Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-24
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks

Yin AoCPl. -O.-t AL he
stock market today was shot through
with confusing cross currents as
speculative operations for the rise
and the decline were conducted with
varying degrees of success. Consist.
emit strength was shown by the rail.
road shares, but other groups were
subject to the conflicting whimss OF
traders failing to follow a clearly
defined trend.
An abrupt decline of Sc to 81 a
bale In cotton prices following the
appearance of the government CROP
report contributed to the unsettle-
ment of stock trading. The official
estimate of a Yield of 1881 bales
was some 100000 bales larger than
fortnight agi and was unexpected
by the trade after the reduction re-
ported on September 1.
Call money rates showed further
indications of easing, but the relaxa-
ton came too late to have much ef-
feet on prices. A reduction to 4 l..
percent after renewals were quoted
at five, however. was followed by a
late upturn in which the oil shares
made the most conspicuous gains.
Trade news offered little encour-
agement for the opening of agrees
i've buying operations. Reports on
the weekly steel trade reviews that
the industry was merely consolidat-
ing the late summer gains rather
than making further progress were
somewhat disappointing to specula
tive Wall Street, which had counted
on the steels trade leading an au.
tumn revival of business. U. S. Steel
lost ground and some of the indie
pendents were freely pressed for
sale.
Uniform improvement in the Au.
gust earnings of the carriers which
have so far reported, furnished the
background for another rally in rail.
road stocks. Early gains of one To
three points were scattered through.
out this group with Atlantic Coast
Line, Chesa peake and Ohio common
and preferred and Western Pacific
reaching the years highest levels
Buying of Norfolk and Western, New
York Central and Baltimore and
Ohio also took place.
Reimbursement of speculative ac.
counts meanwhile proceeded in MANY
industrial issues. Equipment. pipe
motor and accessory shares as vel
as some OF the public utilities yield
ed readily. to profit taking. SELLING
pressure increased against severa
recent speculative favorites such as
American Can. Dupont, international
harvester and American Ice, the
last named dropping 3 points at one
time, despite an increase in the divi.
dend. Trading turned rather dull or
the reaction, however, and acute
weakness developed.
American Tobacco jumped three
points to III SIS. Dealings in the
final hour were enlivened by bullisr
demonstrations in the oil stocks
many of which moved up l to .
points on the belief that the recent
wave of price cutting was nearing its
close Pan-American B. Texas Com
pany. Independent Oil and Gas, anG
General Petroleum participated in
the Supturn.
Call money was in better demand
the lower renewal rate of 5 percent
being followed by a reduction to 4
and IL percent for new loans. Time
money, however, showed slightly
harder tendency, Accommodations for
four to six months being quoted al
ga percent. Short term and COM
Incl Sioi PupCIt were
Trading in foreign exchanges was
irregular. Demand sterling lowered
around S4.S4 3-16, Norwegian and
Danish kroner We're lower early in
the day but later recovered most of
their losses.
Bond trading turned dull under
the restrictive influence of higher
time money rates. Despite larger
supplies Of call money attracted to
the market by the high levels which
recently prevailed. Accommodations
for period of to 6 months were not
SO readily available and loans for
this length of time were marked
up from IL to ga percent.
The flood Of new offerings WHICH
appeared early in the week appeared
to have satisfied the present invest
ment demand. Trading activity in
the rails was confined largely to
convertible issues, were rallies in
the stocks of the carriers furnished
an incentive for accumulate of the
bonds. chesapeake and Ohio SIS
were the leaders in this group. ris-
ing 2 IL points. Southern Railway
general 6 las and Northern Pacif-
ic SIS showed Independent strength.
Strength of the oil liens, most of
which bear convertible features. also
was directly traceable to the late
upturn in the shares of these COM
panies. Pan-American, Sicily and
Sinclair issues quickly followed the
movements in the stock market.
The markets for both U. S. and
foreign government obligations
seemed to have gone stale. The
turnover in Liberty bonds was ex-
ceptionally small and hardly any ac-
tivity developed in the foreign group
Sales were $10,205.000.