Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-17
Financial
NEW YORK MARKET
Features OF the Days Dealings in Al
the Leading Stoeks

Features OF the Days Dealings in All
the Leading Stoeks
New York, Sept. 16-(AP)-Specu-
lators for the advance regained con-
troll of the price movements in today's
stock market, rallying the general list
by staging another series of bullish
demonstrations in the motor shares
A further softening of call money
rates., reports of increased railroad
buying of steel products and heavy
over subscription of the German loar
all influenced the buying movement
Bear traders tried Intellectually to
extend yesterdays reaction, but they
encountered strong buying support
and their subsequent covering opera
tons gave additional impetus to the
advance.
Chrysler resumed the leadership
OF the motor group by soaring nearly
points to new record top at 15S
ga. Mack Truck showed a net gain
OF IL points at 210 IA and General
Motors crossed par for the first time
since its recapitalization. Net gains
of point or more were recorded by
Chandler, Motor Wheel, Packard
Pierce Arrow common and preferred
Stewart Warner, Stromberg Carbure-
tor, Studebaker and White. Trading
in Willys-Overland common showed
a marked contraction in volume al
though the stock closed fractionally
higher at q IA.
With the exception Of American
Can, which closed slightly more than
3 points higher at PA Ia, after hav-
ing touched PAT, the standard indus
trials moved within relatively mar
row limits. Baldwin showed q
small fractional loss at 119 1-2 and
United States Steel common closed
IL higher at 124. Independent stee.
showed only fractional changes with
the exception of Gulf states, which
advanced point to SO, and United
Alloy Steel which recorded an ex-
IRENE advanc Of 2 points at 81 "a, on
reports of its Merger with other COM
panies in the Mahoning Valley dis
tricts.
In the Railroad group Pennsyl-
vania crossed 40 to a new high record
for the year, but most OF the other
rails showed only minor changes. Car
loadings for the week ended Septem-
Der 5, with 21,720 cars under the rec
ord established the week before, al
though 1t was the eighth successive
week that the million car mark had
been passed. Pullman was one Of the
outstanding individual features. soar
ing nearly ten points to 100 IA, the
highest since 1917. Railway Steel
Spring jumped 1-2 points to a new
peak at 1853 IL and net gains of
points or more were recorded by
Childs Company, Dupont, General
Electric, International Harvester,
Kresge Stores. Standard Plate Glass,
United Drug, United States Cast Iron
Pipe and Western Union.
There were several interesting
movements Of the metal and low
priced shares. Gimbel Brothers touch
ed a new record top at s. ga on re-
ports of a marked expansion in earn
ings. New peak prices also were at
tanned by American Safety Razor,
American Tobacco Company, Armour
and Company, Arnold Constable. Con-
tinental Motors, Endicott Johnson,
Indian Refining certificates, Porto
Rican Tobacco, Simmons Company
and Western Electric "a" Revival Of
activity in Weston Electrical Instru-
ment common sent that stock up
over points to 10 1-2.
Call money renewed at per cent
and then dropped to 1-2, the lowest
rate in two months. Time money and
commercial paper rates were I'M
Sharp recessions in the Scandana-
Wan currencies featured the reac-
tionary foreign exchange market.
Demand sterling held firm around
&.34 3-S and French francs were
fairly steady above 40 cnts. Nor
wegian kroner broke 80 points to
around 20.S5 cents and Danish Kro-
ooN l,o1f
around 24.32 cents.
Bond prices today resumed their
upward movement with fresh vigor
under the leadership of the railroad
issues. Buying orders appeared In
securities, resulting in advances
which ranged from an average OF a
point or so to almost 10 points in
one of the speculative rail liens. Re-
Taxation Of money rates contributed
to the markets strength.
The counter attraction Of new Of
ferings failed to divert attention
from the trading list. Over subscrip-
ton of the $4,000 German Renten-
bank loan, offered today was so
heavy that bankers indicated many
orders would have to be pared down
sharply. Books on the issue were
closed within few minutes.
J. P. Morgan & Co., announced an
other large offering for tomorrow
a $50,000.000 issue Of IS year five
percent bonds of the Bell Tel. Co.,
of Pennsylvania, which will be sold
at par. Proceeds will be used to
repay $32,000,000 in advances from
the American Tel. and Tel. Co., and
for other general purposes.
The spectacular rise Of 8 IL
points in Florida, Western & North
ern rs to a new high record at 166
was the outstanding individual fea-
ture Of the days trading. An indi-
cation of the value Of real estate
rights which the bonds carry was
given by the fact that they sold
more than so points above the price
at which they have been called. The
bonds eased off to 1854 at the close.
Announcement that contamination
of the st. Paul reorganization plan
was assured was the signal for a
brisk rally in the roads bonds. The
Junior obligations moving UP to 2
points.