Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-10-08

NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks =.

New York, Oct. 7-(AP)-Trading
slowed up considerably in today's
stock market but there was the same
confusion of price movement. Sell
tn5 pressure, which was renewed
soon after the opening, relaxed when
call money dropped from 5 IL to
4 1-2 per cent. Closing quotations
disclosed considerable irregularity. q
long list. of to 6 point gain being
offset by an even longer list of losses
ranging from one to points in ac-
tive issues.
Brokers loans, reported to be
close to the highest levels in stock
exchange history, are source of ap-
prehension to conservative traders,
and the emphasis placed upon them
undoubtedly has inspired much of
the liquidation of the last few days.
Several commission houses report
that marginal accounts seldom were
in q better position than they are
now. which probably accounts for
the sharp rallies that invariably fol-
low each break. The usual weakly
rumors of a forthcoming increase in
the New York Federal Reserve re-
discount rate also made their ap-
pearance.
Steel shares failed to respond to
the optimistic tenor of weekly steel
trade reviews. U. s. Steel common
closed unchanged at 121 after hav-
ing crossed 122. The independent
steels moved within narrow and ir-
regular limits.
Rail shares continued to lose
ground. Southern Pacific sagged to
96, a new low level for the year, and
net losses of a point or more were
recorded by Chicago Great Western
preferred, Denve and Rio Grande
Western preferred and a few others.
Among the high priced industrials,
American Can closed over 8 points
higher at 235 "a after having
touched 237 and Chrysler showed a
net gain of over four points at 1885,
Kresge jumped % points to a record
. top of 617 for a few sales.
Gains of 2 to 2 1-2 points were
registered by Burns Brothers B, J. I.
Case preferred, Detroit Edison,
Fleischmann. Freeport. Texas. Ma
tional Dairy Products, Motometer,
New York Shipbuilding, Remington
Typewriter, Thinker Roller Bearing,
United Cigar Stores, United Drug,
U. s. Hoffman Machinery and Wes-
tern Union. several of which at
tanned new high prices for the year.
May Department Stores broke
from 129 ga to 125 s6-S on an off,
cial denial of rumors of a higher
dividend. Failure of the WHY'S
Overland directors to take action to
eliminate the heavy arrears on the
preferred stock sent that issue down
from 11S ga to 40 IA. While the
common dropped from 30 IA to
% 1-8. Fisher Body, Foundation,
Midland Steel Products preferred,
Radio Corporation, M. F. G.. Shat
tuck and U. 8. Cast Iron Pipe were
conspicuously heavy.
Call money opened at 5 IL but
eased to 4 and thence to ID in re-
Election of the return flow Of funds
sent out in connection with October
1 disbursements. Time money and
commercial paper rates held steady.
Foreign exchanges displayed a
firm tone. Demand sterling held
steady around $4.S3 rs. but French
francs ruled a few points higher
around 4.62c. Norwegian kroner
rallied twenty points to 1913 cents
and Danish Kroner ruled 10 points
higher around. 24.O6 cents. South
American exchanges were strong,
Argentine paper pesos crossing Al
cents to a new high level and Braz-
ilian milreis holding firm around the
years maximum Of 15c.
Trading in bonds was listless
Money rates continued firm, offering
little incentive for an extension OF
h.,xy ,1ov
special developments were an in.
huence.
A burst Of activity in Brazilian
issues was linked with reports OF
possible new financing. RumorS that
pending for Brazil Sac Paulo and
Uruguay were current in the flnan-
cial district, but bankers who have
previously fioated loans for these
countries denied that active negotia-
tons were under way.
A sudden exhibition Of strength in
ST. Paul junior bonds surprised bond
circles in view of the recent heavi-
ness Of these issues. Railroad bond
houses attributed the rally to the
possibility that threats of an alter
native reorganization plan might in.
f1uence sponsors Of the original pro-
posals to declare their plan opera.
tive. Gains ranging from j to !
ltpoints were scored by these issues
With q few exceptions industrial
liens were virtually motionless. Re-
cent gains of American Writing Pa
per issues were cancelled apd Wiz
ginia Carolina Z lbs brokb more
than two points. Oil company
bonds continued reactionary.
q