Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-11

NEW YORK MARKET
Features Of ths Days Dealings in All
g the Leading Stocks

New York, Sept. 10.-(AP)-
Stock prices gave another impress
sive demonstration of strength to-
day. Buying orders for the indus
trial shares, particularly in the mo-
tor. equipment and chemical groups,
poured into the market in such large
volume that the average OF ~ lead
ing industrial issues was lifted TO
the highest level on record.
Rails started forward with the In
dustrials, but fell back later on the
failure Of the Southern Railway
directors to increase the regular
dividend on the com4on stock,
which broke over 3 points to lO3-
ga and then rallied to 1O4 IL.
Operators for the rise found
plenty Of reason for bidding up their
favorites. A further reduction in
call money rates. testifying to the
apparent plethers Of funds available
for stock market purposes, was
widely recognized as an important
influence on the price movement.
The monthly tonnage report of the
U. S. Steel Corporation, showing a
reduction of only 26.664 tons IN I'M
filled orders last month, appears to
have been well discounted by U. s.
Steel common, which closed frac-
tionally lower at 121 SIS. Ludlum
Steel advanced over points on pub
LEGATION of favorable earnings re-
port.
Steady accumulation Of the equip
ments reflected the delayed appear
ance of railroad orders. American
Locomotive closed 3 5-8 higher at
100 rs, Baldwin showed net gain
of points at 100 and Pullman re-
corded a similar gain at 145. Ameri-
can Brake Shoe scared over f1ve
points to record high at IL but
lost over half of its gain.
Spirited bidding for the motor
issues took place soon after the
opening but profit taking was in evil
dence as the session closed. Stude-
baker advanced another 2 points to
a record top at "a IA on an enor-
nous turnover. closing within
point of the top. General Motors
was run up over three points to a
new peak at 81 Ia and Dodge
Brothers preferred touched a new
top at 81 10. Moon Motors pre-
ferred fell four points to new high
at 81 IL. Unusually large sales fol-
lowing recent price cuts stimulated
the buying of these issues.
Mathieson Alkali was the feature
of the Chemical group, soaring six
points to a new peak at SIS and clos
ed within a small fraction of the
top. Allied Chemical recorded an
extreme advance of over 3 points at
1O6 1-2, also a new maximum.
Specialties again presented several
points of strength. Railway Steel
Spring scared nearly seven points to
a new peak at 146 ga on revival of
rurnors that the stock will be split
up. Simmons Company advanced 2
points to a new high at 50 on re-
ports of recording breaking sales.
Other outstanding strong spots in
cluded American Can, American
Chicle, Brown Shoe. Burroughs
Adding Machine, Case Threshing
Machine, Federal Mining preferred,
Goodrich Rubber, Kelsey Wheel,
National Distillers, U. s. Industrial
Alcohol and Rubber, all up from
. IL to points. b.
Call money renewed at "a per
cent, dropped to 4 IL and thence
to 4 closing at the low figure. Funds
were reported to be available in the
outside market" as low as 3 IL.
Time money and commercial paper
rates were unchanged.
Reactionary tendencies predomin-
ated in the foreign exchange market.
Demand sterling yielded slightly to
$4.S4 3-4 and Italian lire dropped
about six points to around All
cents. French francs held firm at
40 cents. Norwegian and Danish
kroners each dropped about half a
cent to around 2174 and 2467 cents,
respectively. A sharp upturn of Ii
points in Spanish pesetas to around
14.40 cents reflected reports of ia
vorable developments in the Franco
Spanish offensive in. Morocco.
Larger supplies of money attract
ed to New York by the recent rise
in rates found an outlet in the bond
market today, sending prices mod
erately higher throughout the list.
Bargain hunting was the chief char
acteristic Of trading. High yielding
issues in the foreign group were
singled out for attention and inter-
est was also revived in recently neg
lected domestic bonds.
The advance in German govern
ment obligations, which today car
ried them IN within fra ef{op NJ