Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-04
NEW YORK MARKET
Features of the Days DEALINGS in All
the Leading Stocks

the Leading Stocks
New York. Sept. 3.-(AP)-A
complete reversal of form charac-
i teriled todays stock market, which
railied pflskly under the leadership
oi the hlgh priced industrial special
ties. These so-called rich mems
stocks showed net gains of 2 to 3
points with more moderate advances
taking place in the standard rails
and industrials. General Railway
Signal scared % points to $50. Trad
/ ing was in smaller volume, the
| days sales aggregating one and one
quarter million shares.
| The recovery apparently was in
nuenced by the raising of the Frisco
| dividend, lower call money rates and
favorable trade news. Bear traders
made another attempt to unsettle
the general list, but encountered
strong buying support and eventual
~ rushed to cover when they be-
came convinced that necessitous Ii
| quotation had been avoided. at least
! for the present.
one of the features of the session
was sudden revival of activity and
strength in the shares of bituminous
coal companies. probably in reflec-
tlon OF an increased demand for that
product as result Of the anthra-
cite strike. Pittsburgh Terminal
| Coal scared nearly 10 points to
/ % IA, closing within a point of the
top, and Pittsburgh Coal showed a
net gain of = IL points at A II.
frisco common responded to the
| announcement of the higher divi-
dend by climbing over = points to
l0l rs, or within a small fraction
of its record high, and then yielding
to lOl on profit taking. Net gains
of point or two were recorded by
number of other popular rail is
| sues, including New York Central,
Erie common and first preferred
Southern Railway, katy" common,
Missouri Pacific common and pre-
ferred, Western Pacific, Western
! Maryland, New Haven and Rock
| Island.
| Further evidence of the improv-
| ing earning power and increased op-
Grating efficiency of the railroads
was provided in a report of the bu-
! reau of railway economics, which
showed that the net railway operat-
ing income of the class l roads in
July was 500, 462, 1855, compared with
! $74, $685. in July last year, an in
crease of $25,094,446. For the first
| seven months the total net operat-
ing income was $537. 1854.
Reports of expanding steel opera
lions conceded with an advance in
the steel shares. Common stock of
the United States Steel Corporation.
which is expected to make public
one of the best tonnage. statements
of recent months next week, closed
l Ia higher at 120. st. Louis Shelf
| field rallied over ) points on a few
sales.
There were few weak spots scat
tered throughout the list. notably
American Agricultural Chemical pre-
/ ferred, Brown Shoe. Mathieson AL
kali, New York Shipbuilding, Otis
Elevator, and United States Hoffman
Machinery, off to points.
Call money was in plentiful sup
ply, the renewal rate being lowered
to four percent. which remained I'M
changed throughout the day. Time
money and commercial paper rates
held steady.
There were several interesting de-
velopments in the foreign exchange
markets. Demand sterling fell be-
low 4.S4 IL to within a small frac-
below which it would be profitable
to import gold. Norwegian and
Danish kroner each rallied over 80
points to new high records at p 90
and $500 cents, respectively. French
francs were slightly lower around
4.6S IL cents. Brazilian milreis
dropped about half a cent to II IL
cents, the lowest figure in about a
week
Trading interest was at a low ebb
in today's bond market although
tendency toward recovery was in evil
dence. The rally in stock prices af-
ter yesterdays reverse and the easier
money situation impaired frmer
tone to dealings. The volume of the
business was light. Foreign bonds
have one of the best exhibitions of
group strength. Moderate advances
took place throughout the list, with
Judgens is, recently depressed by a
drive against the company's secur-
tiles In the Amsterdam market,
scoring brisk recovery. Local
bankers for the Dutch concern de-
MED foreign reports that the COM
pany had suffered heavy losses. Sew
eral of the French municipal obli-
SotiOhS oOlQ at Tie Itl5ISSL RIlCtS VI
the year and Cuban 5s moved UP
l 3-S points to par. within a fraction
of the 1925 peak.
Railroad liens were in better de-
mand. Buying of Frisco income Us
was promoted by the company's re-
port of better earnings and the in
crease in the common dividend rate.
On their march to higher ground
they were accompanied by Northern
Pacific 6s, Chesapeake and Ohio
convertible 5s, katy" adjustment 5s,
Denver and Rio Grande IS and Sea-
board refunding 4s.
Despite additional gasoline price
cuts, Sicily Oil lbs rose 3 points,
keeping pace with a rally in the
stock based on reports that a re-
sumption of dividends would be con-
sidered at the next directors meet
ing. Copper, rubber and indepen-
dent steel bonds were firm.
Total sales so, 00S,0O0.
Stock market averages: