Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-10-24
/. NEW. YORK MARKET
Features Of the Days Dealings in All
the LEADING Stocks


the Leading Stocks
New York, Oct. 23.-(By the AS
ISOLATED Press)-Heavy weekend
profit taking failed to stem the ris-
ing tide of prices in todays stock
market. The advance which was
spread over a broad list, ranged
from / to 6 points in the active is
sues, with even larger gains in some
of the volatile specialties. Trading
again Appropriated two and one
half million shares. making it the
tenth consecutive two million share
session. The closing was featured
by a sensational rally An Chadler
Motors, which was run up nearly
fifteen points to a new high record
at 81, often jumping point or more
between sales. Heavy buying orders
were placed in this stock a few min
utes before the final gong, but the
tape was so far behind the market
that the violent upward movement
was not known until after the market
closed. At three o'clock the stock
has quoted around Al on the tape.
Other motors received good buy
Ing support. Chrysler advanced over
5 points to 129H or within a frac-
ton of the record high; Mack
Truc';A showed net gain of over
= >vIrlls at 22S34 and General Mo-
.orS closed 3 5-S points higher at
ISL 3-S
! Strength of Paige-Detroit, which
advanced ) points to a new high
record at 81 u was associated with
rumors that Dodge Brothers were
negotiating for control.
The upward movement today was
given impetus by the optimistic sur
vey of the business situation by
Chairman Gary of the U. S. Steel
Corporation, continuation of rela-
lively easy call coney rates, favor
able federal reserve bank statement
and reports of expanding retail
trade. A further collapse of French
francs was disrcgaI ded as a stock
market factor, although it brought
about some liquidation of French
bonds. Several sugar shares crum-
bled to new low records for the
year in sympathy with the weakness
OF the sugar futures market.
Steel shares responded to an in
crease in incoming orders. L. $.
Steel common advanced over ,
points to Us SIS: Bethlehem closed
2 points higher at A, and Crucible
Gulf States and Republic advanced
a point or two. U. S. Cast Iron
Pipe scared liz points to 120.
Oil and railroad shares. which
We're strong earlier in the week,
failed to make much progress be-
cause of the large volume of real
izing sales. Most recessions, how
ever, were of fractional character
Buoyancy again developed in a
number of high priced industrials.
American Can scared seven points
to q new high record for all time
at 256M international Business
Machines jumped nearly six points
to new top at 10. General Elec-
trio scored an extreme gain of over
points, half of which was later
cancelled. $. S. Kresges jumped %
points on few sales. New York
Shlpbuilding climbed ~ points
higher at 73h; Pathe 6A points at
soA, Pittsburgh Coal 81 at 45% /;
Twin City Rapid Transit IL at 66B
and United Drug 6 at 1451s.
American Beet Sugar, Cuban-Am-
erican, cuba Cane common and pre-
iierred and Manati all broke through
10 new low levels for the year.
Can money held steady at 4 II
percent all day. Time money rates
relaxed, 90 to so days funds being
quoted on fiat 4 "a percent basis
instead OF 4 3-4 to 6, with some larg-
er maturities, also available at the
lower figure Commercial paper rates
We're unchanged.
renewed weakness of French
francs which sank about 10 noinIs
TO another new 1925 low around 40
cents, featured the irregular foreisn
exchange market. Demand sterling
neid firm above $4.S4 and Italian lire
rd1ied points to around 400 cents.
Inc pace Of bond trading slackencd
with prices barely holding their own
as numerous speculative readiust-
ments took place.
Colncident with the decline in the
FRENCH francs selling pressure was
renewed against obligations of the
french government and it's leading
cities and railroads.
Frice movements were confused
Lnrouhout the rest of the foreign hst.
greek rs recovered on the news that
tue Greco bulgarian dispute would
ne considered by the league of ma
ions and that military operations
had been temporarily halted. Mod
crate activity continued in Mexican
issues on reports that an agreement
10 revise the Mexican debt pact was
Imminent.
Trading in mi-speculative rail
mems was enlivened by the appear
ance of sudden demand for the
ChlcaSo d Altoona 5 LIS which at
one time carried the price of this up
ABOUT eight points. New Haven con-
vertible 6s, Erie convertible As ana
Florida. Western & x, Northern IS
also developed strength while Nor
Ioik Western 6s and Norfolk &,
southern 5s were sold.
a brisk advance in Union Bag &
Eapef os to new top price for the
year was traced to reports that an
early retirement of this bond issue
was IN prospect Internationap Pa
per os also were in demand but the
company's fives lost ground.
Liberty bonds were inclined to
work upward but the 1-2 percent
issue eased off to the lowest price of
the year.
Sales $12,347 600.