Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-19
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Dec. 1S.-(By The AS
ISOLATED Press. of activity
and strength in the oil shares was
the outstanding development in to-
days irregular stock market. An
early advance in other industrials
was checked by stiffening of call
money rates, due to heavy with
drawals of gold and other currency
in anticipation of the holiday de-
mand. Trading showed a marked
reduction in volume, total sales run
ming just above 1 1-2 million shares.
French francs made spirited re-
covery from recent weakness on re-
ports of negotiations for a huge loan
to French industry. Commodity
markets were irregular. Cotton and
coffee futures showed moderate ad-
vances, but wheat prices lost ground
in reflection of the uncertainty over
the Argentine crop situation.
The sudden outburst of buying in
the oil shares was based on rumors
of a merger of some of the Califor-
mia companies, and expectations of
an early increase in mid-continental
crude prices. Pacific Oil was the
leader in that group, closing 2 points
higher at "a SIS while Sinclair,
Standard Oil of California, California
Petroleum and Houston closed about
1 to 2 points higher.
The Pan-American issues were
heavily bought on prospects of huge
Mexican output next year.
Some new leaders were brought
forward in the rail group, but the
general rail list showed the effects
of heavy profit taking.
Chicago and Eastern Illinois COM
mon and preferred advanced IL
and points, respectively, and
Northern Pacific established new
1925 peak at u 5-S. Net declines of
a point or more were recorded, how
ever. by Canadian Pacific, Chicago
and Northwestern, Lackawanna,
Delaware and. Hudson, Louisville
and Nashville and few others.
Standard industrials showed only
fractional net changes. United States
Steel common fluctuated within a
range of 1 point. closing IA higher
at 1873 ga. American Can closed 3-S
higher at 253 IL and Baldwin
showed a net loss of is at 100 1-2
after having sold 2 points above that
figure.
Buoyancy again developed in a
number of high priced industrials.
General Electric scored an extreme
advance of nearly 10 points at
324 1-2 and then eased to 81 and
California Packing. Continental In
surance, Fidelity-Phoenix Insurance,
Fleischmann, General Cigar, Kelsey
Wheel, General Lead, U. S. Cast Iron
Pipe and United Fruit closed to
nearly points higher. S. S. Kresge
jumped Is points to 725 on, few
sales
Bullish operations were success
fully conducted in some of the low
and medium priced issues. Postum
Cereal scared 10 points to a new
high record at 101 IA. Rossia Insur-
ance jumped nearly points to 30 IL
and A. M. Byers, General Outdoor
Advertising, National Enameling
Company, Pressed Steel Car common
and preferred, and Standard Milling
advanced 2 to 5 points. Weakness
again developed in the motors and
rubbers. Chrysler fell back 3 5-S to
1914 5-S and General Motors. Mack
Truck, United States Rubber Du-
pont. Fisher Body, Goodrich Rubber
and Thinker Roller Bearing eased L
to 2 IL points. Stewart-Warner
showed independent strength by ad-
vancing over 2 points to a new h1gh
record for the year at 96 IL.
Call money renewed at 4 "a per
cent and then advanced to L.
closing at the top. Time money was
in moderate supply with percent
the ruling rate. Commercial paper
was unchanged.
French francs rallied over 20 points
to 3.S5 cents and then eased about
points from the top in the later trad
ing. Demand sterling held firm al
$4.S4 ga. Polish zloty rallied 1Oo
points to HOO cents, and other Eu-
ropean exchanges moved within mar
row and irregular limits.
Conflicting price movements de-
yelopmed in today's bond trading
which was featured by the strength
of Mexican obligations and renewed
bidding for a number of 1ndustrlal
liens. Profit taking reduced some OIL
the recent gains of the railroad is
sues without seriously impairing the
firm undertone of this group. :.
The favorable reception accorded
the modified Mexican debt agreement
in Mexico City stimulated fresh de-
mand for the government and rail-
way bonds on which interest pay
ments will be resumed next year.
several new high records were estab-
lished on gains running from to
more than 2 points. The rally In
French francs, which followed re-
ports that an industrial loan OF ten
billion francs would be fioated to
strengthen the governments finan-
ciaI position, brought about a sym
pathetic upward movement In this
nations bonds
BUYERS acted with discrimination
in picking out domestic bonds A
few of the less active rail issues,
such as Chicago and Northwestern
IS, Green Bay and Western deben-
lures and Cleveland Shore Line
1-2s were in demand, contrasting
with the selling of Norfolk and Wes-
terhconvertible Is, Illinois 8 LIS and
New Haven As
Most of the trading activity Gen.
tered in the industrial division. War
ner Sugar jumped almost 8 points
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