Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-11-06
NEW YORK MARKET
Features Of the Days Dealings in All
the Leading Stocks

New York, Nov. 5.-(By The Asso-
ciated Press.) Stock prices finally
succumbed to selling pressure today
despite rpeated attempts of specu-
lators for the advance to maintain
bullish enthusiasm by bidding up re-
cent favorites. Closing quotations
disclosed a large number losses
ringing from l to points interspers-
ed with a smaller number of more
modern gains. Trading started on
at terrific pace but slowed up dur
ing the afternoon, the days sales
railing just shore of 100000 shares,
making 1t the eighteenth consecutive
Two million share full session.
There was nothing in the days
Jews to account for the reaction,
shieh was widely interpreted as a
iatural correction Of a weakened
iechnical condition resulting from
scent speculative excuses in many
ocks. French francs broke over
) points, to the lowest level since
.Iarch, 1924.
Credit conditions continued favor
able, the renewal rate on call money
being lowered to IA per cent,
which rate was maintained all day.
The New York federal Reserve Bank
announced after the market closed
that the rediscount rate was I'M
changed at 3 IL per cent. Two fa-
vorable dividend announcements al
so were made after the close, the
Brooklyn Union Gas Company de-
claring an extra cash dividend of 81
and the Vacuum Oil Company an
nouncing an extra payment of $1.50 |
instead of the usual fifty cents ex-
ira.
Opening prices displayed strong
tone as a result of large accumu1a- !
ton of overnight buying orders. U. 8.
Steel common touched the highest i
price in eight years at 134 rs but !
later sold off to 132 is and then
rallied to 49, IL, off 1 1874 on the
day
Price movements in the motors
were particularly confused, General
Motors broke through its old high |
at 143 IL before the end of the first |
half hour, then sank to al 1-2 dur
ing the late morning reaction, |
bounded up to another new record
top at 145 Is in the afternoon and
finally eased to IA 3-S for a net
gain of IA points on the day. Hud-
son opened at 135, dropped to 1866
1.2 and rallied to 131 3-4, off 4 Ia.
Chrysler closed points lower at 24O,
after being sold as low as 231. White
dropped over 2 points and Mack
Trucks one.
Coppers moved upward under the
leadership of American Smelling
and Anaconda, each of which adj
vanced over 2 points to new 1925
high records at 124 and 81 3-4 res
pectively. Federal mining and smelt-
ing common jumped II points to a
new high at 81 and the preferred
closed over points higher at 50 Is.
Cerro de Pasco, Magma, Utah and
Kennescott also reached new high
ground,
Brooklyn Union Gas crossed 100
to a new high record for net gain
OF over points Among the many
other issues to attain new peak
prices were Cricible and Gulf States
Steel Hupp Motors, Dupont, Schultz
Stores, United Cigar Stores, Phila-
delphia Company, and Internal Com
bustion Engineering.
United States Realty broke over
6 points to 172 "a despite the an
nouncement of IS splitup and an in
crease in the dividend. Adams Ex-
press, American Brake Shoe, Ameri-
Gail w DOZEN. AIld0llC SOdSL IlIlS,
Cuhmans Bakery, General Railway
Signal tnew stock), International
Harvester, Louisville and Nashville,
Ludlum Steel, Nickel Plate, Pierce
OIL preferred, Pullman, Sears Roe
buck and United Drug lost from 2
TO points.
Time money and commercial pa
per rates were unchanged.
Acute weakness in French francs,
which broke to a new 1925 low
around $3.50 cents was the feature
of the irregular foreign exchange
market. Demand sterling ruled
slightly higher around $4.S4k and
Japanese yen duplicated the years
high at AZ Is cents
Bond prices continued to move
forward slowly. Fluctuations again
Were narrow and considerably mixed.
with fresh buying developing for the
copper liens and semi-speculatiye
rail issues.
Arrangements for new financing
overshadowed in interest the deal
ings III listed bonds. Both New York
and London. 1t was learned will
participate in a $5OO0O,OOO loan Ia
ne ererman potash Industry. An
spnerlng OF Z per cent bonds is ex-