Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-09

strength, mounting more than .
| points to q new high record above
12S while American Can rallied to
! 254 and closed 3-4 points net high
er at 252. L. S. Steel, however, fell
| back from lat is to 135 1-2 and
! losses of ~ to six points We're
registered by Sloss- Sheffield, Dupont,
General Electric and L. S. Cast Iron
Pipe.
Despite large budget of favor
able news. railroad shares were I'M
able to overcome recurrent periods
of profit taking. Norfolk ana West
ern. Nashville, Chattanooga and st.
Louis. Texas and Milwaukee were in
demand but Atchison, Baltimore
and Ohio and Missouri Pacific is
sues lost ground.
Union Pacific also was heavy in
the face of favorable court de-
cision on the valuation case of the
Los Angeles and Salt Lake Railroad,
which it controls.
Public Utilities gave the best ex-
hibition of group strength. The buy
ing moving embraced the Market
Street issues, Consolidated Gas,
Montana Power. Brooklyn Edison
and West Penn shares. in which
gains ran from ] to Z points West
Penn certificates scared l. points.
Calling for So, 100000 in bank
loans caused an advance in the call
money rates to IL per cent after
renewals had been quoted at per
cent. Time money an dcommercial
paper rates remained unchanged.
Foreign exchanges were mildly re-
dictionary. Sterling failed TO hold its
recent gain and the demand rate fell
back to around s4.S4 SIS. French
francs reacted almost 10 points to
around 3.75 cents. Trading in, other
European currencies was quiet.
Price tendencies were upward in
today's bond market although gains
were limited by the discrimination of
buyers in picking new investments.
Trading was more active than in re-
cent sessions but the firmness of the
money market continued to restrict
commitments.
Railroad bonds continued to at
tract attention today with buying or
ders about evenly dividend between
investment and semi speculative is
sues. Among the outstanding strong
features were New Haven 3 1-2s of
1947 and 1856; Chicago and Alton
9 LIS, Erie consolidated as, Florida
East Coast IS and Duluth, South
Shore IS. The increase in the Vir-
ginian Railway dividend promoted
buying Of this roads five per cent.
bonds and Norfolk and western con-
vertible 6s.
In contrast with the strength of
public utility shares, the bonds of
these companies drifted irregularly
lower Fractional recessions were
recorded by Utah Light and Traction
os, Public Service of New Jersey SIS
and Bell Telephone OF PENNSYLVANIA
refunding IS.
several heavy spots, notably the
German issues, appeared in the for
eign group, although there were no
new developments to account for the
selling. The reaction of French
francs also was accompanied by a
decline in French bonds, the Lyons
and Marseilles issues dropping more
than a point. 1t was reported from
London that large loan for the
German potash industry. which was
rejected here. had been heavily over-
subscribed. One of the largest public
utility bond offerings in several
months has been scheduled for to-
morrow by the Massachusetts Gulf
Companies, which will place on the
market $1S,000,000 twenty year IL
per cent. bonds at 90 per cent to yield
5-S per cent. Proceeds will be used
TO finance the recent acquisition of
coal properties in West Verginia and
TO construct new terminals at Boston
and Providence. r. ]. The Offering
group is headed by I<idder, Peabody
and Company.
Public Offering also viii be made
Dy the National City Company Of