Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-11
Financial
NEW YORK MARKET
Features of the Days Dealings in All
the Leading Stocks

New York, Dec. 10.-(By The AS
sociated Press) } speculative
interest diminishing stock prices to-
day fuctuated within narrow
trading but continued to follow up
ward tendencies. Constructive trade
news failed to bring mach response
from industrial issues until short
covering in the final hour set several
brisk rallies in motion. The vol
une of trading was sharply curtail-
ed, total sales falling well below one
and one-half million shares,
All business developments of the
day were uniformly favorable. They
included announcement of an in
crease of more than 100000 tons in
untitled orders of the United States
Steel Corporation for November and
a long series of extra and increased
dividend declarations, foremost of
which was the raising of Southern
Railways annual dividend rate from
So to 81 a share.
Buying of steel shares was pro-
NOTED by the tonnage statement,
which showed the largest gain in
bookings of any month this year.
United States Steel was slow in res
ponding to the news but it gradually
moved UP to 135 3-S, a gain of l SIS
points for the day. Sloss- Sheffield
spurted up Ia points and Ludlum
Steel IL while more moderate
gains were recorded by Bethlehem,
Republic, Gulf States and Crucible.
The placement of large orders for
railway rolling stock started brisk
bidding for the equipment issues
later in the day. American Car and
Foundry, American Locomotive,
Baldwin Locomotive and Pullman,
most of which participated in the
new business, were run up . to 3
points.
Interest in the railroad group was
revived by the increase in the South
ern Railway dividend, although this
action has been fully discounted by
the roads own shares. Baltimore and
Ohio moved up fractionally before
only the regular quarterly dividend
of $1.25 share was declared after
the close of the market. The out
standing feature of the carrier group
was st. Louis Southwestern, involved
in the new consolidation in the
southwest, which reached aew high
ground at IS IL and closed more
than 3 points let higher at 63 IL.
New York Central, New Haven,
Chesapeake and Ohio and Frisco
scored moderate gains.
The widest price movements of
the day took place in the specialties,
which were taken in hand by pro-
fessional operators who became dis
satisfied with their efforts to force
up prices of leading industrials.
Foundation Company shot up more
than nine points and gains of 2 to Z
points were recorded by Remington
typewriter, Barnett Leather, Inter
national Shoe, General Asphalt,
General Electric, Mathieson Alkali,
American Chicle and L. S. Realty.
An orderly advance took place in
the motor shares under the leader
ship ofSChrysler, which rose more
than five points to 215 SIS. Hudson
an General Motors also resumed
their upward movement, the latter
accompanied by sympathetic rise
in Dupont.
Some of the days hesitation was
ascribed to the disposition of trad
ers to await the outcome of the
weekly federal reserve directors
meeting, which, however, brought
the familiar announcement of no
change in the 3 IL per cent dis
count rate. Call money was quoted
at ) per cent all day and time loans
and commercial paper rates were
unchanged.
Foreign exchanges were firm in
quiet trading. Demand sterling ad-
vanced fractionally to around $4.84
IA and French francs were slightly
higher at 37S.
Bond trading proceeded at a lei
surely pace today with buying inter-
est restricted by uncertainty over the
action to be taken by the federal re-
serve directors after the close of the
market. Although no change was
made in the IL percent rediscount
rate, the usual precautions We're OBJ
served and bonds were bought only
for investment purposes.
. AS a result what little buying ac-
lively developed converged on few
high grade rails. Delaware and
Hudson Chesapeake and Ohio,
Louisville and NASHVILLE and New Ha-
ven issues worked higher and a mod1
crate demand for in evidence for
Atchison IS of 1858. Atlantic Coast
Line Is, Frisco adjustment IS, st.
Louis Southwestern first IS and Flor
ida East Coast SIS.