Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-12
----a-
Financial
NEW YORK MARKET
..,... AZ the Days Dealings in All
Fsa'u'' the Leading Stocks

Fsasur'' the Leading Stocks
- york. Sept. 11.-fAP)-Stock
~" .wept forward again today on
pllea,.t,ve buying attracted by q
pessnrst,on of easy money rates
srssh evidence of Improvement
sna .,sral lines of fall trade. The
.asi weekend profit taking sales
u Jared in large volume, but were
app.ally we'll absorbed, closing quo
sens srs disclosing long list of net
atvA' ranging from l to nearly IL
4 pm The Industrial average broke
rolh 70 another record high level,
taloa.ssimately 80 individual issues
'pp .sssnr their previous 1925 high
p. -. Weakly mercantile reviews
In ontimistic in tone. Dun's re-
vels tbat .the favorable aspects of
poIsss ,siness situation are becoming
- .ssss,easingly prominent ana over :,
nasScw the unsatisfactory phases.
s y. SSstreet's states that wholesale
uss and industry moved forward
nsuwsek. despite intense heat.
lns snt ana low streams in wide
doss ~ the central west and south"
W., developed another outburst
ho.Vssnofh which was featured by
smarkable comeback of Chand-
ine rhich scored an extreme gain
s. asa noints at SO. General Mo-
Il ,sn6 studebaker attained new
or nrices at 9S 3-s and 55 IA, re-
psass srsiv. and were followed into
asht rh ground by Hudson, Moon,
.ass'M..,nbile. Fisher Body, Eaton
Gabriel snubber and Goodrich
! Rupber.
ps.awakening of speculative inter-
II =. x copper shares was another
~ ss,}ssting feature. American Smelt-
i 10y. wes run UP points to llS 3-S
" highest price since the war, and
u ~ sound crossed "a to a new
up for the year on buying infiu-
ms MA hv important development
rork ana substantially higher earn
n ings,
| Raiis we're rather sluggish In FUR
MAJ rejection of speculative disap'
s .S over the failure OF the
snnfhern Railway directors to IN
$50 the common dividend. Some
y ths southwestern carriers devel.
onsd temporary outburst Of
ssrsnrth. but the buying was moi
sssssined. New peak prices were
.sssSIished by Pittsburgh and Wesl
v,rxnia. Nashville, Chattanooga and
q louis and International Rail
ss,N ~ Central American common
/ S%rited bidding for American Can
! slL rar I'M TO o46. and then ease6
III 4 M5 for a net gain of IL IL points
n n day, revived rumors that thu
lones delayed split-up would be au'
.Sa3;zed next month. Foundation
rounpany which recently announced
ne Ylosing of several important con
I tracs. attained a record high price
i f4i ga. Additional new highe!
vera recorded by Allis Chalmers
| American Tobacco Common and thu
aB%stock, Artloom, American Stee
Il roundries. Brooklyn Manhattan
Il psdtd Transit. Brown Shoe, Case
Thr{shing Machine. Crucihle Stee
prejerred, r. H. Macy and Railwa!
h sed Spring.
/ Cill money renewed at 4 IA per
1 cent and then dropped to 4. Time
4 money and commercial paper rates
II were unchanged.
4 FSreign exchanges were irregular
VitK rather widespread fluctuations
4 isking place in some of the Euro
peaa currencies. Demand sterling
1 sndsFrench francs held relattvel,
aesdy at S4.S4 -3-6 and 4.69 cents
res1ectiyely. Norwegian kroner Tel
abott 10 points to around 17.19 cents
4 andSthen recovered half their loss
Il Daxssh kroner ruled about 20 point!
lowhr around 24.45 cents. Spanish
uesifas crossed 1850 cents to new
i higk on the. current movement ant
L Polish zloty broke 80 points to IGN
l senss.
tAder the leadership of foreign
obligations, bond prices WORKED
| Moderately higher today. Mamie
name of the federal reserve redis
cou2 rate at3 ID per cent and In
I dications that money which has beer
called to the interior was fiowlns
back to the financial centers agar
gave ground for greater confidence
in investment circles.
Buying activities in the forelgi
4 group were more diversified and II
many instances were linked will
reports Of new financing. Great In
terest was aroused in Wall stree
by cable dispatches from Berlin an
nouncing that negotions virtually
had been completed for large loar
to the German Rentenbank and tina
the first installment of $20,OOO,OO'
would be placed on the market b,
the National City Company.
] The recent strength Of Soutf
American bonds was followed by in
/ dications that several new loans were
being sought here The republic o.
Columbia was reliably reported t
have made arrangement for the salt
Of q $15,000,000 bond issue at ar
early date, probably next week, and
hints of new Brazilian financing
We're also heard. An unusually
heavy demand developed for Rio d.
Janeiro Is, lifting prices about two
i points to around the years highest
Prices. Argentine Is B" repeated
sneir previous top quotation of 81.
fractional changes were the rule
throughout the rest of the list, but
inc fact that the majority of them
were upward revisions gave the
market firm tone. Virginia Caro-.
una Chemical issues were the only
outstanding strong spots. advancing
40 Ia points in response to prog
sess made in reorganization plans
a SlO,OO0,000 bond issue for the
seanoard Air Line Railway was men
uoned as a prospective offering for
next week,