Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-30
Financial
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Sept 29.-(AP)-Stock
prices resumed their advance with
fresh vigor today sweeping upward
at fast pace until the last few min
utes of trading, when a wave of
heavy selling impeded the advance.
Under the leadership of the motors.
more than score. of issues mounted
to the highest levels of the year on
total sales which exceeded 100000
shares for the first time since July
%.
Despite a continuance of stiff mon
ey rates, aggressive bullish demon
STATIONS were successfully conduct
ed in wide variety of representa-
tive industrials, with buying spread
| ing to the railroad group in the late
dealings, extreme gains ranged from
to 10 points but many of these
were cancelled or substantially re-
/ duced at the close.
The last minute reaction was at
.trlbuted partly to profit taking and
| partly to selling inspired by recur-
| rent reports that the federal reseve
bank of New York would soon ad-
vance its rediscount rate to four per-
, cent. Because of the recent violent
| fluctuations, many commission
houses were said to have increased
| their margin requirements on high
] priced stocks Is to % percent. Adj
] Vances In many of the motor, bak-
ing and specially issues were associ-
ated with favorable dividend and
I merger capitalization reports.
| folloWlng predictions that many of
the larger automobile companies
would be in a position to distribute
more generous dividends by the end
OF the year. flood of buying orders
poured in for these stocks. Heading
the list of new high record were
General Motors at H. IL; Hudson
| at ~ and Chrysler at 1914 rs. with
Flsher Body, Mack Trucks. Stude-
paker preferred. and other issues
following in their wake With the
exception of Chrysler, most of them
retained gains of l to 4 points until
| the close. Until
! with rumors afloat in Wall Street
/ .nat plans were nearing completion
Ior d huge baking merger, involving
the General Baking, Ward, Southern
| Continental and other comnanies 90 -
tive bidding for these stocks deveI-
! oped. General Baking was pushed IN
10 points TO record high at 300
ana closed within a half point of
the top. Ward "A" and "B' issues
Cushman and Fleischmann scored
net gains of one to six points.
strong buying support was evil
ueht throughout most of the dav for
the representative industrials. effec-
tNeiy' blocking attempts of hear
traders to cover strategic weak
sp ' american Can was tempora
lt.y forced down after declaration
~ onIy the usual quarterly dividend
put quickly bounded back TO o44 -
and clohed fractionally higher a,
40 Ia. L. S. Steel, after sel1ins
around 121 Sd most of the day
! weakened to 10 5-S in the final deal.
ligs' hallway Steel Springs closed
almost X points higher and gains
OF to D points were registered h.,
Pullman, Baldwin, National Lead
General Electric, Union Rag go
Taper. international Telephone. r.
u pont. anu Du'
A sharp break of eight points IN
dupont Edison followed the publ.
Sation or a statement by the presi.
oHL ol the company that there was
nothing IN its business or prosnacte
10 account for the recent snectac,,-
iar rise in the stock. A similar do.
cllne IN Laclede Gas helped TO nm.
Se.Iie the public utility group.
railroad shares made slower
progress than the industrials al.
.1ough trading was enlivened bv an
II-poInt squirt in big four" Atchi-
son, New York Central. Ala
Coast Line and Norfolk and West-
ern also reflected increased buvino
interest. ousiHs
because or unusually heavy d;vi-
uend interest disbursements To he
maze on October ]. money conditions
renained tight. Call loans renewed
ae nFe percent and subsequently,
we're advanced to IL. Time NOR.
anu commercial paper rates re-
NAMED unchanged.
forelgn exchanges were firm IN
qulet tradlng. Sterling recovered IL
apous %4:o4 and French francs were
q tlIiie hlEher above 4.73 cents. The
ocandlnavlan currencies also resum
ed their advance.
Bond prices again drifted Irregular
lower today, rejecting the restric-
Nu inlluence or money rates. Liberal
put buyers were found at the Iower
levels and price recessions were ur, :
tied. iiiii
Liberty bonds continued their
downward drifttoday. with The . : ..
again falling below par. Foreign oh
lsatlons also were sluggish although
rrench bonds were under accumuIo :
.ioh IN anticipation of an early settle
ment or this governments war debt
10 the United States Mexican issues
lost ground in the face of an am
nouncement that a possible restora-
ton of the Mexican debt agreement
would be discussed by interna tiona !
bankers with MeXico's finance mir
lister this week. iiiih
speculative railroad liens found
!aVor with a few buyers TODAY hut
Tue carrier group as a whole failed 20
ueNelop definite trend. Erie General
u.s. wisconsin Central As and Denver
anu NO Grande SIS were in demand
airy. ieaelioh-
;, Price movements in the industr;.,
ulVlsion We're mixed. Moderate gains
were recoded by Pan American Pc
troieum SKIES, Consolidation Coal ss
ana Midvale Steel IS in contrast with
rather heavy selling of Sinclair oil
seVens, Bethlehem Steel 6s "An and
National Acme 1-2s.
negotiations We're reported n no
penuing Tor several important hond
ISSUES, which will be floated as soon
as the market has had time to dipast
rue recent heavy volume of financinr
me pennsylvania Railroad. if is said
Mouri De represented with an issue If
9oV'ooVoOO or more convertible deben-
.urs' although confirmation couId not
be obtained from the roads ha,i,a a,o'
A $40 900 600 loan 70. ~ MI o.