Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-10-03
Financial
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Oct. 2-(AP)-A wave
of bullish enthusiasm, engendered
by the maintenance of the New YORK
Federal Reserve rate at ) IL per-
cent, swept over the stock market
today, bringing about a general re-
covery of prices. More than score
Of issues were elevated to new 1873
high levels on total sales of 2,26S,-
600 shares, volume exceeded only
twice before this year.
Buying orders began pouring into
the market early in the day. with
speculative sentiment encouraged
not only by the federal reserve di-
rectors' action but also by intima-
lions from high vanking quarters
that the soundness of the country's
credit position would warrant no
early readjustment of the rediscount
rate. Money rates themselves fur
nished no direct stimulus to buying
since call loans held firm at five per-
cent.
The solid foundation which exist
ed for the days advance was en-
phasized by the fact that U. S. Steel
regained it's leadership of the in
dustrial shares with a broad public
buying movement developing for the
representative lSSuCS. IC c
cent violent fluctuations in purely
speculative stocks were lacking, al
though gains of to II points were
registered by some of the prominent
backing issues in response to merger
developments. Advances in most of
the standard industrials ranged from
1 to points.
Indications of steady expansion in
incoming business and the growing
belief that untitled orders for Sep
TENDER will show the first increase
in many months furnished the back
ground for U. S. Steel's impressive
exhibition of strength. The stock
reached a new high on the current
movement at 1913 3-S, five points
above the weeks low level. and
closed 1 "a points net higher at
100 IL. American Can, General
Electric, American Telephone, Mack
Trucks, Baldwin, Schloss- Sheffield
Steel and other leaders followed with
advances of l to 4 points.
Outlining terms of the new bak-
ing merger which Wall Street has
been expecting was the signal for
another upward swing in these
shades. General Baking moved up
four points to around 225, the price
offered for the shares under the
consolidation plan. and Ward Bak-
ing B was rushed UP more than s
points to a new top at S4 Sd.
Fleischmann INDUCED in an even
more spectacular performance,
soaring 13 points to a record high
at 141 IA and closing only about a
point under the level, buying was
promoted by the company's acqui-
sition of valuable yeast plants. Oil
and motor shares gave good dem
onstrations of group strength with
active accumulation also proceeding
in the chemical food, public utility
and mercantile issues. Pierce Arrow,
White Motors, Studebaker, Mack
Trucks. Dodge and Chrysler resumed
their upward movements, but Cen
eral Motors and Hudson lost their
early gains in a last minute outs
break of profit taking. Stewart
Warner led the accessories with 3
point advance.
Oil stocks were benefited by in
dications that the industry position
was being steadily improved by cur
tailment of crude production.
Marland, Mid Continental, Pan
American "B' and the General AS
phalt issues We're in brisk demand
throughout the day. Other issues
which We're prominent in the days
advance were Texas Gulf Sulphur.
Woolworth. American Linseed,
American A~ricult:-al Chemical. Ha-