Daily Kennebec journal., 1925-08-29

suspend operations on September /
was practically disregarded.
Heavy accumulation of Frisco
common, which touched another
record high at 102 IL, was accom-
panied by reports that the directors.
at their meeting next week, would
not only increase the annual divi
dend from S. to 81, but probably
dispose of the roads holdings of the
common stock of the New Mexico
and Arizona Land Company or scale
down the bonded debt through the
issuance of additional capital stock.
Rails in general moved within
rather narrow and irregular limits.
One of the features of that group
was the heavy buying of Atlanta,
Birmingham and Atlantic, which
was run up ? points to 1-2 and
then eased slightly on profit taking.
Individual developments influ-
enced the buying of several indus
trial stocks. Otis Steel preferred
was run up IL points tc a record
high at 81 IL and Midland Steel
Products preferred scared nearly Z
points to 145 IL on the opening of
negotiations here for a merger of
these companies and the Trumbull
Steel Company. Revival of activity
in Certain-teed Products reflected
the directors decision to retire the
outstanding bonds. Both the pre-
ferred issues touched new high levels
for the year.
Renewed buying of Chrysler..
which closed 5 Ia points higher at
146 IA, after attaining a record top
at 140s1-2, was in anticipation of
retirement of the preferred stock.
Other strong spots included Mack.
Trucks, White Motors, Atlantic Re-
f1ning, the Commercial Solvents is
sues, Gabriel Snudder, Pittsburgh
Terminal Coal and L. S. Cast Iron
Pipe, all up . to Z IL points.
International Business Machines,
American Water Works, Nash Mo-
tors. Yellow Cab Manufacturing and
General Electric yielded = to Z
points on profit taking.
Call money renewed at IL per
cent and then dropped to 4. Time
money and commercial paper rates
were unchanged. Traders quoted
bankers acceptances an average of
one-quarter of one per cent higher,
asking rates ranging from Ia per
cent for 30 dayssto 3 "a for five and
six months maturities.
Foreign exchange rates were
slightly reactionary. Demand ster-
ling and French francs eased to
$4.S5 3-16 and 4.69 1-2 cents, respect
lively. Scandinavian rates, which
were strong earlier in the week, al
so showed moderate recessions, Pol
ish zlotys advanced half cent to
II SAC on announcement that
S10,000,000 credit for the purpose Of
stabilizing exchange had been plac-
ed at the disposal of the Bank of
Poland by the New York federal
Reserve Bank.
Bond prices failed to develop
clearly refined trend in todays quiet
trading. Maintenance of the federal
reserve re-discount rate at 1-2 per-
cent engendered more cheerful SEN
timent among traders. but aside from
renewed buying of liberty bonds,
Mexican obligations and few public
utility issues, little Of any conse-
quence developed.
Demand for the Mexican issues
was attributed to the prediction of
government representatives in this
country that a resumption of debt
payment was scheduled for early in
not been officially advised that such
step was contemplated. thsy are
confident that restoration of the
debt agreement will not be long de-
layed. With this feeling shared by
the rest of Wall street. steady ac-
cumulation of Mexican bonds con-
tlnued, lifting prices point or
more.
Price movements in the railroad
group were confusing. Florida,
Western and Northern rs, which
have fluctuated in recent specula-
tive activities, broke 4 points and
then rallied 5, closing a point above
last nights final quotation. Improve
ment in st. Paul, Chesapeake and
Ohio, Burlington and Pennsylvania
liens contrasted with the heaviness
of Union Pacific. New Haven, Kan
sas City Southern and Frisco issues.
Utah Light and Power SIS, Mil
waukee, Electric Railway SIS, Com
monwealth Power 6's and Interna-
tioinal Telephone SIS were among
the favored issues in the public
utility department, scoring average
gains of about point.
Total sales $40 A56 100