Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-03-14
Financial
NEW YORK MARKET
Features Of the Days Dealings In
all the Leading Stocks

New York. March 1S-Stock prices
turned reactionary after a firm open
ing today with most of the selling
apparently inspired by the sharp col
lapse in grain futures. Net losses in
the active industrials ranged from l
to IL points while many OF the
rails sold off l to points. The de-
cline, with few exceptions, was an
orderly one. with trading in reduced
volume. which was construed in some
quarters as an Indication OF under
lying strength.
Selling pressure was directed chlel-
" against American Wooden. when
was hammered down nearly points
to AZ Lee. the lowest price in eight
wears: Radio Corporate which was
depressed to Sc 3-S. a new low for the
year, and the st. Paul issues which
sold within small fractions of the
record lows established earlier in the
week, American Wooden rallied two
points from interests low figure ana
Radio closed II "a for a net loss oil
! 81.
Most Of the so-called pivotal in
dustrials lost ground but they did
not break through the low prices es-
tablished last week. United States
Steel common closed more than n
point lower at 122 5-S and BALDWIN
showed a net loss of 3-S at 134 "a.
American Can closed fractionally
higher at IFS after being bid up 10
ISL in the early trading.
General Electric and Utah securi-
ties, both of which scored sensational
gains yesterday, broke l. and
points respectively. on profit taking.
Heavy accumulations of Texas and
Pacific, which was bid up five points
to a record top at So Sd in anticlpa-
ton of an early dividend declaration
was the feature Of the railroad
group. Further heaviness cropped
GU. in Western Pacific which closed
points lower at 43 IA. Atchison
dropped points to 121 is, closing
just above that figure, and net losses
of a point or more We're recorded by
Chesapeake & Ohio. Chicago North
western preferred, Lackawanna,
Kansas City Southern. Missouri Pa
cific common and preferred. Norfolk
& Western and the st. Louis South
western issues. Seaboard Air Line
common and Chicago & Eastern IL
linois common sold at their highest
prices of the year.
Independent strength was shown in
the industrial list by Laclede Gas.
American Water Works common and
percent preferred, Advance Rune
ly common and preferred, st. Joseph
Lead, Allis Chalmers. Loew's and
Texas Gulf Sulphur, all of which at
tanned new 1925 peak prices.
Hayes wheel broke SIS points to
so, a new low record for the year.
Other outstanding weak spots in
cluded Air Reduction. American Car
and Foundry, Famous Players. Cen
eral Asphalt, Goodyear preferred.
Loose -Wiles Biscuit, Postum Cereal,
Pressed Steel Car. Savage Arms,
Sears Roebuck. Stewart Warner,
United Cigar, United States Cast Iron
Pipe and Worthington Pump, all of
which showed net declines of two
points or more.
Call money held steady at four
percent on the announcement OF
large government Withdrawals. Time
money and commercial paper markets
We're quiet with no change in rates.
The foreign exchanges displayed
firm tone. Demand sterling ruled
about q of a cent higher around
$4.7Sis, and French francs were again
quoted above SIS cents. The rise in
European rates was attributed in
some quarters to the selling of dol
lars for German account. japanese
yen touched new high on the
movement by crossing Al cents.
Bond prices today continued to
score irregular recovery under the
leadership Of the railroad issues, for
which there was widening demand.
Quotations failed to hold at the top
levels achieved on an early rally but
were fractionally higher on the day.
Heavy buying of Serbian IS. which
moved up almost two points to new
peak price for the year, was linked
with reports that bankers were pre-
pairing to float a new loan for Jugo-
slavia. The government is required
to meet a s3,000,000 maturing note
issue at the end of this month, and
the new loan. it is reported. will pro-
vide several million dollars additional
for railroad construction.
The usual Saturday dullness in the
investment field will be broken to-
morrow by an offering Of ss,975,0oo
Philadelphia Rapid Transit Company
80 year six percent bonds. The is
sue will be marketed by Dillon, Read
and Company at q price Of 80.
There were few important price
changes in the rail group, although
fractional gains We're general
throughout the list. The only out
standing exception to the upward
trend was the maturing four percent
st. Paul issue. Selling Of these bonds
again broke out in fairly heavy vol
ume. forcing recession of "a points.
Some Of the roads other issues, how
ever, were slightly higher.
Industrial obligations were irregu-
lar with Pan American and Sicily
Oil and Warner and Manati Sugar is
sues yielding one to two points. Lib
erty bonds We're heavy.
Total hnn6 Ca1cc NallIp 81"
eo7, 1000.
Stock market averages:
81 in(iOStrialS % IA ilrO1dS