Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-10
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks


Features Of the Days Dealings in All
the Leading Steeks
New York, Sept. 9-(AP)-Specu-
lators for the advance regained con-
troll of the price movements in to-
days stock market, rallying the gen.
eral list under the leadership of the
railroad, oil and motor shares. The
sudden reversal of form was brought
about by the assurance of bankers
that the higher call money rates
were only temporary and by the pub
LEGATION of statistics showing that
freight Car loadings in the week end
ed Aug. % were the largest of any
single week on record.
Inasmuch as the peak of freigh.
! traffic ordinarily is not reached I'M
| til October, operators. for the rise
saw interesting possibilities for the
| carrier stocks. Atlanta Coast Line
| scored a sensational advance of over
| 10 points by touching 1879 SIS. a new
! high record. Delaware & Hudson
| Louisville & Nashville and Denver &
Rio Grande, Western preferred all
| showed net gains of about points
| Special interest centered on South
ern Railway because of reports that
| would raise the dividend rate from
IS to 81. The stock closed a point
| higher at Is rs, or within a point
of the record top.
Studebaker was the sensation OF
| the motor group soaring 4 points
to a new high record for the year
| at So 3-S on total transactions ex-
| ceeding 100000 shares, or more than
one tenth of the days entire busi-
| ness. Pool activity based on high
current earnings and reports of in
creased sales, provided the stimulus
| for the advance. Chrysler was again
| run UP over points to record top
| at 1856 rs at the expense of an over
| crowded short interest, and then
| broke to $50 on realizing. Several
| other motors closed to 3 points
higher.
Another interesting feature Of the
days session was the reawakening
of speculative interest in the oil
| shares on the theory that the down.
ward revision of prices had been
about completed. The Pan Ameri-
can issues, Houston Oil, General
| Petroleum, Atlantic Refining and In
dependent Oil and Gas all showed
net gains of 2 points or more. and
nearly a dozen others closed at least
point higher.
| Packing shares were heavily
| bought on the belief that the indus
try had definitely turned the corner
New York Shipbuilding jumped
points t. record high at 90, In
further reflection of the recent sale
of large interest to Swiss cleo
trical concern. American Can, Am
| G., faft n
eral Electric, the Commercial Sol
vent issues, Mack Trucks, Interna-
tional Shoe, Railway Steel Spring
and Yves! Pennsylvania Co., were al
bid up anywhere from to 10 points
Call money renewed at 5 percent
but dropped to IL upon the re-
ceipt of out Of town funds which
were attracted by the sharp ad-
vance in yesterdays rate. Time
money held rirm at IA to 3D.
percent depending upon maturity
| Prime commercial paper continued
! to rule between 4 and IA percent
Speculative interest in the foreign
! exchange market was divided be-
tween an extreme gain of 20 point:
in Italian lire. which touched a new
high record for the year at AZ!
| cents. and then lost more than hal
the days gain on profit taking. anc
another sharp run up in Norwegian
| kroner, which hit 2240 cents. the
| highest price since the war. Demand
sterling held steady around $4.S4 l.:
and French francs were slight,
firmer at 40 cents. Danish kroner
ruled about Is points lower at 25.1(
cents.
Increased activity marked bono
-tv,rr of a
selective character. Independent
| strength was shown by number o
foreign obligations, domestic rail
| road, oil and motor issues but price!
for the most part moved within 6
narrow trading area. Little concern
| over the recent stiffening of money
rates was evident except in the Lib
erty bond list.
The improvement in European
! government bonds which apparent,
has developed in recognition of thu
progress made in debt settlements
spread today to the French republic
| issues, the Z percent bonds climbing
a point to a new top for the veal
above 93. Some of the municipal:
also eclipsed their previous higl
records. A revival of activity IL
Argentina 6s of 1857 and 1860. boil
of which sold at 1925 high levels
(! was coupled with reports that new
| loan was being made ready for thu
| market but these rumors lacked con
firmation from bankers.
Trading interest in railroad bonds
conferred almost entirely in semi
| speculative issues. Denver and Rio
| Western 5s, which are likely to prof
by the roads favorable earnings
were among the most active fea
lures, rising more than a point. 9th
err strong spots were the Seaboard
Erie and International Great North
ern issues. The report of record
breaking car loadings for the las
week in August was a factor in tbs
buying movement but investors lin
tied their orders to bonds showing
the most attractive yields.
Price movements in the industrial
list were maintained, with thu
strength of Dodge Brothers is, Par
American Petroleum 6s and Chill,
Copper Is counterbalanced by thu
heaviness of u. S. Steel 5s, Goodrich
Tire lbs and Liggett and Myers 5s
| Public offering will be made to
morrow of $1S,000,0O0 General Pc
troleum Is year percent bonds a
a price of "a ga to yield $50 per
cent.
Total sales S10,036,OOO.
Stock market averages:
| % Tpds % r Ids