Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-11-28
Financial
NEW YORK MARKET
Features of the Days Dealings in Az
the Leading Stocks


were again at work in today's stock
market, which made further recovery
from recent weakness on a substan-
TALLY reduced volume Of trading.
Unlike some of the rallies which
proceeded today, some of the issues
did not bring out any appreciable
amount of liquidation. closing quo
tations generally ruling around the
days highest and showing long list
of gains ranging from to points.
Uncertainty over the New York
Federal Reserve discount rate con-
tinues but 1t apparently has lost its
dominating influence as a market
factor. Tightening Of the call money
rate from "a to percent was also
passed unnoticed, most OF the days
highs being recorded after the rate
had been raised.
"Replenishment orders for all
classes of commodities and liberal
purchase for early spring delivery
continue to characterize trade re-
ports from all sections of the coun-
try says Duns review. while
goods and allied lines apparently
reached it's crest early this month
and November jobbing trade was not
quite as large as in october at the
country's largest distributive GEN.
ters," said Bradstreet's. distribution
| ut retail has held up relatively bet
ter and now feels the impetus OF
early holiday buying"
Motor shares continued to make
impressive recovery from Tuesdays
low levels. Chyrsler closed 6 points
higher at 179 rs as against Tues
days minimum Of 1877 1-2 and Cen
eral Motors showed a net gain of
is at 11S IA after having sold
down to 10S earlier in the week.
Hudson showed net gain OF as
at 101.
Steels responded to reports of ex-
panding mill operations and forward
orders. Sloss- Sheffield was the spec
tacular feature of that group. soaring
i6 points to a record high at lao and
then easing to 1876 1-2. U. S. Steel
common, selling ex-dividend. showed
a net gain of / as at 100 as and
Ludlum closed 12 points higher at
| SO on the announcement that Sep
| TENDER net earnings were 500 percent
above the same month last year.
Youngstown Sheet and Tube, Repub-
| lie and Gulf States closed nearly 3
points higher.
Tobaccos were strong in expecta-
ton of record breaking holiday bust
ness, new peak prices for the year
being attained by Consolidated Gig
ar, Liggett & Myers and the B stock
| and Tobacco Products "a" Mer-
camille issues also reflected heavy
holiday trade. Hartman Corporation
advanced point to within fraction
of the years high on reports of an
early restoration of the 81 annual
Il: ,,;J I'D G.
touched a new top at 9J Ia.
The oils gave a good demonstra
ton of group strength on reports Of
further improvement in the trade
situation. Other outstanding indus
trial strong spots were American
Can, American Water Works, Case
Threshing Machine, International
Combustion Engineering, Postum
Cereal, u. S. Cast Iron Pipe, Univer-
sal Pipe preferred, l.. s. Realty.
Ward Baking A ana Westinghouse
Air Brake. the net gains running
from IL to points.
Rails continued to receive strong
buying support with speculative in
terest centered In the southern car
riers. Atlantic Coast Line Jumped
points to a new peak at ESQ and
Kansas City Southern touched new
top at A 1-2.
Time money and commercial pa
per rates were unchanged.
Speculative interests in the foreign
exchanges was divided between a
sharp rally in French francs and
the establishment of a new 1925 high
record by Japanese yen at 43 Ia
cents. Buying of French francs
which advanced 13 points to $50
cents, presumably inspired by re-
ports that Aristide BRAND had again
undertaken the formation of q
French ministry. Demand sterling
ruled slightly firmer at $4.84 Ia
Other rates showed only nominal
changes.
Strength of liberty bonds was the
outstanding feature of today's bond
market which resumed its upward
movement following the holiday in
terruption. Several favorable de-
velopments contributed to the firm
ness of prices, notably the mainten-
ance of the local 3 IL per cent re-
discount rate and more satisfactory
French political outlook.
The treasury departments offer to
purchase the third liberty 4 las d.
rectly from holders for sinking fund
purposes created a wide demand for
these obligations which carried them
RAPIDLY toward the price Of 101 1-2,
at which they will be taken by the
government. Other liberty and
treasury issues. moved forward in
sympathy.
Advance in the railroad shares
were accompanied by corresponding
improvement in the bonds of the
carriers. Both high grade and semi
speculative issues participated in the
movement, substantial gains being
recorded by katy" adjustment IS,
Chicago and Alton 8 1-2s, Louisville
and Nashville LIS, Chicago and
Eastern Illinois IS and Northern
Pacific 6s.
French bonds were steadied by the
progress made in the formation of
new cabinet under the leadership
of M. BRAND and the accompanying
rally In French francs. Some of the
municipal issues recovered more
than that a point. Mexican govern
ment and railway issues were lower
on unconfirmed reports that difficult
ty had been encountered in the plans
to return the railways to private
ownership.
Little new financing was brought
into the market, but a 100000
loan for the city of Duisburg, Ger
many, was we'll received.
Total sales were $10,056,OO0.
Stock market averages: