Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-09-03
NEW YORK MARKET
...arcs of the Days Dealings in All
the Leading Stocks

- Tire LeaGing oSoCkS
New York, Sept. 2-(AP)-Reac-
~, tendencies became more pro-
s@nced in todays market which
featured by sharp breaks in the
s1eh priced industrial specialties,
aassa.al of which lost to IL points.
sThe Weakness was accompanied by
! - Increased volume of selling. total
=. exceeding 1,S5o.o0o shares, the
,srsest since July 2S, when the two
/ million mark was crossed for the
/! list time.
~ THE reaction, which was given con-
~ = s.serable impetus by the more ag
sressive tactics of bear traders, was
=. the result of any adverse news,
KIT widely described as a further
Erection of an unhealthy specula-
.iss condition in many issues. In
an,,a uuarters there was a tendency
= attribute some of the selling to
Sssasasiness over the possible adverse
ss.nonlic effects of a prolonged sus-
( ,orsion of hard coal mining and
,scessary liquidation on account rf
acr,n,ission houses which recently
snuounced dissolution of partnership,
hut most observers attached little
.,;n,noltance TO such explanations.
Fl irwo Of the most interesting de-
X l,eionnents of the day, from a stock
A,s.rket standpoint, were the an
n. na,lncement that legislation to force
U railroad consultations after period
If seven years would be sought by
M administration in the next aes-
Il son OF congress, and the raising of
Inc Frisco common dividend from S.
N 81 annually, the higher rate being
announced after the market closed.
b Tie stock showed a net gain of "a
Of 4 point at 81 l72 or 3 points below
the high record established last
Z week.
Speculetcrs for the decline center
ID their activities on stock which
had been leaders of the advance ,ds,
month"; Mack Truck was knocked
+ down from 20 to 1877 L.: General
Electric from 319 to sos; Sears Roe
buck from EOS to 200: American Can
from 30 II to us Ia; General
/ Railway Signal from $50 to 337 and
White Motors from 95 IL to SO -,
most Of them closing at or near lle
I low levels of the day.
Net declines of 8 TO points were
recorded by American Radiator,
Chlygler Motors, Chicago Pneumatic
I, s'ooi, Dupont. Gulf States Steel. a.
n farilatienal Telephone, r. II. Macy.
Montana Power, Nash Motors, los-
tuin Cereal, +. G.. Shattuck, Wool
worth and some of the ordinarily ac-
Is tire issues.
In, effectual attempts were made 20
rally the list by bidding up BALDWIN,
which closed is higher at lis SIS,
/ after having touched 120 ga. indie
pendent strength was shown by
American Tobacco, Consolidated Ci-
I gar, Foundation Company, Havana
/ Electric, and Otis Steel preferred.
Rails again yielded with the indus
trials, disresarding reports of record
breaking car loadin2s for the week
|, ended August %. Net losses. as a
\ rule, were held to a point or less.
.sf Cali money renewed at 4 Ia per-
cent but dropper to 4 in the early
|. afternoon in reflection of the return
few OF funds withdrawn for first of
the month requirements. Time money
= and commercial paper rates were
n unchanged.
b Chief interest in the foreign ex-
change market conferred in the
marked improvement shown by the
Italian and Polish rates. Italian
sasalge crossed DC, for a net gain of Is
ri points in sympathy with the rise OF
Italian currency in the European
I. market but it forfeited part of its
N siiin in the late trading. Polish
zloty scared 60 points to 1925 cents
recovering part of the ground lost
yesterday. Demand sterling fell be-
low 1880 for the first time, since the
middle of June. French francs ruled
practically unchanged at 4.69 L
cents
Bond trading lap5ed into dizziness
today<with prices remaining virtual
ly motiofless. No surface reasons
we're apparent for the loss of in
n terest in the market. the pprincipal
restrictive influence seeming to be
uneasiness over the reactionary
trend of stocks. Supplies of money
!. we're abundant, if anything, as funds
flowed back from first of the month
|, distributions.
Activity in the field of new offer
inss was the greatest in several
" weeks, Prompt transcription Of
me 100000 Canadian note issue Of
Tered today was reported by the
ednKers, who closed the books with
u a half hour after the opening
interest in the offering of 25,000. DOC
,Ie bonds for the Crespi Cotton
WORKS OF Milan was enIivened by a
rise IN Italian exchange to above &c
II with their position improved by
h, hrger earnings Frisco income bonds
we're IN demand as Wall Streets at.
sshtion was drawn to the roads Sc
|. sufltles by the increase in the com
mon dividend rate, announced after
.ae close of the market. Other car
.ier issues joined in an upward
/ aoyement in the early dealings but
plices later reacted in sympathy
WIN heavy selling of the railroad
ssaares. Included in the list Of the
=, losses were Atehison general
-. chesapeake and Ohio 5s, South
~ railway general 6s, Louisville
Sau nashville is and Seaboard ad-
!asement 5s and refunding 4s. Flori.
na ~, western and northern Is re-
h us : tnelr previous high of Isl
T later lost their gain.
numonll Steel 6s were lower fol.
~ soo o tne announcement that a
won Io'voo bond issue recently called
!, IN De recalled. After the close
esch hue market the New York stock
cert,snge announced that interim
a. nncates, to which trading had So
ron the list "ooiu De taken
rices of other Industrial lions
"sre Shaded fractionallv 80 'i'i'N
i0lal sales S97So, 300.