Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-03-21
Financial
NEW YORK MARKET
Features of the Days Dealings
all the Leading Stocks

pressure was lifted from today's
stock market and prices made sub
stantial recovery from recent low
levels. Net gains in the standard
rail and industrial issues ran from
l to points, with even larger ad-
vances in some of the high priced
specialties. Business, however, was
in considerably reduced volume, to-
tai sales falling well below one and
one half million shares.
BulliSh sentiment was created by
the favorable federal reserve bank
statement, the reinsurance of Sec
retaries Mellon and Hoover that
business conditions were sound and
the continuance of easy money rates
and record freight car loadings. The
early break in wheat prices was dis
regarded but the subsequent rally
apparently stimulated short cover
ings, particularly in some of the
western rail issues.
Further activity and strength of
the Pan American Petroleum shares,
each of which advanced more than
two points was believed TO forecast
the announcement of the proposed
reorganization plan early next week.
A spirited demand also was noted
for California Petroleum, General
Petroleum and Pacific Oil, in which
merger developments are believed to
be pending.
United States common crossed 1o2
for net gain of l 4 points. Ameri
can Can showed a net gain of = L.
points at 176 IL and Baldwin closed
a point higher at 126. The advance
in copper shares was accompanied
by rumors that stiffening of red
metal prices was impending, net
gains of point or more being re-
corded by American Smelling, Ana
| conda, Federal Mining and Smelling
preferred kennecott, Magma and
| Utah.
Rails showed strong underturn
with special strength in the Wabash
! preferred issues. Atlantic Coast Line
| Chesapeake and Ohio, Chicago and
Northwestern, Lackawanna, North
ern Pacific, st. Louis Southwestern
and Great Northern preferred. all OF
which closed or more points high
er, and in Pittsburgh and West Vir-
glnia. which scared six points to 80
| United States Cast Iron Pipe
closed nearly 8 points higher at
III IS. Nash Motors scared over
10 points to 30 Il and then can
celled about half it's gain. Other
outstanding strong spots in the spec.
| lalty list included American Car and
| Foundry, American Chicle common
ana the certificates, Associated Dry
Goods, the Commercial Solvents is
sues, Goodyear preferred, Interna.
tlonal Business Machines, Postum
Cereal, Remington Typewriter, Uni
versal Pipe, Virginia Railway and
! POWER and West Penn Power. all OF
which sold from : 10 to 6 points
above Yesterdays final figure.
Can money renewed at 49, percent
and then dropped to 8, who're i,
closed. Time money and commercial
| paper rates held steady in quiet trad
ing. Foreign eXhcange rates f1uctu-
| ated within narrow and irregular
limits. Demand sterling was practi-
call UNCHANGED around s477s. and
| French francs ruled slightly higher
| around $751; cents. Norwegian kro-
ner advanced seven points to l5.47
cents, a new high record for the
year.
The bond market today shook of
recent reactionary tendencies and
| prices turned upward under the in
huence of easier money rates and a
rally in st. Paul Railway obliPations
Advances ranging from l to points
were registered by an assortment OF
| representative of rail and Industrial
! issues.
Recovery of the st. Paul obliga
lions extended from fractional gains
| 10 a Jump of 2 q points in the con-
| Vertlble AIS and was promoted Ia
some extent by the belief that many
OF these issues had been oversold on
the drastic reaction which accom-
panied the receivership.
The ability of the st. Paul bonds "a
| overcome recent selling pressure en-
! couraged resumption of buying OPP
erations in other parts of the list
Semi-speculative issues, such as
katy" 5s, Chicago and Terre Haute
refunding and income IS, Chicago
| and Alton 312s, Western Maryland
Is, Seaboard IS and refunding As
| and Missouri Pacific As moved up /
to "a points, Chesapeake anc Ohio
and Delaware and Hudson converit-
BILE liens kept pace with advances in
| 1.-THE stocks of these carriers.
Reports of progress made in the
| impending segregation of Pan-Ameri-
can Petroleum properties, with indi-
| cations that the new companies
would expand in both the California
and Mexico fields led to heavy buy
| ing of the six percent bonds which
carried them up points. Sicily
Sinclair and othere oil liens Joined
in the advance. disregarding unfavor-
able trade developments. Copper and
sugar company bonds also rallied.
A $16.O0O.000 fifteen year percent
| bond sold by the IaclIum oil Com =
pany in 1921. may be called for re-
demption next year. the company in
| Dictated today in its annual report.
Tatnl hnndc aloS. lr.a. 81