Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-04-09
Financial
NEW YORK MARKET
Features of the Days Dealings i
all the Leading Stocks

Features of the Days Dealings in
all the Leading Stocks
New York, April S-Stock prices
drifted within narrow and irregular
limits in todays market. Trading
was in considerably reduced volume
owing to the approach of the Easter
holiday, the days sales aggregating
less than one million shares.
Resumption of bullish operations in
Maxwell Motors A and Willy's-Over
land preferred, both of which gained
three points to new high records for
the year, We're the only enlivening
features. Packard crossed % to a
new high. but slipped back later TO
% ga for small fractional gain on
the day.
Steel shares failed to derive any
encouragement from the statement
of Chairman Gary of the United
States Steel Corporation that April
orders were showing improvement
following the marked recession last
month, and in the more optimistic
nature of the weekly steel trade re-
views. U. S. Steel common closed
fractionally higher at lis ON total
sales of about 10000 shares.
Republican Steel. which is operat-
ing about rs percent of capacity,
showed a net loss of l SIS at Al IL.
Bethlehem closed fractionally lower
at 40 IL.
Reactionary tendencies were noted
in many of the railroad shares. Chi
cago and Northwestern preferred
broke 3 points to a new 1925 low at
107 while the common which was
weak yesterday. closed 1 3-S higher
at 81 IL after being quoted as high
as So ga. Jersey Central broke 10
points to ESQ on one sale and net
losses of l to 3 IL points were
recorded by Omaha common and pre-
ferred, Chesapeake q Ohio, Lacka-
wanna, Delaware & Hudson, Illinois
Central preferred and Norfolk &;
Western.
Atlantic Coast Line advanced near
ly two points.
With trading confined almost ex-
clusively to professionals, standard
industrials yielded to selling pres
sure. Net losses of a point or more
Baldwin Locomotives, Associated
Dry Goods. Goodyear preferred, In
ternal Combustion, Philadelphia &;
Reading Coal and Iron and Punta
Allegro Sugar, ST. Joseph Lead. Sim
clair Oil, Stewart Warner, Thinker
Roller Bearing, U. S. Cast Iron Pipe,
and WoolWorth.
Nash Motors broke % points to 315
on selling Inspired by speculative
disappointment over the quarterly
report which showed net earnings of
Sl0.36 a share on the common which.
while more than double those Of the
corresponding quarter year ago
were about half of the preliminary
estimates. The stock rallies to 500 at
the close.
General Electric showed indepen-
dent strength, being lifted six points
TO 265 IL. Other strong spots in
Guided General Baking, which scared
IA points to 1923 and Chicago Pneu-
matte Tool and Western Union. each
of which closed about 3 points higher.
Call money held steady at per
cent all day. Time money rates
stiffened slightly, 60 to 80 days ma
turtles being quoted at 4 to 4 IA
per cent instead of on a fiat 4 per
cent basis.
Commercial Paper rates We're I'M
changed.
Trading in the foreign exchanges
was quiet. Opening rates were firm
but the principal European cur
rencies receded later in reflection
of the French political crisis. De-
mand sterling which had been quot
ed at S4.7S IA slipped below $4.1S
while French francs dropped from
J.1S cents to 5.13 cents. Most of the
other changes were nominal.
Bond prices were reactionary. Ac-
tivity was at n low ebb except on
the selling side, with weakness de-
veloping in several groups. includ-
ing French obligations, semi-specula-
tive rails and Chicago traction is
sues.
The narrow margin by which the
French cabinet obtained Il vote OF
confidence on its financial program
further undermined the market
position of French bonds, which
continued to sag. The government
obligations declined fractionally
while some of the municipal and
railroad liens dipped to new low
levels.
Defeat of the proposal for NUM-
cipal ownership and operation of
Chicago's traction lines brought a
sharp reaction in the bonds of COM
panies which had been slated for
sale to the city. Chicago Railway
fives broke more than > points and
the Chicago City Connecting Rail-
way 5s fell back II points, both to
new 1925 low prices, although they
closed slightly above the extreme low
points.
Losses of one to two points were
recorded by Norfolk and Western
convertible skies, Northwestern re-
funding IS. Chicago Great Western
As and Chesapeake and Ohio Con-
vertible 5s.
Public offering will be made to-
morrow of an SS,00O,OOO 3O-year six
per. cent loan of the City of Oslo
formerly Christiaua). Norway. The
bonds are priced at 80 IL.
Investment interest, however. was
centered principally in the pr.epara-
tions for the Dodge Brothers auto
mobile financing which will be plac-
ed on the market tomorrow.
Sales were S10,76S, 900.
Stock market averages.
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