Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-05
NEW YORK MARKET
Features OF the Days Dealings in All
the leading Stocks

New York, Sept. 4-(AP-An ur-
gent retreat of an overcrowded short
interest in the moderate priced motor
stocks featured today's stock mar
ket, which made further recovery
from recent weakness. Trading gen
orally was of the usual quiet pre-
holiday character, the days sales
barely exceeding 1000, 900 shares.
Motor shares have been freely of
fered by bear traders ever since the
price cutting campaign of leading
manufacturers began last month
In view of increased automobile
sales, large current earnings and ia
vorable dividend PROSPECTS holders
were reluctant, in many cases, te
take profits with the result that
shorts had to bid high in order to
cover their commitments,
General Motors and Studebaker
advanced more than two points while
Chrysler, Gardner, Pierce Arrow pre-
ferred, Mack Trucks White and
Dodge Brothers common and pre-
ferred each moved up a point O.
more, the last named touching a
record high.
Rails displayed strong under
tone on buying influenced by the I'M
usually favorable July income report
of the class l carriers. Baltimore &
Ohio, Chesapeake & Ohio, Chicago &
Northwestern, Great Northern pre-
ferred, Northern Pacific, PITTSBURGH
&c West Virginia, Reading, Seaboard
Air Line and Union Pacific all show
ed net gains of one to nearly three
points. Gulf, Mobile & Northern
common and preferred attained new
1925 high prices at IS ga and 106, re-
spectlvely. Frisco common was
heavy no profit taking.
Strong buying support again was
in evidence for the high priced spec
ialties American Can rallied rear-
~ five points to 229 ga; Dupont
moved up over to 156 IA and then
fell back a point; Sears Roebuck
closed points higher at 212, after
having touched 213 IA and u. S
Cast Iron Pipe showed a net gain OF
IL at 1854 1-2. General Railway
Signal was an exception, breaking 81
points to $40 on the announcement
OF a disqualification plan and the
declaration of an extra dividend.
Stocks of public utilities companies
operating in the metropolitan district
developed sudden activity and
strength. Brooklyn Union Gas was
run up over 4 points to SS ga and
Brooklyn Manhattan Transit showed
an extreme gain of nearly points at
81 while Consolidated Gas and the
metropolitan Elevated shares ad-
vanced point or two.
Further accumulation of U. S
steel common in anticipation of a
favorable tonnage report next week
sent that stock up one point to 12l.
1ood buying also was noted to Bur-
roughs. Adding Machine, Goodrich
rubber, Lisgett & Myers, B r T.,
Macy, Owens Bottle, Railway Steel
Spring. Remington Typewriter and
republic steel, all up 2 points or
more.
Call motley held steady at per
cent. Time money and commercial
paper rates were unchanged with
business in small volume.
Except for sharp advances in the
Norwegian and Danish currencies,
which again established new high
records for the year, there was little
interest in the foEsign exchanges
/ which fluctuated within rather mar
row and irregular limits. Demand
sterling held fairly steady around
S4.S4 IL and French francs were
slightly easier around 4.69 cents.
renewed buying of foreign obliga
tons lent interest to the bond mar
ket today despite a contraction in
the volume of business. In the do
nestle list buying was Of a more Sc
lective character but the demand was
sufhclenuy urgent to bring about
numerous price advances strengthen
ing the tone of the entire marl-et.
Investment bankers were at loss To
account for the sudden revival of
activity in European bonds. unless il
was belated recognition of the pro
sress made in debt funding moves
Most of the French municipals sold
at the years be.t prices and German
| IS achieved a new high record above
9S. Mexican issues continued to push
ahead in response TO the recent state
ment on President Gales that Mexico
was anxious to resume debt pay
ments ma laiss that would not cal
for another suspension.
With aggregate class one railroa
earnings of almost S100 900, 900 bear
ing out the individual Improvement
reported by the carriers, first class
rail bonds attracted more attention
Gains were only moderate but they
included Atlantic Coast Line, Chesa
peake and Ohio, Frisco, Pere Mar
quette and Union Pacific issues. 10
cal traction issues moved UP on re-
ports of better current earnings.
Pierce Arrow IS, reaching a 1925
peak price, led an advance IN indus
trial liens which embraced Dodge
Brothers Is. Sinclair and Shelly Oil
issues, Manati Sugar rs and Virginia
| Carolina Chemical 1-2s.