
which advanced moderately. Unior
Pacific Convertible 4s, southern
Railway General As and Southern
Pacific refunding 4s recorded frac'
tionally.
Public Utilities were heavy, Kan
sas City Power 5s. Public Service
Corporation of New Jersey 6s and
Public Service Electric Power ant
Light 6s, showing small losses on the
day.
Activity continued in Virginia.
Carolina Chemical first mortgage z:
which have advanced nearly 3 points
| from the years low in anticipation
of favorable treatment in the forth
coming reorganization plan. Inter
national Mercantile Marine &:
moved up a half and Bethlehem
Steel Is also gained slightly.
| Further selling of Dodge Brothers
6s reflected the reported dissolution
| today Of the offering syndicate.
| Foreign bonds were mixed. City oi
Oslo 6s gaining 5-S and Anton Jurg'
gen 6s losing 1 IL. Better demand
| for u. S. Government loans resulted
| in fractional advances.
l. Public offering will be made to.
morrow of $3000.000 LaClede Ga:
Light Company 5 IL per cent gold
notes at So to yield about 8 pei
cent.
Sales were $8,14S,000.