Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-08-12
NEW YORK MARKET
.,urss o. the Days psalinss In Al
w. The Leading Stocka

nv York, Aug. 11.-(AP)-vio.
q Auctuations in high priced in.
aS.risl shares overshadowed all
- developments in today's irreg.
~. stock market. Trading was in
~ volume, the days sales agRre.
..nr about one and one-half mil
nn shares.
r,ade news was mixed in char.
~, 1T included the announce
gsst AZ 4 cut Of % cents a barrel
- Pennsylvania crude prices, the
'..nsion OF recent gasoline price
and q moderate stiffening in
~ ana copper prices, the red metal
..,linr at the highest level since last
Irbruary.
r.nsral Railway Signal was the
..ssstioral feature, soaring A Sd
F.;r,s 10 record high OF 800 and
is.n slipping back ten points from
=. nm on realizing. Buying of this
..ct trading in which started on
=. abir board" at $144 a share two
-onths ago, was In response to the
ssniication of a semi-annual report
.sowing net earnings in excess OF
~ 4 share on the common in the
~ ak months, or double those Of
~ corresponding period in 1924.
cvrations of the so-called rich
.sns stocks" divided speculative in
sssst with wheat futures which
srots 4 cents a bushel in reflection
:, voyarnment reports showing a
|.,rsr probable 1925 yield of wheat
i The United States and Canada
nan has recently been expected.
sharp run-up of over ten points
Z, American Can, which attained a
,.w record peak of pa "a, revived
ssraors Of an eatly split.up of the
trock. but these lacked ofhcial veri-
jseation and the stock closed slightly
Irore than two points from the top.
General Electric jumped over eight
&rnints to q new top at 316 3-S, or
+rthin 4 points of the maximum es-
3nblishAd before the segregation OF
t ne Electric bonds and shares. hold
nrs Westinghouse Air Brake
,losed 5 Ia points higher, after at
k,sining q new high at 10 1-2. Gen.
i,ral Baking also showed an extreme
4 ain Of over seven points at ITO 1-2
,ud then eased to 1I2 rs.
] Fresh weakness developed in the
i II shares. Atlantic Refining broke
/ points on unconfirmed rumors that
ne common dividend would not be
rexurY,ed and the Pan-American is
mes each closed about 3 1-2 points
aver. Net declines Of point or
more were recorded by Colorado
Fuel. Houston, Independent Oil and
Gas, Pacific. and few others in that
group.
| Renewal of selling pressure against
+ he automotive issues was inspired
+ tv additional automobile price cuts
and the publication of relatively
roor second quarter earnings state
ments by some of the accessory
companies. Briggs Body broke )
points and American Bosch Magnetic,
Fisher Body, Midland Steel Products
/ prefelred and Pierce Arrow pre-
ferred fell / to 3 points. Mack
Trucks, Jordan and Hudson showed
/ Independent strength.
Extensive liquidation Of the pub
| lie utilities was inspired by the state.
ment Of Samuel insult, public utility
msgnate, that many Of those stocks
we're selling too high. Havana Elec-
| iric closed 4 IA points lower at
L $50 IL and net losses of 2 to 8
points were recorded by American
Water Works, American Foreign
Power Electric Power and Light
certificates, Montana Power and In
| irrational Telephone.
.. S. Steel common reacted about
/ il.2 points to 40 5-6. Wall Street
| appeared to be having difficulty In
] ippraising the Virginia-Carolina
Chemical reorganization plan, the
common closing 5-S higher at 3 Is
after huctuating erratically between
10 and 8 rs and the preferred
/ showing q net gain of 2 Ia at II IA
| after sellinb between 8 7-S and IA:
Call money held steady at 4 IA
1 per cent. Time money and CONNER
/ dll paper markets were unchanged
\ With to IA per cent the ruling
4 ntes.
1 Except for the brisk rallies in the
/ Norwegian and Danish currencies,
4 which sold around 1885 and 22.95
cents respectively, there were rev
thanges of importance in the for
\ dn exchange market. Demand ster.
Ing was firm around $4.S5 IL and
French francs held fairly steady
ircund 46S cents.
Trading continued in small vol
ume IN bond p.ice movements fiuct-
utng irregularly within narrow linn
10 Chief interest conferred in acti-
NY ofNthe Virginia Carolina Chemi-
al Company issues resulting from
spparently satisfactory terms out
sned In the reorganization plan the
rs with and without warrants,
slosed with a net gain of two points
i1er having scored earlier advances
about 4 points.
| selling of oil company stocks on
ne big board found q sympathetic
Nsponse In the bonds of several of
aese eompany's many OF which are
@nvertible into stock. Pan-Ameri-
IN 6s and Skelly 6 lbs lost 1 1-2
POINT.
Railroad liens were mixed, heavi-
~ developing in Southern Pacific
sonvertibfes As, Pere Marquette re-
sanolng 5s. Northern Pacific A.,
s.uthern Railway. 6s, and Florida
nestern and Northern Is, a firmer
pae prevailed in Wabash refunding
"a, New Haven convertible 6s,
Meat Northern 5s. Pennsylvania
.sneral lbs and Wisconsin Central
IL