Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-04-03
Financial
NEW YORK MARKET
Features of the Days Dealings in
all the Leading Stocks

turned reactionary today on selling
inspired by series Of adverse news
departments. These included anoth-
er break in grain prices, which car
ried May wheat down more than six
cents a bushel; the announcement of
the French governments decision to
increase it's note circulation, the ex-
tension of crude oil price cuts and
the reduction in the Great Northern
Ore dividend. The announcement of
the reorganization plans of the Pan
American Petroleum and Wilson
Packing Companies also proved dis
appointing to the speculative frater-
nifty, which sold those stocks freely.
Closing quotations disclosed con-
siderable irregularity, several OF the
popular industrials losing one to
three and half points. Trading
again was in moderate volume in
the days sales running just over a
million shares.
Professional traders are reported
to have sold stocks freely in order
to test the technical condition of the
market after the tw day rally. U. s.
Steel was hammered down to ia
and then rallied feebly, showing a
net loss Of two points on the day.
Baldwin closed fractionally lower at
113 La, after selling between IL Ia
and ia IL. American Can closed at
1862, off / as. American Wooden was
hammered down to new low rec
ord for the year at IS SIS and then
rallied to 81, off IL. The preferred
touched a new low at IS and then
snapped to II 1-2. off is.
Pan American A and 3 closed at
"a ga and IS Is, off i ga and 1 IL,
respectively, Wilson preferred was
hammered down six points and the
preferred certificates seven on the
announcement that the reorganiza-
ton plan provides that holders of
the present preferred stock Will be
given new common stock In eX-
change. The common fell back
more than a point to II is.
Marked heaviness also was shown
by American Car and Foundry, Great
Northern Ore, Laclede Gas. National
Lead, Postum Cereal and U. S. Cast
Iron Pipe. off to points.
Independent strength was shown,
however, by Nash Motors, which
scared nearly 10 points to 309 "a
and then slipped back to 307; Mack
Trucks, which closed 2 IL points
higher at 1873 and American Brake
Shoe, American Linseed common and
preferred; Goodyear preferred. S. S.
Kresge, Otis Elevator Pierce Arrow
preferred and Standard Milling, up 2
to points.
Most Of the rails moved within
narrow and irregular limits, but good
gains were recorded by Jersey Gen.
trail. Denver and Rio Grande Western
preferred, Jackawanna and Pere
Marquette.
Gail money renewed at 4 IA per-
cent. and then dropped to 8 IL. with
60, lr syH bA fciI To- of r
ed as low as percent. Time money
rates relaxed slightly with the pass
ing of the quarterly payments, 60 to
80 day funds being available at 4
percent and the longer maturities at
4 Ia
The commercial paper market was
quiet. with no change in rates.
Foreign exchange rates were again
slightly reactionary. Demand sterl-
ing ruled about IL of a cent lower
around 4.774. French francs reacted
about four points to 5.19 cents against
a high Of 1864 cents a few days ago,
and then recovered about half of the
days loss. Moderate recessions were
shown by most Of the other European
currencies.
Bond prices held relatively steady
today although trading was restricted
somewhat by uncertainty over the
policy Of rediscount rates to be fol-
lowed by the Federal Reserve Bank.
The general belief that no change
would be ordered at this time was con-
firmed when the banks directors met
after the close Of the market.
Price fluctuations were narrow and
generally somewhat irregular, with the
heaviness Of certain stocks contribute
ing to reactions in the bonds Of these
companies. Wilson & Co. convertible
issues rallied in the early dealings in
response to the adjustment features
provided under the reorganization
plan, but the sharp break in the pre-
ferred stock subsequently carried the
bonds to lower levels as we'll.
Mixed price changes marked trad
ing in the railroad group. Moderate
Improvement Of Southern Railway,
Baltimore & Ohio, Northern Pacific,
Iowa Central and Katy issues were
counteracted by the heaviness Of Erie
general IS, Chicago & Alton SIS and
New York Central 6s. The decline in
the latter was attributed to the fact
that bonds of this issue can no longer
be converted in time to receive the
May dividend on the exchanged
shores. Approximately s17,500,000 Of
the bonds out Of $100,00o,000 issue
still remain unconverted.
Industrial liens failed to follow a
definite trend. Pan American IS made
little response to the acquisition of
control Of Standard Oil Of Indiana
interests, but Sicily Oil 6as moved up
point. Magma Copper rs also NOV
ed ahead. Liberty bonds were firm in
reflection Of relaxation Of time
money rates following the passing Of
the quarterly settlement period.
Sales We're $12,146,000.