Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-24
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Dec. 23-(AP)-A SEN
sational days advance of over 10
points by American Can, which
touched a new high record for all
time at 2S3, featured the resumption
of the broad upward movement In
today's stock market. Trading was
on slightly larger scale, the days
sales falling just below 100000
shares. Bullish enthusiasm was
created by reports Of heavy steel
consumption contained in the weekly
trade reviews. continuance of million
car weekly freight loadings, and a
spirited advance in wheat prices.
Continuance of the six percent rate
for call money was disregarded. AZ
ter the close of the market, the New
York federal reserve bank announced
that its rediscount rate of 3 IL per-
cent was unchanged.
Heavy demand for American Can
was based on reports that. current
earnings on the new stock were run
ming at the rate of about 81 a share,
and that there was possibility that
dividends would be paid at a rate in
excess of the 50 annual payment
tentatively fixed by the management.
Strength Of General Electric, which
, points at 329 and then eased to 327,
was associated with rumors of ans
othere special distribution to stock
holders.
Buoyancy also developed ina num-
Der of other high priced Industrial
specialties. American Ice, Coca Cola,
Loose Wiles common and second
preferred, Nash Motors, Sears Roe
buck. United States Cast Iron Pipe
and Woolworth. all closed to 8
points higher. Chrysler touched
201 "a and then fell back to 1875 ga
for net gain of Ia points.
Copper shares developed a new
lease of life on prospects Of unusual
~ heavy sales of the red metal in the
first quarter of next year. American
Smelling jumped nearly 4 points to
136, the highest price in about s
years, Federal Mining and Smelling
preferred crossed 90 to a new high
record for hte year, and the common
jumped nearly six points to SO "a.
Oils responded to constructive trade
statistics. both the Barsdale and Pa
cific Oil issues again mounting to
new high levels for the year.
Y. s. Steel common was bid I'D
over two points to 135 rs and then
eased to 135. ,Mathieson AlkaIi,
american Steel Foundries, Standard
Milling. Devoe and Reynolds and
lngersoH Rand all broke through
their previous 1926 maximum prices.
Atlantic Coast Line was the fea-
ture OF the railroad group, soaring
over ~ points to new high record at
zoo IL on the announcement of the
complexion OF the $100.0O0,000 i'm
provement program which is expect
ed 10 result In materially increased
earnings next year. Atlanta, Birm-
lngham and Atlantic moved I'D over
z points TO II, the highest price in
nVe years. Good buying also was
noted in Atchison, Chesapeake and
ONO, Louisville and Nashville. and
Wabash preferred 3D." all OF which
closed 3-4 to IL points higher.
Call money held steady at per-
cent all day. Time money and com
mercial paper rates were unchanged.
A rally of nearly z points in
French francs to $3.50 cents and a
jump of over ten points in SPANISH
pesetas to 14.23 cents were the out.
standing features of the foreign ex-
change market. Demand sterling
held steady at $4.S4 GIG and other
european rates moved within mar
row and irregular limits.
NO alteration in the character of
the bonds market occurred today as
dwindling interest and firm money
rates continued to dull the edge of
trading. Irregular prive movements
tailed to impair the markets firm
undertone.
Favorable reports from the rail-