Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-18
Financial
NEW YORK MARKET
Features OF the Days Dealings in All
the Leading Stocks


trade operations and favorable divi.
dend and merger rumors. retained
control of the main price movement
IN today's stock market, which was
featured by the buoyancy of the high
priced lndustrials. Bear traders
made two unsuccessful attempts to
unsettle the general list by forcing
reactions in U. S. Steel common and
some of the other popular rails and
industrials.
Railroad equipment issues gave one
of the best exhibitions of group
strength. Pullman scared nearly IA
points to 173 1-2, the highest price
since 1916, on rumors of proposed
disqualification plan involving a
separation of the manufacturing and
operating divisions of the company.
and an increased dividend. Railway
Steel Springs was run up 10 points
to 1854 1-2 and then fell back to 100.
American Car and Foundry climbed
over six points to lis ga and then
eased to ia Is. Symington COM
mon advanced over points to a
record top at 10 5-S and the "A"
stock touched a new high at "a rs.
Baldwin, American and Lima loco
motive showed irregular fractional
changes.
Bear selling and profit taking
checked the rise in several of the
motor issues although Chrysler
showed independent strength by
scoring an extreme gain of over five
points at 1853 IA and closing within
point of the top. WHY'S Overland
preferred moved up IL points to
new high at Ill 1-2 but the COM
mon closed fractionally lower as did
Mack Truck, Studebaker, White,
Jordan. Hupp, Paige and Moon.
Rails were sluggish although
Pennsylvania touched another new
top at 40 IA. Most of the other
rails moved within rather narrow
anu irregular limits.
Sharp gains were recorded by a
number of the public utilities. Con-
solidated Gas was run up over 8
points to "a IA, the highest price
since the recapitalization of the COM
pany in 1922. 1t was followed into
new high ground by Detroit Edison,
Western Union, Market Street Rail
way first preferred and Kansas City
Power and Light first preferred.
Brooklyn Union Gas showed a net
gain of "a at 81 and American and
foreign power, American Water
Works. Federal Light and Traction,
Havana Electric and United Rail-
ways Investment common and pre-
ferred showed net gains of one to
three points.
Kelsey Wheel scared over points
to a new top at 106 IL on rumors
of an early retirement of preferred
stock. Esta blishment of a new high
y, I1nl c
associated with reports that current
earnings were running above 50 a
share. Electric Storage Battery
broke through its previous high lev
ell in anticipation of a substantial
increase in the radio business. 9th
err issues to better their previous
1925 tops included Armour A, Amer
lean Tobacco A and B, American
Smelling. General Baking, Fleisch-
mann, Endicott johnson and United
Drug.
Crucible Steel dropped - points
to 70 1-2 in reflection of speculative
dise ppointment over the failure OF
the directors to increase the dlvi-
dend. Weakness of New York AR
Brake which broke over points 70
43 IA, also was associated with IN
favorable dividend runors. Genera
Railway Signal broke II points to
1928 on a few sales.
Call money opened at 81 per-
cent, the lowest renewal rate IN over
two months, and then dropped 10
alp. Time money and commerclal
paper rates were unchanged. Inc
New York Federal Reserve Bank
also announced the maintenance OF
the 2 IL percent rediscount rate.
Foreign exchanges displayed q
Arm tone. demand sterling held
steady around S4.S4 3-S and French
francs were slightly higher around
472 cents. Scandinavian currencles
also made moderate recovery.
Stimulated by the ready over-sup-
scription of more than $75.OOO,OOO oil
new bond offerings in the last two
days. Bond trading today was mark
ed by rising prices and renewed ac'
tivity. Increasing supplies of mon
ey, available at lower rates or IN
terest, sought an outlet in invest
ment channels and accounted for the
expanded volume of business.
Prompt over-subscription OF the
$50. 900 bond issue of the Bell Tele-
phone Company of Pennsylvania Of
fered today was followed by rise
in the bonds on the stock exchange
to 101 IA, more than a point above
the offering price. The German rem
tenbank Is which were sold yester'
day also continued to command q
premium of about / 1-2 points and
were turned over in large volume.
With Argentine six percent bonds
selling around the highest level OF
the year, Wall Street was not sur
prised to learn that the final $780,
DOC. 900 portion of $50, 100000 au-
thorized loan would be placed on
the market here. ]. p. Morgan and
Company are expected to make the
offering next week. probably in the
form of 80 year six percent bonds
priced around 96.
Florida, Western and Northern Z
percent bonds were the sensation OF
the days trading, soaring is points
to record high price of 1S2. The
rise was based on corresponding
advance in shares of the Land Com
pany of Florida, for which warrants
are carried by the railroads obliga-
tions. Buying interest in these is
sues was heightened by improvement
in the company's position due the
Florida land boom.
Gains in other rain liens were
more moderate, with Union Pacific
refunding As, Kansas City Southern
5s, Illinois Central 3 lbs and Chi
cago and Alton LIS showing con-
spicuous strength. Independent steel
and oil issues were in demand.
Total sales were $16,2O4,OO0.