Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-16
NEW ORK MARKET
FEATURES Of The Day's Dealings in All
iva the Leading Stocks

srvat the Leading Stocks
" New York, Sept. 15.-(AP)-Spec-
ulative selling based largely on the
belief that the recent sustained ad-
vance had impaired the technical
nosition of the market, turned the
cnurse Of prices rsactionary today
sfter an early period OF strength.
Net declines Of 1 to 2 IL points
were recorded by many Industrial
shares. with a number of hign
nriced specialties breaking l to )
noints below yesterdays final quota
tons, Total sales again fell .ust
short Of the 1000, 900 share mark.
While there was nothing in the
DAVIS news to influence the market
movement, considerable bearlsn
propaganda, relating to proposed de-
flationary legislation was in clrcu-
lation, The money situation contin.
ned easy. call loans renewing at 4 Is
percent and then dropping to 4, de.
snite the increased demands placed
on the market by U. S. Treasury OPP
erations and income tax payments:
Trading started off at terrlnc
mace. the first hours sales running
we'll above 100000 shares, and the
million mark being crossed before
noon. It slowed up when the reac-
ton got under way, suggesting tnat
hear traders were having diff1culty
in dislodging long stocks.
mother enormous turnover took
Mace in Willys-Overland common,
which touched new top at 70 90
and then reacted to % rs off halr
on the day. Total sales of this issue
ran close to 100000 shares. Mack
Trucks broke II points to 2O6 o-4,
and Chrysler fell 8 to las II and
then rallied to $50 Net losses of
point or more were recorded by
Studebaker, Packard. Pierce Arrow.
White Motors, Fisher Body, Hayes
Wheel, Motormeter and Stewar Z
Warner. Nash Motors jumped 10
points to a record top at 46o on one
sale. A thin market developed IN
some of the high priced speclaltles'
General Electric and U. S. Cast iron
Pipe each falling points to Oh
and 1854 II respectively. Sears Roe
buck broke rs to 15S 3-S. Ameri-
can Can broke 6 IA to ia and then
rallied feebly. Among the many is
sues to show net losses OF . points
or more were Allied Chemical. At
;antic Coast Line, Atlantic Gulf and
West Indies. Chicago Pneumatic
Tool. International Harvester, r. h.
Macy, Postum Cereal. Railway steel
Spring and Woolworth.
Standard industrials also lost
ground. Q
II. S. Steel common closed 1 80
lower at 1913 1-2 after touching
new high on the current movement;
Baldwin showed a net loss OF
points at 119 5-S and U. s. Rubber
was off IL at 81 3-4.
Heavy buying of some of the east
ern coalers featured the trading IN
the railroad shares. Baltimore ana
Ohio closed more than a point high.
or at 81 ga after having touched
"a and Reading showed a net gain
Of nearly a point at SO 3-S after hav-
ing crossed IS. Local fractions
showed independent strength in buy
ing Influenced by developments In
the local political situation.
An outburst Of strength In Ameri-
can Bosch Magnetic at the opening.
based on expectations OF increased
profits through its new radio pusi-
ness, sent that stock up over -FOUR
points to Al but it reacted later to
81 So, up 7-8 net. Other outstand-
ing strong spots included American
Water Works, Burns Brothers A.,
the Commercial Solvents issues, GEN.
eral Outdoor Advertising. Penick
and Ford, Reynolds Spring and
South Porto Rican Sugar.
Time money and commercial pa
per rates were unchanged.
Further irregularity developed In
the foreign exchange market. De.
mand sterling held nrm around
$4.S4 3-6, French francs were sligntiy
higher around 4.72 cents, and Italian
and Belgian currencies were heavy'
the latter falling below 40 cents 10
a new low record for the year. Bills
on Oslo were again in brisk demand
with the result that Norwegian
kroner ruled about 35 points higher
around 2165 cents. Polish zloty re.
covered ten points of yesterdays ~
point drophy to 1850 cents.
Bond prices churned around con-
siderably in today's active trading
without following a definite trend.
Railroad issues yielded to heavy
profit taking but losses In this group
were outweighed by the strength OF
the public utilities which followed
the leadership of local traction liens.
II Otal TRANSACTION exCeeueo Slo'ooV,-
GOO, indicating that increased interest
in the stock market had extended to
bond trading as well.
Price movements in the railroad
list were confusing, with most issues
losing ground Denver and Rio
Grande Western 5s encountered the
heaviest volume of realizing sales,
falling back about 2 points. The
heaviest of Seaboard, Pere Mar
quette and Chicago and Terre Haute
liens contrasted with Improvement
in northern Pacific and Missouri Pa
cific bonds, but changed either way
were Insignificant.
Last minute developments in the
New York City primary campaign,
which drew to close today. slim
ulated buying of local traction is
sues. Bonds of virtually all the rap
i'd transit and street railway COM
panies moved up to points.
Public offering of the $4,000. 900
loan for the German Rentenbank.
reorganized as a central bank for
agriculture, will be made tomorrow