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

NEW, YORK MARKET
Features 81 the Days Dealings in All
the Leading Stocks

Features Of the Days Dealings IN All
the Leading Stocks
X -
y New York. Sept. s-(AP)-Hark-
ing UP of the call money from to
s 1-2 percent, the highest since last
June, turned the course OF stock
prices downward today after an
earlier period Of strength. which was
featured by the brisk bidding UP OF
a number of mail order, motor and
food shares. Total sales were about
one and one quarter million shares.
Extensive calling of bank loans,
which accompanied the higher mon
ey rates was explained by the sharp
deficit in reserve shown in last sat
urdays clearing house statement, but
there was a tendency in some quar-
tiers to interpret it as an effort on
the part of banking interests 10 noid
speculative operations within bounds.
Operators. as a result, started 10
bid up stock at the opening of the
market on the theory that the rec
ord breaking freight traffic, bank
clearings and other generally accep-
ted induces of business gave promise
of substantial earnings and FAVOR
able dividend Developments on many
stocks this fall. Bear traders, VINO
were surprised at the sharp repouhu
OF the market in the closing Gays OIL
last week. We're cautious in extend
inr their commitments. with the re-
sal. that pools met with little OPP
position until after the money rate
was advanced for. the third time.
Speculative interest shifted from the
stock to the cotton market on publ
cation of a government report in
dicatiny Yield of 13.740,000 bales,
or well below the average private
estimates. December futures ad-
vanccd more than SIS bale, selling
as high as 1913 cents pound, Dut
reacted OH profit taking, the general
market closing about 500 to S3 a
bale higher.
Chrysler was the sensational fea-
ture of the motor group, soaring
ovei. ten points TO 149 IA or WITHIN
n small fraction of tie record nlgn,
and closing near the top. Pierce Ar
row common and preferred attained
record high, prices at, "A 5-S and ~,
respectively but cancelled their
gains and closed fraetionally lower
on the day. Nash Motors jumped
Z points on one sale. Indian Motor
+. cycle closed a point higher at 20:
declaration of an initial divldent OF
III .
the market closed.
other outstanding industrial
strong spots were California Pack
ing. Coco Cola. Cudahy Packing,
Fleischmann, Lima Locomotive,
Sears Roebuck and Ward Baking B.
all of which closed about to D
points higher American Can was
heavy from the start, breaking over
points to 223 ga and then rallying
above 227. Heaviness also cropped
out in such popular issues as Du-
pont, General Electric, Mack Trucks,
Dawson Chemical, International Pa
per, Public Service of New Jersey,
Republic Steel and Westinghouse
Air Brake, the net losses of which
ranged from l to 3 points.
A sudden demand for Kansas City
Southern, which advanced about 4
points to a new high at AZ IA. was
one of the few features of the rail-
road group. Pittsburgh and West
Virginia and Gulf, Mobile & North
ern also broke through to new highs,
but they had to maintain their
gains. Atlantic Coast Line closed a
point higher at 1S9 after touching
a new top at 1872.
Call money renewed at 4 percent
and advanced successfully to 1-2,
and L.. Time money and COM
mercial paper rates were unchanged.
Foreign exchanges were irregular
with an occasional advace of "a
points in Norwegian kroner to 22.11
cents, the highest rate since the war,
as the outstanding feature. Consid-
cradle interest also was manifest in
10 point jump Of Italian Lire, which
crossed 40 cents to the highest level
ainrn thu 0ovArnnAnf annoparn5 fta
restrictive program. Demand sterling
yielded fractionally at $$4.s4 1-2 or
just above the new gold point"
French francs held firm around 4.69
cents.
The sustained strength of foreign
obligations in the face Of unsettle-
ment in other sections Of the list feat
ured today's irregular bond market.
Trading started off with a fresh burst
of activity after the double holiday
but was later restricted Y sharp rise
in the call money rate, for which tenn
porary conditions were considered
responsible.
Buying of European bonds, how
ever. continued unabated, and some
French city issues reached new peaks
of the year. With the foreign finan-
cial situation frightening UP, invest
Tent bankers said, buyers have turn
ed to those bonds because Of their at
tractive yields.
The stiffening of call money dis
couraged the accumulation of domes-
tic bonds, except for few railroad
issue which offered speculative posi-
hilities. Florida. Western and nor
them rs at one time sold Ave points
above last weeks closing, establish
ing new high record at 159. About
half this gain was lost before the
close. Denver and Rio Grande Wes-
tern IS. International Great Northern
adjustment 6s and big Four" IS
We're among the other favored issues.
Withdrawals of funds from the
money market by underwriters to
meet payments on the $25, 100000 in
ternational telephone bond issue sold
last month contributed to the harden
ing of money rates. The fact that
these bonds are not cleared" by the
stock exchange until Thursday Great
ed a technical stringency which
money experts said should soon Je
corrected, The higher rates, how
ever. bad depressing effect on high